PNQI vs. YCS
PNQI (Invesco NASDAQ Internet ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - PNQI is a Large Cap Growth Equities fund tracking the NASDAQ Internet Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, PNQI returned 11.59%/yr vs 13.63%/yr for YCS. At a 0.14 correlation, their price movements are largely independent. PNQI charges 0.62%/yr vs 1.00%/yr for YCS.
Performance
PNQI vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, PNQI achieves a -17.05% return, which is significantly lower than YCS's 9.78% return. Over the past 10 years, PNQI has underperformed YCS with an annualized return of 11.59%, while YCS has yielded a comparatively higher 13.63% annualized return.
PNQI
- 1D
- -2.58%
- 1M
- -7.11%
- YTD
- -17.05%
- 6M
- -17.48%
- 1Y
- -9.58%
- 3Y*
- 13.14%
- 5Y*
- -2.42%
- 10Y*
- 11.59%
YCS
- 1D
- 0.40%
- 1M
- 3.71%
- YTD
- 9.78%
- 6M
- 9.63%
- 1Y
- 31.36%
- 3Y*
- 18.43%
- 5Y*
- 23.50%
- 10Y*
- 13.63%
PNQI vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PNQI Invesco NASDAQ Internet ETF | -17.05% | 15.56% | 29.44% | 60.69% | -47.92% | -5.57% | 61.36% | 28.76% | -5.08% | 40.05% |
YCS ProShares UltraShort Yen | 9.78% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between PNQI and YCS is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.14 |
The correlation between PNQI and YCS shifts across timeframes, from -0.14 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PNQI vs. YCS — Risk / Return Rank
PNQI
YCS
PNQI vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Internet ETF (PNQI) and ProShares UltraShort Yen (YCS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PNQI | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -2.95 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.35 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 3.79 | -4.18 |
| Martin ratioReturn relative to average drawdown | -0.85 | 11.86 | -12.71 |
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Drawdowns
PNQI vs. YCS - Drawdown Comparison
The maximum PNQI drawdown since its inception was -59.70%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for PNQI and YCS.
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Drawdown Indicators
| PNQI | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.70% | -49.56% | -10.14% |
Max Drawdown (1Y)Largest decline over 1 year | -24.85% | -8.30% | -16.55% |
Max Drawdown (3Y)Largest decline over 3 years | -24.85% | -23.05% | -1.80% |
Max Drawdown (5Y)Largest decline over 5 years | -59.56% | -27.32% | -32.24% |
Max Drawdown (10Y)Largest decline over 10 years | -59.70% | -27.32% | -32.38% |
Current DrawdownCurrent decline from peak | -21.60% | 0.00% | -21.60% |
Average DrawdownAverage peak-to-trough decline | -12.97% | -19.88% | +6.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.30% | 2.65% | +8.65% |
Volatility
PNQI vs. YCS - Volatility Comparison
Invesco NASDAQ Internet ETF (PNQI) has a higher volatility of 7.01% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that PNQI's price experiences larger fluctuations and is considered to be riskier than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PNQI | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.01% | 2.22% | +4.79% |
Volatility (6M)Calculated over the trailing 6-month period | 14.95% | 12.19% | +2.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.84% | 16.96% | +1.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.91% | 21.10% | +5.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.35% | 18.96% | +6.39% |
PNQI vs. YCS - Expense Ratio Comparison
PNQI has a 0.62% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
PNQI vs. YCS - Dividend Comparison
PNQI's dividend yield for the trailing twelve months is around 0.02%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PNQI Invesco NASDAQ Internet ETF | 0.02% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PNQI and YCS have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PNQI has higher volatility (7.01%) compared to YCS (2.22%). In terms of maximum drawdown, PNQI dropped -59.70% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.63% vs 11.59% for PNQI. On fees, PNQI is cheaper at 0.62% per year. On volatility, YCS has been the lower-risk option at 2.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YCS has performed better with a 13.63% return vs 11.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PNQI is cheaper with a 0.62% expense ratio, compared with 1.00% for YCS.
PNQI has the higher dividend yield at 0.02%, compared with 0.00% for YCS.
PNQI is categorized as Large Cap Growth Equities, while YCS is Leveraged Currency. PNQI tracks NASDAQ Internet Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.62% for PNQI and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.51), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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