PPA vs. YCS
PPA (Invesco Aerospace & Defense ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - PPA is a Aerospace & Defense fund tracking the SPADE Defense Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, PPA returned 17.38%/yr vs 12.34%/yr for YCS. At a 0.18 correlation, their price movements are largely independent. PPA charges 0.58%/yr vs 1.00%/yr for YCS.
Performance
PPA vs. YCS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PPA achieves a 8.54% return, which is significantly higher than YCS's 7.17% return. Over the past 10 years, PPA has outperformed YCS with an annualized return of 17.38%, while YCS has yielded a comparatively lower 12.34% annualized return.
PPA
- 1D
- -1.74%
- 1M
- 3.19%
- YTD
- 8.54%
- 6M
- 13.46%
- 1Y
- 26.57%
- 3Y*
- 28.92%
- 5Y*
- 17.82%
- 10Y*
- 17.38%
YCS
- 1D
- 0.17%
- 1M
- 4.42%
- YTD
- 7.17%
- 6M
- 10.05%
- 1Y
- 32.82%
- 3Y*
- 19.84%
- 5Y*
- 23.54%
- 10Y*
- 12.34%
PPA vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PPA Invesco Aerospace & Defense ETF | 8.54% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between PPA and YCS is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.18 |
The correlation between PPA and YCS shifts across timeframes, from -0.11 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PPA vs. YCS — Risk / Return Rank
PPA
YCS
PPA vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) 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.
| PPA | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.35 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 3.97 | -2.02 |
| Martin ratioReturn relative to average drawdown | 5.68 | 12.40 | -6.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| PPA | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 1.92 | -0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.97 | 1.12 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | 0.65 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.33 | +0.33 |
Drawdowns
PPA vs. YCS - Drawdown Comparison
The maximum PPA drawdown since its inception was -57.37%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for PPA and YCS.
Loading charts...
Drawdown Indicators
| PPA | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.37% | -49.56% | -7.81% |
Max Drawdown (1Y)Largest decline over 1 year | -13.71% | -8.30% | -5.41% |
Max Drawdown (3Y)Largest decline over 3 years | -15.24% | -23.05% | +7.81% |
Max Drawdown (5Y)Largest decline over 5 years | -18.37% | -27.32% | +8.95% |
Max Drawdown (10Y)Largest decline over 10 years | -43.92% | -27.32% | -16.60% |
Current DrawdownCurrent decline from peak | -8.40% | 0.00% | -8.40% |
Average DrawdownAverage peak-to-trough decline | -9.18% | -19.93% | +10.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.69% | 2.66% | +2.03% |
Volatility
PPA vs. YCS - Volatility Comparison
Invesco Aerospace & Defense ETF (PPA) has a higher volatility of 6.73% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that PPA'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.
Loading charts...
Volatility by Period
| PPA | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.73% | 2.75% | +3.98% |
Volatility (6M)Calculated over the trailing 6-month period | 15.95% | 12.32% | +3.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.03% | 17.27% | +1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.49% | 21.10% | -2.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.64% | 19.01% | +1.63% |
PPA vs. YCS - Expense Ratio Comparison
PPA has a 0.58% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
PPA vs. YCS - Dividend Comparison
PPA's dividend yield for the trailing twelve months is around 0.39%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PPA Invesco Aerospace & Defense ETF | 0.39% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PPA and YCS have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PPA has higher volatility (6.73%) compared to YCS (2.75%). In terms of maximum drawdown, PPA dropped -57.37% vs YCS's -49.56%.
On 10-year performance, PPA leads with 17.38% vs 12.34% for YCS. On fees, PPA is cheaper at 0.58% per year. On volatility, YCS has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PPA has performed better with a 17.38% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PPA is cheaper with a 0.58% expense ratio, compared with 1.00% for YCS.
PPA has the higher dividend yield at 0.39%, compared with 0.00% for YCS.
PPA is categorized as Aerospace & Defense, while YCS is Leveraged Currency. PPA tracks SPADE Defense Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.58% for PPA and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.92 vs 1.40), 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.
Find the right allocation for PPA and YCS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer