PSP vs. YCS
PSP (Invesco Global Listed Private Equity ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, PSP returned 7.81%/yr vs 13.62%/yr for YCS. At a 0.10 correlation, their price movements are largely independent. PSP charges 1.44%/yr vs 1.00%/yr for YCS.
Performance
PSP vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, PSP achieves a -16.28% return, which is significantly lower than YCS's 9.63% return. Over the past 10 years, PSP has underperformed YCS with an annualized return of 7.81%, while YCS has yielded a comparatively higher 13.62% annualized return.
PSP
- 1D
- -2.66%
- 1M
- -7.59%
- YTD
- -16.28%
- 6M
- -16.44%
- 1Y
- -10.82%
- 3Y*
- 9.26%
- 5Y*
- -0.69%
- 10Y*
- 7.81%
YCS
- 1D
- -0.14%
- 1M
- 3.57%
- YTD
- 9.63%
- 6M
- 10.44%
- 1Y
- 31.27%
- 3Y*
- 18.37%
- 5Y*
- 23.52%
- 10Y*
- 13.62%
PSP vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSP Invesco Global Listed Private Equity ETF | -16.28% | 6.49% | 17.42% | 37.72% | -37.37% | 27.30% | 12.47% | 35.73% | -15.12% | 24.13% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between PSP and YCS is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.10 |
The correlation between PSP and YCS shifts across timeframes, from -0.24 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PSP vs. YCS — Risk / Return Rank
PSP
YCS
PSP vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Listed Private Equity ETF (PSP) 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.
| PSP | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.39 | ||
| Sortino ratioReturn per unit of downside risk | -2.98 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.34 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 3.78 | -4.27 |
| Martin ratioReturn relative to average drawdown | -1.04 | 11.93 | -12.97 |
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Drawdowns
PSP vs. YCS - Drawdown Comparison
The maximum PSP drawdown since its inception was -85.40%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for PSP and YCS.
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Drawdown Indicators
| PSP | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.40% | -49.56% | -35.84% |
Max Drawdown (1Y)Largest decline over 1 year | -22.37% | -8.30% | -14.07% |
Max Drawdown (3Y)Largest decline over 3 years | -22.94% | -23.05% | +0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -27.32% | -19.84% |
Max Drawdown (10Y)Largest decline over 10 years | -47.16% | -27.32% | -19.84% |
Current DrawdownCurrent decline from peak | -20.37% | -0.14% | -20.23% |
Average DrawdownAverage peak-to-trough decline | -30.65% | -19.87% | -10.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.42% | 2.65% | +7.77% |
Volatility
PSP vs. YCS - Volatility Comparison
Invesco Global Listed Private Equity ETF (PSP) has a higher volatility of 7.37% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that PSP'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
| PSP | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.37% | 2.25% | +5.12% |
Volatility (6M)Calculated over the trailing 6-month period | 16.77% | 12.19% | +4.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.30% | 16.93% | +3.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.88% | 21.10% | +2.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.36% | 18.82% | +3.54% |
PSP vs. YCS - Expense Ratio Comparison
PSP has a 1.44% expense ratio, which is higher than YCS's 1.00% expense ratio.
Dividends
PSP vs. YCS - Dividend Comparison
PSP's dividend yield for the trailing twelve months is around 6.50%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSP Invesco Global Listed Private Equity ETF | 6.50% | 5.87% | 8.62% | 3.96% | 2.88% | 10.34% | 4.66% | 5.87% | 6.81% | 10.18% | 4.12% | 6.23% |
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
PSP and YCS have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSP has higher volatility (7.37%) compared to YCS (2.25%). In terms of maximum drawdown, PSP dropped -85.40% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs 7.81% for PSP. On fees, YCS is cheaper at 1.00% per year. On volatility, YCS has been the lower-risk option at 2.25%. 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 13.62% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YCS is cheaper with a 1.00% expense ratio, compared with 1.44% for PSP.
PSP has the higher dividend yield at 6.50%, compared with 0.00% for YCS.
PSP is categorized as Global Equities, while YCS is Leveraged Currency. PSP tracks Red Rocks Global Listed Private Equity Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 1.44% for PSP and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.54), 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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