PWB vs. YCS
PWB (Invesco Dynamic Large Cap Growth ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, PWB returned 19.14%/yr vs 13.63%/yr for YCS. At a 0.18 correlation, their price movements are largely independent. PWB charges 0.56%/yr vs 1.00%/yr for YCS.
Performance
PWB vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, PWB achieves a 32.57% return, which is significantly higher than YCS's 9.78% return. Over the past 10 years, PWB has outperformed YCS with an annualized return of 19.14%, while YCS has yielded a comparatively lower 13.63% annualized return.
PWB
- 1D
- 1.13%
- 1M
- 8.92%
- YTD
- 32.57%
- 6M
- 30.75%
- 1Y
- 51.42%
- 3Y*
- 34.91%
- 5Y*
- 18.43%
- 10Y*
- 19.14%
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%
PWB vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWB Invesco Dynamic Large Cap Growth ETF | 32.57% | 24.94% | 31.04% | 30.61% | -25.81% | 19.58% | 31.89% | 24.68% | 0.88% | 30.71% |
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 PWB 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 | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.18 |
The correlation between PWB and YCS shifts across timeframes, from -0.11 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PWB vs. YCS — Risk / Return Rank
PWB
YCS
PWB vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Growth ETF (PWB) 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.
| PWB | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.35 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 4.27 | 3.79 | +0.47 |
| Martin ratioReturn relative to average drawdown | 17.82 | 11.86 | +5.96 |
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Drawdowns
PWB vs. YCS - Drawdown Comparison
The maximum PWB drawdown since its inception was -52.58%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for PWB and YCS.
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Drawdown Indicators
| PWB | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.58% | -49.56% | -3.02% |
Max Drawdown (1Y)Largest decline over 1 year | -12.11% | -8.30% | -3.81% |
Max Drawdown (3Y)Largest decline over 3 years | -22.10% | -23.05% | +0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -31.41% | -27.32% | -4.09% |
Max Drawdown (10Y)Largest decline over 10 years | -32.36% | -27.32% | -5.04% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.22% | -19.88% | +11.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 2.65% | +0.24% |
Volatility
PWB vs. YCS - Volatility Comparison
Invesco Dynamic Large Cap Growth ETF (PWB) has a higher volatility of 9.11% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that PWB'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
| PWB | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.11% | 2.22% | +6.89% |
Volatility (6M)Calculated over the trailing 6-month period | 16.87% | 12.19% | +4.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.26% | 16.96% | +3.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.32% | 21.10% | +0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.88% | 18.96% | +1.92% |
PWB vs. YCS - Expense Ratio Comparison
PWB has a 0.56% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
PWB vs. YCS - Dividend Comparison
Neither PWB nor YCS has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWB Invesco Dynamic Large Cap Growth ETF | 0.00% | 0.00% | 0.08% | 0.37% | 0.31% | 0.04% | 0.21% | 0.58% | 0.97% | 0.54% | 0.82% | 0.67% |
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
PWB 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.
PWB has higher volatility (9.11%) compared to YCS (2.22%). In terms of maximum drawdown, PWB dropped -52.58% vs YCS's -49.56%.
On 10-year performance, PWB leads with 19.14% vs 13.63% for YCS. On fees, PWB is cheaper at 0.56% 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, PWB has performed better with a 19.14% return vs 13.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PWB is cheaper with a 0.56% expense ratio, compared with 1.00% for YCS.
PWB and YCS have nearly identical dividend yields, around 0.00%.
PWB is categorized as Large Cap Growth Equities, while YCS is Leveraged Currency. PWB tracks Dynamic Large Cap Growth Intellidex Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.56% for PWB and 1.00% for YCS.
PWB currently has the higher Sharpe Ratio (2.56 vs 1.86), 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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