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PXF vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PXF vs. YCS

Last updated Jun 4, 2026

PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - PXF is a Foreign Large Cap Equities fund tracking the FTSE RAFI Developed Markets ex-U.S. Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, PXF returned 11.80%/yr vs 12.34%/yr for YCS. At a 0.06 correlation, their price movements are largely independent. PXF charges 0.45%/yr vs 1.00%/yr for YCS.

Performance

PXF vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PXF achieves a 20.42% return, which is significantly higher than YCS's 7.17% return. Both investments have delivered pretty close results over the past 10 years, with PXF having a 11.80% annualized return and YCS not far ahead at 12.34%.

PXF

1D
-0.70%
1M
6.92%
YTD
20.42%
6M
24.34%
1Y
44.15%
3Y*
25.13%
5Y*
13.47%
10Y*
11.80%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PXF vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PXF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		20.42%42.51%4.54%18.46%-9.09%15.93%2.58%17.50%-14.84%24.52%
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 PXF and YCS is -0.42, 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

-0.43

Correlation (3Y)
Calculated over the trailing 3-year period

-0.30

Correlation (5Y)
Calculated over the trailing 5-year period

-0.23

Correlation (10Y)
Calculated over the trailing 10-year period

-0.05

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2008

0.06

The correlation between PXF and YCS shifts across timeframes, from -0.42 (1 year) to 0.06 (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.

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

ProShares UltraShort Yen

Often compared with PXF:
PXF vs. FNDFPXF vs. PRFPXF vs. VEAPXF vs. VXUSPXF vs. VYMIPXF vs. PXHPXF vs. HDB
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

PXF vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PXF
PXF Risk / Return Rank: 8383
Overall Rank
PXF Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
PXF Sortino Ratio Rank: 8484
Sortino Ratio Rank
PXF Omega Ratio Rank: 8585
Omega Ratio Rank
PXF Calmar Ratio Rank: 7979
Calmar Ratio Rank
PXF Martin Ratio Rank: 7979
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6161
Overall Rank
YCS Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 4949
Sortino Ratio Rank
YCS Omega Ratio Rank: 5656
Omega Ratio Rank
YCS Calmar Ratio Rank: 7878
Calmar Ratio Rank
YCS Martin Ratio Rank: 6767
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PXF vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) 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.

PXFYCSDifference
Sharpe ratioReturn per unit of total volatility
2.92
1.92

+1.00

Sortino ratioReturn per unit of downside risk
3.83
2.44

+1.39

Omega ratioGain probability vs. loss probability

1.52

1.35

+0.17

Calmar ratioReturn relative to maximum drawdown

4.07

3.97

+0.09

Martin ratioReturn relative to average drawdown

15.61

12.40

+3.21

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PXF vs. YCS - Sharpe Ratio Comparison

The current PXF Sharpe Ratio is 2.92, which is higher than the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of PXF and YCS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PXFYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.92

1.92

+1.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.82

1.12

-0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.65

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.24

0.33

-0.09

Drawdowns

PXF vs. YCS - Drawdown Comparison

The maximum PXF drawdown since its inception was -64.74%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for PXF and YCS.

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Drawdown Indicators

PXFYCSDifference

Max Drawdown

Largest peak-to-trough decline

-64.74%

-49.56%

-15.18%

Max Drawdown (1Y)

Largest decline over 1 year

-10.91%

-8.30%

-2.61%

Max Drawdown (3Y)

Largest decline over 3 years

-14.06%

-23.05%

+8.99%

Max Drawdown (5Y)

Largest decline over 5 years

-26.82%

-27.32%

+0.50%

Max Drawdown (10Y)

Largest decline over 10 years

-41.59%

-27.32%

-14.27%

Current Drawdown

Current decline from peak

-0.70%

0.00%

-0.70%

Average Drawdown

Average peak-to-trough decline

-15.27%

-19.93%

+4.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.84%

2.66%

+0.18%

Volatility

PXF vs. YCS - Volatility Comparison

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) has a higher volatility of 5.33% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that PXF'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

PXFYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.33%

2.75%

+2.58%

Volatility (6M)

Calculated over the trailing 6-month period

12.86%

12.32%

+0.54%

Volatility (1Y)

Calculated over the trailing 1-year period

15.24%

17.27%

-2.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.45%

21.10%

-4.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.04%

19.01%

-0.97%

PXF vs. YCS - Expense Ratio Comparison

PXF has a 0.45% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

PXF vs. YCS - Dividend Comparison

PXF's dividend yield for the trailing twelve months is around 3.07%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
PXF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		3.07%3.64%3.48%3.55%3.58%3.74%2.11%3.50%3.38%2.78%3.21%3.10%
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

PXF and YCS have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PXF has higher volatility (5.33%) compared to YCS (2.75%). In terms of maximum drawdown, PXF dropped -64.74% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.34% vs 11.80% for PXF. On fees, PXF is cheaper at 0.45% 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, YCS has performed better with a 12.34% return vs 11.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PXF is cheaper with a 0.45% expense ratio, compared with 1.00% for YCS.

PXF has the higher dividend yield at 3.07%, compared with 0.00% for YCS.

PXF is categorized as Foreign Large Cap Equities, while YCS is Leveraged Currency. PXF tracks FTSE RAFI Developed Markets ex-U.S. Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.45% for PXF and 1.00% for YCS.

PXF currently has the higher Sharpe Ratio (2.92 vs 1.92), 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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