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QWLD vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QWLD vs. YCS

Last updated Jun 4, 2026

QWLD (SPDR MSCI World StrategicFactors ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - QWLD is a Large Cap Growth Equities fund tracking the MSCI World Factor Mix A-Series (USD), while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, QWLD returned 11.68%/yr vs 12.34%/yr for YCS. At a 0.02 correlation, their price movements are largely independent. QWLD charges 0.30%/yr vs 1.00%/yr for YCS.

Performance

QWLD vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI World StrategicFactors ETF (QWLD) 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, QWLD achieves a 6.55% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, QWLD has underperformed YCS with an annualized return of 11.68%, while YCS has yielded a comparatively higher 12.34% annualized return.

QWLD

1D
-0.56%
1M
2.55%
YTD
6.55%
6M
7.32%
1Y
17.09%
3Y*
16.35%
5Y*
9.96%
10Y*
11.68%

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)

QWLD vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QWLD
SPDR MSCI World StrategicFactors ETF		6.55%17.93%14.44%19.59%-13.30%21.57%10.24%27.59%-7.02%22.44%
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 QWLD and YCS is -0.33, 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

-0.33

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

-0.16

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

-0.13

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

0.00

Correlation (All Time)
Calculated using the full available price history since Jun 6, 2014

0.02

The correlation between QWLD and YCS shifts across timeframes, from -0.33 (1 year) to 0.02 (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.

SPDR MSCI World StrategicFactors ETF

ProShares UltraShort Yen

Often compared with QWLD:
QWLD vs. URTHQWLD vs. DGTQWLD vs. SPGMQWLD vs. VTQWLD vs. VWICXQWLD vs. JPGL.LQWLD vs. GGRP.L
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

QWLD vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QWLD
QWLD Risk / Return Rank: 5050
Overall Rank
QWLD Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
QWLD Sortino Ratio Rank: 5252
Sortino Ratio Rank
QWLD Omega Ratio Rank: 4949
Omega Ratio Rank
QWLD Calmar Ratio Rank: 4545
Calmar Ratio Rank
QWLD Martin Ratio Rank: 5555
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.

QWLD vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World StrategicFactors ETF (QWLD) 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.

QWLDYCSDifference
Sharpe ratioReturn per unit of total volatility
1.77
1.92

-0.15

Sortino ratioReturn per unit of downside risk
2.55
2.44

+0.11

Omega ratioGain probability vs. loss probability

1.31

1.35

-0.04

Calmar ratioReturn relative to maximum drawdown

2.24

3.97

-1.73

Martin ratioReturn relative to average drawdown

9.70

12.40

-2.70

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

QWLD vs. YCS - Sharpe Ratio Comparison

The current QWLD Sharpe Ratio is 1.77, which is comparable to the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of QWLD 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

QWLDYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.77

1.92

-0.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

1.12

-0.38

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.77

0.65

+0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.69

0.33

+0.36

Drawdowns

QWLD vs. YCS - Drawdown Comparison

The maximum QWLD drawdown since its inception was -31.89%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for QWLD and YCS.

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Drawdown Indicators

QWLDYCSDifference

Max Drawdown

Largest peak-to-trough decline

-31.89%

-49.56%

+17.67%

Max Drawdown (1Y)

Largest decline over 1 year

-7.66%

-8.30%

+0.64%

Max Drawdown (3Y)

Largest decline over 3 years

-12.40%

-23.05%

+10.65%

Max Drawdown (5Y)

Largest decline over 5 years

-22.84%

-27.32%

+4.48%

Max Drawdown (10Y)

Largest decline over 10 years

-31.89%

-27.32%

-4.57%

Current Drawdown

Current decline from peak

-0.56%

0.00%

-0.56%

Average Drawdown

Average peak-to-trough decline

-3.71%

-19.93%

+16.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.77%

2.66%

-0.89%

Volatility

QWLD vs. YCS - Volatility Comparison

The current volatility for SPDR MSCI World StrategicFactors ETF (QWLD) is 2.26%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that QWLD experiences smaller price fluctuations and is considered to be less risky 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

QWLDYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.26%

2.75%

-0.49%

Volatility (6M)

Calculated over the trailing 6-month period

7.51%

12.32%

-4.81%

Volatility (1Y)

Calculated over the trailing 1-year period

9.68%

17.27%

-7.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.53%

21.10%

-7.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.18%

19.01%

-3.83%

QWLD vs. YCS - Expense Ratio Comparison

QWLD has a 0.30% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

QWLD vs. YCS - Dividend Comparison

QWLD's dividend yield for the trailing twelve months is around 1.84%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
QWLD
SPDR MSCI World StrategicFactors ETF		1.84%1.85%1.74%1.78%2.02%1.77%1.77%2.13%2.33%2.73%2.22%3.42%
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

QWLD and YCS have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

YCS has higher volatility (2.75%) compared to QWLD (2.26%). In terms of maximum drawdown, QWLD dropped -31.89% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.34% vs 11.68% for QWLD. On fees, QWLD is cheaper at 0.30% per year. On volatility, QWLD has been the lower-risk option at 2.26%. 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 11.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QWLD is cheaper with a 0.30% expense ratio, compared with 1.00% for YCS.

QWLD has the higher dividend yield at 1.84%, compared with 0.00% for YCS.

QWLD is categorized as Large Cap Growth Equities, while YCS is Leveraged Currency. QWLD tracks MSCI World Factor Mix A-Series (USD), while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.30% for QWLD and 1.00% for YCS.

YCS currently has the higher Sharpe Ratio (1.92 vs 1.77), 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.

Portfolio Optimizer

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