RLY vs. YCS
RLY (State Street Multi-Asset Real Return ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, RLY returned 8.16%/yr vs 13.21%/yr for YCS. Their 0.00 correlation means their historical movements had little consistent relationship. RLY charges 0.50%/yr vs 1.00%/yr for YCS.
Performance
RLY vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, RLY achieves a 15.29% return, which is significantly higher than YCS's 4.11% return. Over the past 10 years, RLY has underperformed YCS with an annualized return of 8.16%, while YCS has yielded a comparatively higher 13.21% annualized return.
RLY
- 1D
- -0.42%
- 1M
- 3.64%
- 6M
- 8.40%
- YTD
- 15.29%
- 1Y
- 27.11%
- 3Y*
- 12.93%
- 5Y*
- 10.64%
- 10Y*
- 8.16%
- ALL TIME*
- 4.75%
YCS
- 1D
- -2.97%
- 1M
- -5.17%
- 6M
- 5.08%
- YTD
- 4.11%
- 1Y
- 21.34%
- 3Y*
- 16.96%
- 5Y*
- 22.90%
- 10Y*
- 13.21%
- ALL TIME*
- 6.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.13M | $7.99M | $7.88M | |
| $2.37M | $2.29M | $1.56M |
RLY vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RLY State Street Multi-Asset Real Return ETF | 15.29% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
YCS ProShares UltraShort Yen | 4.11% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between RLY and YCS is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.11 |
Correlation (3Y) Balances recent behavior with more history. | -0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.16 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.06 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012 | 0.00 |
The correlation between RLY and YCS shifts across timeframes, from -0.19 (3 years) to 0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RLY vs. YCS — Risk / Return Rank
RLY
YCS
RLY vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Multi-Asset Real Return ETF (RLY) 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.
| RLY | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.26 | ||
| Sortino ratioReturn per unit of downside risk | +1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.26 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.61 | 2.53 | +1.08 |
| Martin ratioReturn relative to average drawdown | 12.56 | 9.53 | +3.02 |
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Drawdowns
RLY vs. YCS - Drawdown Comparison
The maximum RLY drawdown since its inception was -37.75%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for RLY and YCS.
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Drawdown Indicators
| RLY | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.75% | -49.56% | +11.81% |
Max Drawdown (1Y)Largest decline over 1 year | -7.54% | -8.48% | +0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -23.05% | +12.97% |
Max Drawdown (5Y)Largest decline over 5 years | -18.94% | -27.32% | +8.38% |
Max Drawdown (10Y)Largest decline over 10 years | -34.17% | -27.32% | -6.85% |
Current DrawdownCurrent decline from peak | -3.15% | -8.48% | +5.33% |
Average DrawdownAverage peak-to-trough decline | -9.40% | -19.75% | +10.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 2.24% | -0.08% |
Volatility
RLY vs. YCS - Volatility Comparison
The current volatility for State Street Multi-Asset Real Return ETF (RLY) is 2.61%, while ProShares UltraShort Yen (YCS) has a volatility of 5.88%. This indicates that RLY 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
| RLY | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 5.88% | -3.27% |
Volatility (6M)Calculated over the trailing 6-month period | 8.06% | 11.84% | -3.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.61% | 16.43% | -5.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.46% | 21.21% | -7.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.80% | 18.61% | -4.81% |
RLY vs. YCS - Expense Ratio Comparison
RLY has a 0.50% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
RLY vs. YCS - Dividend Comparison
RLY's dividend yield for the trailing twelve months is around 3.07%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RLY State Street Multi-Asset Real Return ETF | 3.07% | 3.24% | 3.31% | 3.71% | 5.66% | 12.15% | 2.16% | 3.45% | 2.76% | 1.85% | 2.07% | 1.80% |
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
RLY 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.
YCS has higher volatility (5.88%) compared to RLY (2.61%). In terms of maximum drawdown, RLY dropped -37.75% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.21% vs 8.16% for RLY. On fees, RLY is cheaper at 0.50% per year. On volatility, RLY has been the lower-risk option at 2.61%. 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 13.21% return vs 8.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RLY is cheaper with a 0.50% expense ratio, compared with 1.00% for YCS.
RLY has the higher dividend yield at 3.07%, compared with 0.00% for YCS.
RLY is categorized as Global Allocation, while YCS is Leveraged Currency. RLY tracks Bloomberg U.S. Government Inflation-Linked Bond Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.50% for RLY and 1.00% for YCS.
RLY currently has the higher Sharpe Ratio (2.57 vs 1.31), 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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