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SCHO vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SCHO vs. YCS

Last updated Jun 4, 2026

SCHO (Schwab Short-Term U.S. Treasury ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - SCHO is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, SCHO returned 1.71%/yr vs 12.34%/yr for YCS. At a correlation of -0.45, they often move in opposite directions. SCHO charges 0.03%/yr vs 1.00%/yr for YCS.

Performance

SCHO vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Short-Term U.S. Treasury ETF (SCHO) 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, SCHO achieves a 0.42% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, SCHO has underperformed YCS with an annualized return of 1.71%, while YCS has yielded a comparatively higher 12.34% annualized return.

SCHO

1D
-0.04%
1M
0.06%
YTD
0.42%
6M
0.78%
1Y
3.39%
3Y*
4.15%
5Y*
1.80%
10Y*
1.71%

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)

SCHO vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SCHO
Schwab Short-Term U.S. Treasury ETF		0.42%5.49%3.65%4.31%-3.87%-0.64%3.11%3.47%1.37%0.33%
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 SCHO and YCS is -0.49, 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

-0.49

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

-0.52

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

-0.53

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

-0.50

Correlation (All Time)
Calculated using the full available price history since Aug 6, 2010

-0.45

The correlation between SCHO and YCS has been stable across timeframes, ranging from -0.53 to -0.45 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Schwab Short-Term U.S. Treasury ETF

ProShares UltraShort Yen

Often compared with SCHO:
SCHO vs. SGOVSCHO vs. VGSHSCHO vs. BSVSCHO vs. SHVSCHO vs. BILSCHO vs. SCHQSCHO vs. SPTS
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

SCHO vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SCHO
SCHO Risk / Return Rank: 8181
Overall Rank
SCHO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
SCHO Sortino Ratio Rank: 8888
Sortino Ratio Rank
SCHO Omega Ratio Rank: 8181
Omega Ratio Rank
SCHO Calmar Ratio Rank: 7777
Calmar Ratio Rank
SCHO Martin Ratio Rank: 8383
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.

SCHO vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Short-Term U.S. Treasury ETF (SCHO) 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.

SCHOYCSDifference
Sharpe ratioReturn per unit of total volatility
2.48
1.92

+0.56

Sortino ratioReturn per unit of downside risk
4.06
2.44

+1.62

Omega ratioGain probability vs. loss probability

1.50

1.35

+0.15

Calmar ratioReturn relative to maximum drawdown

3.96

3.97

-0.01

Martin ratioReturn relative to average drawdown

17.03

12.40

+4.63

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

SCHO vs. YCS - Sharpe Ratio Comparison

The current SCHO Sharpe Ratio is 2.48, which is comparable to the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SCHO 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

SCHOYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.48

1.92

+0.56

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.91

1.12

-0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.10

0.65

+0.45

Sharpe Ratio (All Time)

Calculated using the full available price history

0.99

0.33

+0.66

Drawdowns

SCHO vs. YCS - Drawdown Comparison

The maximum SCHO drawdown since its inception was -5.69%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for SCHO and YCS.

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Drawdown Indicators

SCHOYCSDifference

Max Drawdown

Largest peak-to-trough decline

-5.69%

-49.56%

+43.87%

Max Drawdown (1Y)

Largest decline over 1 year

-0.86%

-8.30%

+7.44%

Max Drawdown (3Y)

Largest decline over 3 years

-0.98%

-23.05%

+22.07%

Max Drawdown (5Y)

Largest decline over 5 years

-5.69%

-27.32%

+21.63%

Max Drawdown (10Y)

Largest decline over 10 years

-5.69%

-27.32%

+21.63%

Current Drawdown

Current decline from peak

-0.27%

0.00%

-0.27%

Average Drawdown

Average peak-to-trough decline

-0.61%

-19.93%

+19.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.20%

2.66%

-2.46%

Volatility

SCHO vs. YCS - Volatility Comparison

The current volatility for Schwab Short-Term U.S. Treasury ETF (SCHO) is 0.41%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that SCHO 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

SCHOYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.41%

2.75%

-2.34%

Volatility (6M)

Calculated over the trailing 6-month period

0.90%

12.32%

-11.42%

Volatility (1Y)

Calculated over the trailing 1-year period

1.37%

17.27%

-15.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.98%

21.10%

-19.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.56%

19.01%

-17.45%

SCHO vs. YCS - Expense Ratio Comparison

SCHO has a 0.03% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

SCHO vs. YCS - Dividend Comparison

SCHO's dividend yield for the trailing twelve months is around 3.91%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SCHO
Schwab Short-Term U.S. Treasury ETF		3.91%4.06%4.29%3.76%1.34%0.41%1.27%2.27%1.60%1.12%0.82%0.68%
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

SCHO and YCS have a correlation of -0.49, 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 SCHO (0.41%). In terms of maximum drawdown, SCHO dropped -5.69% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.34% vs 1.71% for SCHO. On fees, SCHO is cheaper at 0.03% per year. On volatility, SCHO has been the lower-risk option at 0.41%. 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 1.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SCHO is cheaper with a 0.03% expense ratio, compared with 1.00% for YCS.

SCHO has the higher dividend yield at 3.91%, compared with 0.00% for YCS.

SCHO is categorized as Government Bonds, while YCS is Leveraged Currency. SCHO tracks Bloomberg U.S. Treasury 1-3 Year Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Charles Schwab and ProShares. Their fees differ too: 0.03% for SCHO and 1.00% for YCS.

SCHO currently has the higher Sharpe Ratio (2.48 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.

Portfolio Optimizer

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