SHNY vs. YCS

Last updated Jun 4, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Over the past 3 years, SHNY returned 59.66%/yr vs 19.84%/yr for YCS. At a correlation of -0.33, they often move in opposite directions. SHNY charges 0.95%/yr vs 1.00%/yr for YCS.

Performance

SHNY vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHNY achieves a -14.45% return, which is significantly lower than YCS's 7.17% return.

SHNY

• 1D: -3.20%
• 1M: -7.37%
• YTD: -14.45%
• 6M: -10.44%
• 1Y: 49.39%
• 3Y*: 59.66%
• 5Y*: —
• 10Y*: —

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)

SHNY vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-14.45%	214.54%	50.30%	12.52%
YCS ProShares UltraShort Yen	7.17%	9.04%	35.41%	20.16%

Correlation

The correlation between SHNY and YCS is -0.24, 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	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	-0.28
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023	-0.33

Return for Risk

SHNY vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SHNY

SHNY Risk / Return Rank: 21
SHNY Sharpe Ratio Rank: 19
SHNY Sortino Ratio Rank: 23
SHNY Omega Ratio Rank: 27
SHNY Calmar Ratio Rank: 20
SHNY Martin Ratio Rank: 18

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 56
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 56
YCS Calmar Ratio Rank: 78
YCS Martin Ratio Rank: 67

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.

SHNY vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) 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.

	SHNY	YCS	Difference
Sharpe ratio: Return per unit of total volatility	0.63	1.92	-1.29
Sortino ratio: Return per unit of downside risk	1.24	2.44	-1.20
Omega ratio: Gain probability vs. loss probability	1.19	1.35	-0.17
Calmar ratio: Return relative to maximum drawdown	0.90	3.97	-3.07
Martin ratio: Return relative to average drawdown	1.93	12.40	-10.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHNY vs. YCS - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.63, which is lower than the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SHNY 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.

Sharpe Ratios by Period

	SHNY	YCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	1.92	-1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.12	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.33	+0.68

Drawdowns

SHNY vs. YCS - Drawdown Comparison

The maximum SHNY drawdown since its inception was -54.99%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for SHNY and YCS.

Drawdown Indicators

	SHNY	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-54.99%	-49.56%	-5.43%
Max Drawdown (1Y) Largest decline over 1 year	-54.99%	-8.30%	-46.69%
Max Drawdown (3Y) Largest decline over 3 years	-54.99%	-23.05%	-31.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-54.99%	0.00%	-54.99%
Average Drawdown Average peak-to-trough decline	-14.94%	-19.93%	+4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.66%	2.66%	+23.00%

Volatility

SHNY vs. YCS - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 16.40% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that SHNY'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.

Volatility by Period

	SHNY	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.40%	2.75%	+13.65%
Volatility (6M) Calculated over the trailing 6-month period	70.87%	12.32%	+58.55%
Volatility (1Y) Calculated over the trailing 1-year period	78.80%	17.27%	+61.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.36%	21.10%	+37.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.36%	19.01%	+39.35%

SHNY vs. YCS - Expense Ratio Comparison

SHNY has a 0.95% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

SHNY vs. YCS - Dividend Comparison

Neither SHNY nor YCS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SHNY and YCS in my portfolio?

SHNY and YCS have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHNY or YCS?

SHNY has higher volatility (16.40%) compared to YCS (2.75%). In terms of maximum drawdown, SHNY dropped -54.99% vs YCS's -49.56%.

Which ETF is better, SHNY or YCS?

On 3-year performance, SHNY leads with 59.66% vs 19.84% for YCS. On fees, SHNY is cheaper at 0.95% 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.

Which ETF has performed better, SHNY or YCS?

Over the 3-year period, SHNY has performed better with a 59.66% return vs 19.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or YCS?

SHNY is cheaper with a 0.95% expense ratio, compared with 1.00% for YCS.

Which ETF pays a higher dividend yield, SHNY or YCS?

SHNY and YCS have nearly identical dividend yields, around 0.00%.

What is the main difference between SHNY and YCS?

SHNY is categorized as Leveraged Commodities, while YCS is Leveraged Currency. They also come from different issuers: BMO and ProShares. Their fees differ too: 0.95% for SHNY and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.92 vs 0.63), 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.