SMMV vs. YCS
SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - SMMV is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Minimum Volatility (USD) Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, SMMV returned 6.54%/yr vs 22.90%/yr for YCS. Their 0.04 correlation means their historical movements had little consistent relationship. SMMV charges 0.20%/yr vs 1.00%/yr for YCS.
Performance
SMMV vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, SMMV achieves a 9.82% return, which is significantly higher than YCS's 4.11% return.
SMMV
- 1D
- 0.45%
- 1M
- 1.01%
- 6M
- 7.53%
- YTD
- 9.82%
- 1Y
- 16.62%
- 3Y*
- 12.54%
- 5Y*
- 6.54%
- 10Y*
- —
- ALL TIME*
- 8.75%
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) |
|---|---|---|---|
| $351.26K | $334.06K | $426.33K | |
| $2.37M | $2.29M | $1.56M |
SMMV vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF | 9.82% | 6.42% | 18.29% | 5.63% | -10.00% | 16.64% | -2.88% | 24.21% | 1.15% | 14.31% |
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 SMMV and YCS is -0.20, 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. | -0.20 |
Correlation (3Y) Balances recent behavior with more history. | -0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2016 | 0.04 |
The correlation between SMMV and YCS shifts across timeframes, from -0.20 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMMV vs. YCS — Risk / Return Rank
SMMV
YCS
SMMV vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) 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.
| SMMV | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.26 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.53 | -0.15 |
| Martin ratioReturn relative to average drawdown | 7.32 | 9.53 | -2.21 |
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Drawdowns
SMMV vs. YCS - Drawdown Comparison
The maximum SMMV drawdown since its inception was -38.77%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for SMMV and YCS.
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Drawdown Indicators
| SMMV | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.77% | -49.56% | +10.79% |
Max Drawdown (1Y)Largest decline over 1 year | -7.02% | -8.48% | +1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -13.68% | -23.05% | +9.37% |
Max Drawdown (5Y)Largest decline over 5 years | -18.00% | -27.32% | +9.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -0.63% | -8.48% | +7.85% |
Average DrawdownAverage peak-to-trough decline | -5.03% | -19.75% | +14.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 2.24% | +0.04% |
Volatility
SMMV vs. YCS - Volatility Comparison
The current volatility for iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) is 2.67%, while ProShares UltraShort Yen (YCS) has a volatility of 5.88%. This indicates that SMMV 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
| SMMV | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.67% | 5.88% | -3.21% |
Volatility (6M)Calculated over the trailing 6-month period | 6.99% | 11.84% | -4.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.73% | 16.43% | -6.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.45% | 21.21% | -7.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.61% | 18.61% | -3.00% |
SMMV vs. YCS - Expense Ratio Comparison
SMMV has a 0.20% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
SMMV vs. YCS - Dividend Comparison
SMMV's dividend yield for the trailing twelve months is around 1.65%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF | 1.65% | 1.77% | 1.76% | 2.30% | 1.67% | 1.08% | 1.39% | 1.64% | 1.72% | 1.63% | 0.79% |
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% |
Frequently Asked Questions
SMMV and YCS have a correlation of -0.20, 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 SMMV (2.67%). In terms of maximum drawdown, SMMV dropped -38.77% vs YCS's -49.56%.
On 5-year performance, YCS leads with 22.90% vs 6.54% for SMMV. On fees, SMMV is cheaper at 0.20% per year. On volatility, SMMV has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, YCS has performed better with a 22.90% return vs 6.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMMV is cheaper with a 0.20% expense ratio, compared with 1.00% for YCS.
SMMV has the higher dividend yield at 1.65%, compared with 0.00% for YCS.
SMMV is categorized as Small Cap Blend Equities, while YCS is Leveraged Currency. SMMV tracks MSCI USA Small Cap Minimum Volatility (USD) Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.20% for SMMV and 1.00% for YCS.
SMMV currently has the higher Sharpe Ratio (1.72 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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