SMOG vs. YCS

Last updated Jun 4, 2026

SMOG (VanEck Low Carbon Energy ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - SMOG is a Alternative Energy Equities fund tracking the MVIS Global Low Carbon Energy Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, SMOG returned 12.70%/yr vs 12.34%/yr for YCS. At a 0.10 correlation, their price movements are largely independent. SMOG charges 0.61%/yr vs 1.00%/yr for YCS.

Performance

SMOG vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Low Carbon Energy ETF (SMOG) 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, SMOG achieves a 18.16% return, which is significantly higher than YCS's 7.17% return. Both investments have delivered pretty close results over the past 10 years, with SMOG having a 12.70% annualized return and YCS not far behind at 12.34%.

SMOG

• 1D: -1.20%
• 1M: 0.08%
• YTD: 18.16%
• 6M: 17.43%
• 1Y: 42.14%
• 3Y*: 10.86%
• 5Y*: 1.76%
• 10Y*: 12.70%

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)

SMOG vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMOG VanEck Low Carbon Energy ETF	18.16%	33.36%	-9.33%	1.42%	-29.92%	-2.75%	118.38%	38.86%	-10.18%	22.69%
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 SMOG 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	-0.20
Correlation (5Y) Calculated over the trailing 5-year period	-0.15
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008	0.10

The correlation between SMOG and YCS shifts across timeframes, from -0.24 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMOG vs. YCS — Risk / Return Rank

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

SMOG

SMOG Risk / Return Rank: 66
SMOG Sharpe Ratio Rank: 62
SMOG Sortino Ratio Rank: 56
SMOG Omega Ratio Rank: 56
SMOG Calmar Ratio Rank: 86
SMOG Martin Ratio Rank: 73

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.

SMOG vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Low Carbon Energy ETF (SMOG) 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.

	SMOG	YCS	Difference
Sharpe ratio Return per unit of total volatility	2.07	1.92	+0.15
Sortino ratio Return per unit of downside risk	2.69	2.44	+0.25
Omega ratio Gain probability vs. loss probability	1.35	1.35	0.00
Calmar ratio Return relative to maximum drawdown	4.80	3.97	+0.83
Martin ratio Return relative to average drawdown	13.62	12.40	+1.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMOG vs. YCS - Sharpe Ratio Comparison

The current SMOG Sharpe Ratio is 2.07, which is comparable to the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SMOG 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

	SMOG	YCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.92	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	1.12	-1.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.65	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.33	-0.26

Drawdowns

SMOG vs. YCS - Drawdown Comparison

The maximum SMOG drawdown since its inception was -84.39%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for SMOG and YCS.

Drawdown Indicators

	SMOG	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-84.39%	-49.56%	-34.83%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-8.30%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-28.72%	-23.05%	-5.67%
Max Drawdown (5Y) Largest decline over 5 years	-47.86%	-27.32%	-20.54%
Max Drawdown (10Y) Largest decline over 10 years	-51.10%	-27.32%	-23.78%
Current Drawdown Current decline from peak	-14.61%	0.00%	-14.61%
Average Drawdown Average peak-to-trough decline	-52.47%	-19.93%	-32.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.66%	+0.44%

Volatility

SMOG vs. YCS - Volatility Comparison

VanEck Low Carbon Energy ETF (SMOG) has a higher volatility of 7.43% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that SMOG'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

	SMOG	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.43%	2.75%	+4.68%
Volatility (6M) Calculated over the trailing 6-month period	15.46%	12.32%	+3.14%
Volatility (1Y) Calculated over the trailing 1-year period	20.49%	17.27%	+3.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.12%	21.10%	+4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.73%	19.01%	+6.72%

SMOG vs. YCS - Expense Ratio Comparison

SMOG has a 0.61% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

SMOG vs. YCS - Dividend Comparison

SMOG's dividend yield for the trailing twelve months is around 1.33%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMOG VanEck Low Carbon Energy ETF	1.33%	1.57%	1.64%	1.58%	1.32%	0.44%	0.06%	0.00%	0.62%	1.25%	2.12%	0.56%
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

Can I hold both SMOG and YCS in my portfolio?

SMOG 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, SMOG or YCS?

SMOG has higher volatility (7.43%) compared to YCS (2.75%). In terms of maximum drawdown, SMOG dropped -84.39% vs YCS's -49.56%.

Which ETF is better, SMOG or YCS?

On 10-year performance, SMOG leads with 12.70% vs 12.34% for YCS. On fees, SMOG is cheaper at 0.61% 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, SMOG or YCS?

Over the 10-year period, SMOG has performed better with a 12.70% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMOG or YCS?

SMOG is cheaper with a 0.61% expense ratio, compared with 1.00% for YCS.

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

SMOG has the higher dividend yield at 1.33%, compared with 0.00% for YCS.

What is the main difference between SMOG and YCS?

SMOG is categorized as Alternative Energy Equities, while YCS is Leveraged Currency. SMOG tracks MVIS Global Low Carbon Energy Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.61% for SMOG and 1.00% for YCS.

Which has better risk-adjusted returns?

SMOG currently has the higher Sharpe Ratio (2.07 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.