SPHB vs. YCS
SPHB (Invesco S&P 500® High Beta ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - SPHB is a S&P 500 fund tracking the S&P 500 High Beta Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, SPHB returned 19.24%/yr vs 12.98%/yr for YCS. At a 0.19 correlation, their price movements are largely independent. SPHB charges 0.25%/yr vs 1.00%/yr for YCS.
Performance
SPHB vs. YCS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPHB achieves a 30.13% return, which is significantly higher than YCS's 8.11% return. Over the past 10 years, SPHB has outperformed YCS with an annualized return of 19.24%, while YCS has yielded a comparatively lower 12.98% annualized return.
SPHB
- 1D
- -1.52%
- 1M
- 9.94%
- YTD
- 30.13%
- 6M
- 29.41%
- 1Y
- 64.13%
- 3Y*
- 27.29%
- 5Y*
- 16.27%
- 10Y*
- 19.24%
YCS
- 1D
- 0.22%
- 1M
- 2.73%
- YTD
- 8.11%
- 6M
- 11.15%
- 1Y
- 32.12%
- 3Y*
- 19.01%
- 5Y*
- 23.42%
- 10Y*
- 12.98%
SPHB vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHB Invesco S&P 500® High Beta ETF | 30.13% | 32.87% | 8.48% | 33.28% | -20.59% | 40.58% | 25.56% | 33.96% | -15.55% | 17.87% |
YCS ProShares UltraShort Yen | 8.11% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between SPHB and YCS is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since May 5, 2011 | 0.19 |
The correlation between SPHB and YCS shifts across timeframes, from -0.15 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPHB vs. YCS — Risk / Return Rank
SPHB
YCS
SPHB vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® High Beta ETF (SPHB) 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.
| SPHB | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.35 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 6.02 | 3.89 | +2.14 |
| Martin ratioReturn relative to average drawdown | 22.77 | 12.14 | +10.63 |
Loading charts...
Drawdowns
SPHB vs. YCS - Drawdown Comparison
The maximum SPHB drawdown since its inception was -46.84%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for SPHB and YCS.
Loading charts...
Drawdown Indicators
| SPHB | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.84% | -49.56% | +2.72% |
Max Drawdown (1Y)Largest decline over 1 year | -10.70% | -8.30% | -2.40% |
Max Drawdown (3Y)Largest decline over 3 years | -29.21% | -23.05% | -6.16% |
Max Drawdown (5Y)Largest decline over 5 years | -31.49% | -27.32% | -4.17% |
Max Drawdown (10Y)Largest decline over 10 years | -46.84% | -27.32% | -19.52% |
Current DrawdownCurrent decline from peak | -1.52% | -0.05% | -1.47% |
Average DrawdownAverage peak-to-trough decline | -8.49% | -19.89% | +11.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.83% | 2.65% | +0.18% |
Volatility
SPHB vs. YCS - Volatility Comparison
Invesco S&P 500® High Beta ETF (SPHB) has a higher volatility of 11.26% compared to ProShares UltraShort Yen (YCS) at 2.13%. This indicates that SPHB'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.
Loading charts...
Volatility by Period
| SPHB | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.26% | 2.13% | +9.13% |
Volatility (6M)Calculated over the trailing 6-month period | 19.19% | 12.25% | +6.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.90% | 17.02% | +6.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.70% | 21.09% | +6.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.58% | 18.98% | +9.60% |
SPHB vs. YCS - Expense Ratio Comparison
SPHB has a 0.25% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
SPHB vs. YCS - Dividend Comparison
SPHB's dividend yield for the trailing twelve months is around 0.52%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHB Invesco S&P 500® High Beta ETF | 0.52% | 0.60% | 0.80% | 0.73% | 0.72% | 0.91% | 1.90% | 1.26% | 1.96% | 1.34% | 0.93% | 1.69% |
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
SPHB and YCS have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHB has higher volatility (11.26%) compared to YCS (2.13%). In terms of maximum drawdown, SPHB dropped -46.84% vs YCS's -49.56%.
On 10-year performance, SPHB leads with 19.24% vs 12.98% for YCS. On fees, SPHB is cheaper at 0.25% per year. On volatility, YCS has been the lower-risk option at 2.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHB has performed better with a 19.24% return vs 12.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHB is cheaper with a 0.25% expense ratio, compared with 1.00% for YCS.
SPHB has the higher dividend yield at 0.52%, compared with 0.00% for YCS.
SPHB is categorized as S&P 500, while YCS is Leveraged Currency. SPHB tracks S&P 500 High Beta Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.25% for SPHB and 1.00% for YCS.
SPHB currently has the higher Sharpe Ratio (2.71 vs 1.90), 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.
Find the right allocation for SPHB and YCS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer