SPLB vs. YCS
SPLB (SPDR Portfolio Long Term Corporate Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - SPLB is a Corporate Bonds fund tracking the Bloomberg Barclays Long U.S. Corporate Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, SPLB returned 1.49%/yr vs 13.76%/yr for YCS. Their -0.35 correlation means they have often moved in opposite directions in the past. SPLB charges 0.07%/yr vs 1.00%/yr for YCS.
Performance
SPLB vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, SPLB achieves a -2.58% return, which is significantly lower than YCS's 7.29% return. Over the past 10 years, SPLB has underperformed YCS with an annualized return of 1.49%, while YCS has yielded a comparatively higher 13.76% annualized return.
SPLB
- 1D
- -0.37%
- 1M
- -3.82%
- 6M
- -3.09%
- YTD
- -2.58%
- 1Y
- -0.24%
- 3Y*
- 3.18%
- 5Y*
- -3.55%
- 10Y*
- 1.49%
- ALL TIME*
- 5.07%
YCS
- 1D
- -0.84%
- 1M
- -2.27%
- 6M
- 9.33%
- YTD
- 7.29%
- 1Y
- 25.05%
- 3Y*
- 17.34%
- 5Y*
- 23.55%
- 10Y*
- 13.76%
- ALL TIME*
- 6.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $49.79M | $52.27M | $59.17M | |
| $1.53M | $2.43M | $1.42M |
SPLB vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPLB SPDR Portfolio Long Term Corporate Bond ETF | -2.58% | 7.05% | -1.74% | 11.20% | -25.68% | -1.99% | 13.47% | 23.49% | -7.35% | 12.26% |
YCS ProShares UltraShort Yen | 7.29% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between SPLB and YCS is -0.39, 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. | -0.39 |
Correlation (3Y) Balances recent behavior with more history. | -0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.41 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.39 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2009 | -0.35 |
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Return for Risk
SPLB vs. YCS — Risk / Return Rank
SPLB
YCS
SPLB vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Corporate Bond ETF (SPLB) 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.
| SPLB | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.23 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | 2.35 | -2.22 |
| Martin ratioReturn relative to average drawdown | 0.28 | 8.93 | -8.65 |
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Drawdowns
SPLB vs. YCS - Drawdown Comparison
The maximum SPLB drawdown since its inception was -34.46%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for SPLB and YCS.
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Drawdown Indicators
| SPLB | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.46% | -49.56% | +15.10% |
Max Drawdown (1Y)Largest decline over 1 year | -5.54% | -8.30% | +2.76% |
Max Drawdown (3Y)Largest decline over 3 years | -10.23% | -23.05% | +12.82% |
Max Drawdown (5Y)Largest decline over 5 years | -34.46% | -27.32% | -7.14% |
Max Drawdown (10Y)Largest decline over 10 years | -34.46% | -27.32% | -7.14% |
Current DrawdownCurrent decline from peak | -17.50% | -5.68% | -11.82% |
Average DrawdownAverage peak-to-trough decline | -8.07% | -19.75% | +11.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.49% | 2.64% | -0.15% |
Volatility
SPLB vs. YCS - Volatility Comparison
The current volatility for SPDR Portfolio Long Term Corporate Bond ETF (SPLB) is 2.14%, while ProShares UltraShort Yen (YCS) has a volatility of 5.30%. This indicates that SPLB 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
| SPLB | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 5.30% | -3.16% |
Volatility (6M)Calculated over the trailing 6-month period | 6.08% | 11.65% | -5.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.86% | 16.85% | -8.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.68% | 21.16% | -8.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.92% | 18.61% | -5.69% |
SPLB vs. YCS - Expense Ratio Comparison
SPLB has a 0.07% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
SPLB vs. YCS - Dividend Comparison
SPLB's dividend yield for the trailing twelve months is around 5.60%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 5.13% | 5.25% | 5.20% | 4.60% | 4.53% | 3.00% | 3.01% | 3.79% | 4.50% | 4.06% | 4.34% | 4.70% |
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
SPLB and YCS have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (5.30%) compared to SPLB (2.14%). In terms of maximum drawdown, SPLB dropped -34.46% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.76% vs 1.49% for SPLB. On fees, SPLB is cheaper at 0.07% per year. On volatility, SPLB has been the lower-risk option at 2.14%. 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 13.76% return vs 1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLB is cheaper with a 0.07% expense ratio, compared with 1.00% for YCS.
SPLB has the higher dividend yield at 5.13%, compared with 0.00% for YCS.
SPLB is categorized as Corporate Bonds, while YCS is Leveraged Currency. SPLB tracks Bloomberg Barclays Long U.S. Corporate Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.07% for SPLB and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.16 vs 0.09), 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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