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SPLV vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPLV vs. YCS

Last updated Jun 4, 2026

SPLV (Invesco S&P 500 Low Volatility ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, SPLV returned 8.01%/yr vs 12.34%/yr for YCS. At a 0.08 correlation, their price movements are largely independent. SPLV charges 0.25%/yr vs 1.00%/yr for YCS.

Performance

SPLV vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Low Volatility ETF (SPLV) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPLV achieves a 1.32% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, SPLV has underperformed YCS with an annualized return of 8.01%, while YCS has yielded a comparatively higher 12.34% annualized return.

SPLV

1D
0.08%
1M
-2.50%
YTD
1.32%
6M
1.06%
1Y
-0.03%
3Y*
7.54%
5Y*
5.33%
10Y*
8.01%

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)

SPLV vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPLV
Invesco S&P 500 Low Volatility ETF		1.32%4.10%13.93%0.53%-4.88%24.13%-1.39%27.87%-0.19%17.32%
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 SPLV and YCS is -0.26, 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

-0.26

Correlation (3Y)
Calculated over the trailing 3-year period

-0.14

Correlation (5Y)
Calculated over the trailing 5-year period

-0.11

Correlation (10Y)
Calculated over the trailing 10-year period

-0.01

Correlation (All Time)
Calculated using the full available price history since May 6, 2011

0.08

The correlation between SPLV and YCS shifts across timeframes, from -0.26 (1 year) to 0.08 (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.

Invesco S&P 500 Low Volatility ETF

ProShares UltraShort Yen

Often compared with SPLV:
SPLV vs. USMVSPLV vs. SPYSPLV vs. SPHBSPLV vs. VOOSPLV vs. SPHDSPLV vs. JEPISPLV vs. DGRW
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

SPLV vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPLV
SPLV Risk / Return Rank: 88
Overall Rank
SPLV Sharpe Ratio Rank: 88
Sharpe Ratio Rank
SPLV Sortino Ratio Rank: 88
Sortino Ratio Rank
SPLV Omega Ratio Rank: 88
Omega Ratio Rank
SPLV Calmar Ratio Rank: 88
Calmar Ratio Rank
SPLV Martin Ratio Rank: 88
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6161
Overall Rank
YCS Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 4949
Sortino Ratio Rank
YCS Omega Ratio Rank: 5656
Omega Ratio Rank
YCS Calmar Ratio Rank: 7878
Calmar Ratio Rank
YCS Martin Ratio Rank: 6767
Martin Ratio Rank
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.

SPLV vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) 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.

SPLVYCSDifference
Sharpe ratioReturn per unit of total volatility
-0.00
1.92

-1.92

Sortino ratioReturn per unit of downside risk
0.06
2.44

-2.38

Omega ratioGain probability vs. loss probability

1.01

1.35

-0.34

Calmar ratioReturn relative to maximum drawdown

-0.00

3.97

-3.97

Martin ratioReturn relative to average drawdown

-0.01

12.40

-12.41

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPLV vs. YCS - Sharpe Ratio Comparison

The current SPLV Sharpe Ratio is -0.00, which is lower than the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SPLV 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.

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Sharpe Ratios by Period

SPLVYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.00

1.92

-1.92

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

1.12

-0.69

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

0.65

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.33

+0.35

Drawdowns

SPLV vs. YCS - Drawdown Comparison

The maximum SPLV drawdown since its inception was -36.26%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for SPLV and YCS.

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Drawdown Indicators

SPLVYCSDifference

Max Drawdown

Largest peak-to-trough decline

-36.26%

-49.56%

+13.30%

Max Drawdown (1Y)

Largest decline over 1 year

-7.41%

-8.30%

+0.89%

Max Drawdown (3Y)

Largest decline over 3 years

-9.64%

-23.05%

+13.41%

Max Drawdown (5Y)

Largest decline over 5 years

-17.26%

-27.32%

+10.06%

Max Drawdown (10Y)

Largest decline over 10 years

-36.26%

-27.32%

-8.94%

Current Drawdown

Current decline from peak

-6.91%

0.00%

-6.91%

Average Drawdown

Average peak-to-trough decline

-3.55%

-19.93%

+16.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.05%

2.66%

+0.39%

Volatility

SPLV vs. YCS - Volatility Comparison

Invesco S&P 500 Low Volatility ETF (SPLV) has a higher volatility of 2.97% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that SPLV'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.

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Volatility by Period

SPLVYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.97%

2.75%

+0.22%

Volatility (6M)

Calculated over the trailing 6-month period

6.78%

12.32%

-5.54%

Volatility (1Y)

Calculated over the trailing 1-year period

9.78%

17.27%

-7.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.45%

21.10%

-8.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.36%

19.01%

-3.65%

SPLV vs. YCS - Expense Ratio Comparison

SPLV has a 0.25% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

SPLV vs. YCS - Dividend Comparison

SPLV's dividend yield for the trailing twelve months is around 2.22%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SPLV
Invesco S&P 500 Low Volatility ETF		2.22%2.04%1.88%2.45%2.11%1.51%2.12%2.08%2.18%2.03%2.03%2.28%
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

SPLV and YCS have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPLV has higher volatility (2.97%) compared to YCS (2.75%). In terms of maximum drawdown, SPLV dropped -36.26% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.34% vs 8.01% for SPLV. On fees, SPLV is cheaper at 0.25% 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.

Over the 10-year period, YCS has performed better with a 12.34% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPLV is cheaper with a 0.25% expense ratio, compared with 1.00% for YCS.

SPLV has the higher dividend yield at 2.22%, compared with 0.00% for YCS.

SPLV is categorized as S&P 500, while YCS is Leveraged Currency. SPLV tracks S&P 500 Low Volatility 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 SPLV and 1.00% for YCS.

YCS currently has the higher Sharpe Ratio (1.92 vs -0.00), 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.

Portfolio Optimizer

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