SPMV vs. YCS

Last updated Jun 24, 2026

SPMV (Invesco S&P 500 Minimum Variance ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. At a 0.01 correlation, their price movements are largely independent. SPMV charges 0.10%/yr vs 1.00%/yr for YCS.

Performance

SPMV vs. YCS - Performance Comparison

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

Returns By Period

SPMV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: -0.14%
• 1M: 3.57%
• YTD: 9.63%
• 6M: 10.44%
• 1Y: 31.27%
• 3Y*: 18.37%
• 5Y*: 23.52%
• 10Y*: 13.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMV vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMV Invesco S&P 500 Minimum Variance ETF	0.87%	11.69%	18.78%	10.28%	-10.84%	24.35%	8.57%	32.13%	-6.28%	7.84%
YCS ProShares UltraShort Yen	9.63%	9.04%	35.41%	28.70%	29.09%	22.38%	-11.18%	3.37%	-1.49%	7.67%

Correlation

The correlation between SPMV and YCS is -0.16, 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	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.01

The correlation between SPMV and YCS shifts across timeframes, from -0.16 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPMV vs. YCS — Risk / Return Rank

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

SPMV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

YCS

YCS Risk / Return Rank: 63
YCS Sharpe Ratio Rank: 58
YCS Sortino Ratio Rank: 51
YCS Omega Ratio Rank: 59
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 69

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.

SPMV vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Minimum Variance ETF (SPMV) 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.

	SPMV	YCS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.86	—
Sortino ratio: Return per unit of downside risk	—	2.36	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	3.78	—
Martin ratio: Return relative to average drawdown	—	11.93	—

Drawdowns

Drawdown Indicators

	SPMV	YCS	Difference
Max Drawdown Largest peak-to-trough decline	—	-49.56%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.30%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-23.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	—	-0.14%	—
Average Drawdown Average peak-to-trough decline	—	-19.87%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.65%	—

Volatility

Volatility by Period

	SPMV	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.25%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	16.93%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	21.10%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.82%	—

SPMV vs. YCS - Expense Ratio Comparison

SPMV has a 0.10% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

SPMV vs. YCS - Dividend Comparison

Neither SPMV nor YCS has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMV Invesco S&P 500 Minimum Variance ETF	1.05%	1.53%	1.53%	2.28%	1.79%	1.28%	1.71%	3.13%	2.11%	1.72%
YCS ProShares UltraShort Yen	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 SPMV and YCS in my portfolio?

SPMV and YCS have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPMV or YCS?

On fees, SPMV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPMV or YCS?

SPMV is cheaper with a 0.10% expense ratio, compared with 1.00% for YCS.

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

SPMV has the higher dividend yield at 1.05%, compared with 0.00% for YCS.

What is the main difference between SPMV and YCS?

SPMV is categorized as S&P 500, while YCS is Leveraged Currency. SPMV tracks S&P 500 Minimum Volatility Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.10% for SPMV and 1.00% for YCS.