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SPTS vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPTS vs. YCS

Last updated Jun 4, 2026

SPTS (SPDR Portfolio Short Term Treasury ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - SPTS is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, SPTS returned 1.67%/yr vs 12.34%/yr for YCS. At a correlation of -0.40, they often move in opposite directions. SPTS charges 0.03%/yr vs 1.00%/yr for YCS.

Performance

SPTS vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Short Term Treasury ETF (SPTS) 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, SPTS achieves a 0.45% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, SPTS has underperformed YCS with an annualized return of 1.67%, while YCS has yielded a comparatively higher 12.34% annualized return.

SPTS

1D
-0.07%
1M
0.05%
YTD
0.45%
6M
0.77%
1Y
3.45%
3Y*
4.18%
5Y*
1.81%
10Y*
1.67%

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)

SPTS vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPTS
SPDR Portfolio Short Term Treasury ETF		0.45%5.05%4.20%4.27%-3.86%-0.72%3.23%3.56%1.08%0.59%
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 SPTS and YCS is -0.52, 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

-0.52

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

-0.53

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

-0.53

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

-0.50

Correlation (All Time)
Calculated using the full available price history since Dec 2, 2011

-0.40

The correlation between SPTS and YCS shifts across timeframes, from -0.53 (5 years) to -0.40 (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.

SPDR Portfolio Short Term Treasury ETF

ProShares UltraShort Yen

Often compared with SPTS:
SPTS vs. SGOVSPTS vs. BILSPTS vs. VGSHSPTS vs. SCHOSPTS vs. SHYSPTS vs. SPTISPTS vs. BSV
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

SPTS vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPTS
SPTS Risk / Return Rank: 8484
Overall Rank
SPTS Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
SPTS Sortino Ratio Rank: 9191
Sortino Ratio Rank
SPTS Omega Ratio Rank: 8787
Omega Ratio Rank
SPTS Calmar Ratio Rank: 7979
Calmar Ratio Rank
SPTS Martin Ratio Rank: 8282
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.

SPTS vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Short Term Treasury ETF (SPTS) 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.

SPTSYCSDifference
Sharpe ratioReturn per unit of total volatility
2.63
1.92

+0.71

Sortino ratioReturn per unit of downside risk
4.47
2.44

+2.02

Omega ratioGain probability vs. loss probability

1.55

1.35

+0.20

Calmar ratioReturn relative to maximum drawdown

4.13

3.97

+0.16

Martin ratioReturn relative to average drawdown

16.52

12.40

+4.13

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

SPTS vs. YCS - Sharpe Ratio Comparison

The current SPTS Sharpe Ratio is 2.63, which is higher than the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SPTS 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

SPTSYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.63

1.92

+0.71

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.92

1.12

-0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.98

0.65

+0.33

Sharpe Ratio (All Time)

Calculated using the full available price history

0.49

0.33

+0.16

Drawdowns

SPTS vs. YCS - Drawdown Comparison

The maximum SPTS drawdown since its inception was -5.83%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for SPTS and YCS.

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Drawdown Indicators

SPTSYCSDifference

Max Drawdown

Largest peak-to-trough decline

-5.83%

-49.56%

+43.73%

Max Drawdown (1Y)

Largest decline over 1 year

-0.84%

-8.30%

+7.46%

Max Drawdown (3Y)

Largest decline over 3 years

-0.96%

-23.05%

+22.09%

Max Drawdown (5Y)

Largest decline over 5 years

-5.71%

-27.32%

+21.61%

Max Drawdown (10Y)

Largest decline over 10 years

-5.71%

-27.32%

+21.61%

Current Drawdown

Current decline from peak

-0.28%

0.00%

-0.28%

Average Drawdown

Average peak-to-trough decline

-1.72%

-19.93%

+18.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.21%

2.66%

-2.45%

Volatility

SPTS vs. YCS - Volatility Comparison

The current volatility for SPDR Portfolio Short Term Treasury ETF (SPTS) is 0.34%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that SPTS 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

SPTSYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.34%

2.75%

-2.41%

Volatility (6M)

Calculated over the trailing 6-month period

0.86%

12.32%

-11.46%

Volatility (1Y)

Calculated over the trailing 1-year period

1.32%

17.27%

-15.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.98%

21.10%

-19.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.72%

19.01%

-17.29%

SPTS vs. YCS - Expense Ratio Comparison

SPTS has a 0.03% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

SPTS vs. YCS - Dividend Comparison

SPTS's dividend yield for the trailing twelve months is around 3.91%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SPTS
SPDR Portfolio Short Term Treasury ETF		3.91%3.99%4.25%3.61%1.27%0.19%0.70%2.21%2.04%1.20%0.95%0.83%
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

SPTS and YCS have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

YCS has higher volatility (2.75%) compared to SPTS (0.34%). In terms of maximum drawdown, SPTS dropped -5.83% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.34% vs 1.67% for SPTS. On fees, SPTS is cheaper at 0.03% per year. On volatility, SPTS has been the lower-risk option at 0.34%. 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 1.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPTS is cheaper with a 0.03% expense ratio, compared with 1.00% for YCS.

SPTS has the higher dividend yield at 3.91%, compared with 0.00% for YCS.

SPTS is categorized as Government Bonds, while YCS is Leveraged Currency. SPTS tracks Bloomberg U.S. Treasury 1-3 Year Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.03% for SPTS and 1.00% for YCS.

SPTS currently has the higher Sharpe Ratio (2.63 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.

Portfolio Optimizer

Find the right allocation for SPTS 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.

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