TBT vs. YCS
TBT (ProShares UltraShort 20+ Year Treasury) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, TBT returned 3.38%/yr vs 13.05%/yr for YCS. At a 0.44 correlation, their price movements are largely independent. TBT charges 0.93%/yr vs 1.00%/yr for YCS.
Performance
TBT vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 6.47% return, which is significantly lower than YCS's 10.72% return. Over the past 10 years, TBT has underperformed YCS with an annualized return of 3.38%, while YCS has yielded a comparatively higher 13.05% annualized return.
TBT
- 1D
- 1.35%
- 1M
- 4.17%
- 6M
- 7.64%
- YTD
- 6.47%
- 1Y
- 2.30%
- 3Y*
- 11.05%
- 5Y*
- 18.74%
- 10Y*
- 3.38%
YCS
- 1D
- 0.38%
- 1M
- 2.89%
- 6M
- 8.26%
- YTD
- 10.72%
- 1Y
- 29.55%
- 3Y*
- 21.25%
- 5Y*
- 24.17%
- 10Y*
- 13.05%
TBT vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 6.47% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
YCS ProShares UltraShort Yen | 10.72% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between TBT and YCS is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.44 |
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Return for Risk
TBT vs. YCS — Risk / Return Rank
TBT
YCS
TBT vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) 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.
| TBT | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.34 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.16 | 3.58 | -3.42 |
| Martin ratioReturn relative to average drawdown | 0.30 | 11.30 | -11.00 |
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Drawdowns
TBT vs. YCS - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for TBT and YCS.
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Drawdown Indicators
| TBT | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -49.56% | -45.43% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -8.30% | -6.59% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -23.05% | -10.78% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -27.32% | -6.51% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -27.32% | -37.77% |
Current DrawdownCurrent decline from peak | -85.17% | -0.63% | -84.54% |
Average DrawdownAverage peak-to-trough decline | -77.36% | -19.81% | -57.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.71% | 2.62% | +5.09% |
Volatility
TBT vs. YCS - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 5.79% compared to ProShares UltraShort Yen (YCS) at 3.06%. This indicates that TBT'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
| TBT | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.79% | 3.06% | +2.73% |
Volatility (6M)Calculated over the trailing 6-month period | 13.88% | 11.94% | +1.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.99% | 16.63% | +2.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.30% | 21.09% | +10.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.67% | 18.71% | +9.96% |
TBT vs. YCS - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
TBT vs. YCS - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.63%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.63% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBT and YCS have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (5.79%) compared to YCS (3.06%). In terms of maximum drawdown, TBT dropped -94.99% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.05% vs 3.38% for TBT. On fees, TBT is cheaper at 0.93% per year. On volatility, YCS has been the lower-risk option at 3.06%. 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 13.05% return vs 3.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 1.00% for YCS.
TBT has the higher dividend yield at 2.63%, compared with 0.00% for YCS.
TBT is categorized as Inverse Bonds, while YCS is Leveraged Currency. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while YCS tracks USD/JPY Exchange Rate (-200%). Their fees differ too: 0.93% for TBT and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.79 vs 0.12), 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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