TBT vs. YCS
Compare and contrast key facts about ProShares UltraShort 20+ Year Treasury (TBT) and ProShares UltraShort Yen (YCS).
TBT and YCS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBT is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-200%). It was launched on May 1, 2008. YCS is a passively managed fund by ProShares that tracks the performance of the USD/JPY Exchange Rate (-200%). It was launched on Nov 25, 2008. Both TBT and YCS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TBT vs. YCS - Performance Comparison
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TBT vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 1.05% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
YCS ProShares UltraShort Yen | 4.09% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly lower than YCS's 4.09% return. Over the past 10 years, TBT has underperformed YCS with an annualized return of 1.35%, while YCS has yielded a comparatively higher 10.90% annualized return.
TBT
- 1D
- 0.31%
- 1M
- 9.41%
- YTD
- 1.05%
- 6M
- 5.45%
- 1Y
- 7.58%
- 3Y*
- 12.55%
- 5Y*
- 13.91%
- 10Y*
- 1.35%
YCS
- 1D
- -1.38%
- 1M
- 3.58%
- YTD
- 4.09%
- 6M
- 18.84%
- 1Y
- 19.59%
- 3Y*
- 23.69%
- 5Y*
- 22.26%
- 10Y*
- 10.90%
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TBT vs. YCS - Expense Ratio Comparison
TBT has a 0.92% expense ratio, which is lower than YCS's 1.00% expense ratio.
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.
| TBT | YCS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.33 | 0.94 | -0.61 |
Sortino ratioReturn per unit of downside risk | 0.66 | 1.36 | -0.70 |
Omega ratioGain probability vs. loss probability | 1.07 | 1.18 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | 0.33 | 1.67 | -1.34 |
Martin ratioReturn relative to average drawdown | 0.59 | 4.52 | -3.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TBT | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | 0.94 | -0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 1.07 | -0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.05 | 0.57 | -0.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | 0.32 | -0.66 |
Correlation
The correlation between TBT and YCS is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
TBT vs. YCS - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.95%, while YCS has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 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% |
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 | -17.29% | -12.07% | -5.22% |
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 | -85.92% | -1.87% | -84.05% |
Average DrawdownAverage peak-to-trough decline | -77.25% | -20.12% | -57.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.57% | 4.45% | +5.12% |
Volatility
TBT vs. YCS - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 7.56% compared to ProShares UltraShort Yen (YCS) at 4.81%. 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 | 7.56% | 4.81% | +2.75% |
Volatility (6M)Calculated over the trailing 6-month period | 13.28% | 12.33% | +0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.93% | 20.84% | +2.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.47% | 20.93% | +10.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.84% | 19.23% | +9.61% |