THRO vs. YCS
THRO (iShares U.S. Thematic Rotation Active ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - THRO is a Tactical Allocation fund actively managed by iShares, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). THRO is actively managed, while YCS is passively managed. Over the past 3 years, THRO returned 22.38%/yr vs 18.53%/yr for YCS. At a correlation of -0.01, they often move in opposite directions. THRO charges 0.60%/yr vs 1.00%/yr for YCS.
Performance
THRO vs. YCS - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with THRO having a 9.66% return and YCS slightly higher at 10.06%.
THRO
- 1D
- -0.40%
- 1M
- -0.99%
- YTD
- 9.66%
- 6M
- 8.04%
- 1Y
- 21.34%
- 3Y*
- 22.38%
- 5Y*
- —
- 10Y*
- —
YCS
- 1D
- 0.39%
- 1M
- 3.97%
- YTD
- 10.06%
- 6M
- 11.27%
- 1Y
- 34.18%
- 3Y*
- 18.53%
- 5Y*
- 23.65%
- 10Y*
- 13.66%
THRO vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
THRO iShares U.S. Thematic Rotation Active ETF | 9.66% | 15.04% | 32.03% | 24.40% | -17.85% | 1.01% |
YCS ProShares UltraShort Yen | 10.06% | 9.04% | 35.41% | 28.70% | 29.09% | 1.88% |
Correlation
The correlation between THRO and YCS is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021 | -0.01 |
The correlation between THRO and YCS shifts across timeframes, from -0.15 (1 year) to -0.00 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
THRO vs. YCS — Risk / Return Rank
THRO
YCS
THRO vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Thematic Rotation Active ETF (THRO) 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.
| THRO | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.38 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | 4.14 | -2.16 |
| Martin ratioReturn relative to average drawdown | 8.50 | 13.04 | -4.54 |
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Drawdowns
THRO vs. YCS - Drawdown Comparison
The maximum THRO drawdown since its inception was -26.54%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for THRO and YCS.
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Drawdown Indicators
| THRO | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.54% | -49.56% | +23.02% |
Max Drawdown (1Y)Largest decline over 1 year | -10.87% | -8.30% | -2.57% |
Max Drawdown (3Y)Largest decline over 3 years | -19.07% | -23.05% | +3.98% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.32% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -3.30% | 0.00% | -3.30% |
Average DrawdownAverage peak-to-trough decline | -6.63% | -19.87% | +13.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.52% | 2.63% | -0.11% |
Volatility
THRO vs. YCS - Volatility Comparison
iShares U.S. Thematic Rotation Active ETF (THRO) has a higher volatility of 5.67% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that THRO'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
| THRO | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.67% | 2.25% | +3.42% |
Volatility (6M)Calculated over the trailing 6-month period | 11.16% | 11.91% | -0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.88% | 16.93% | -3.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.77% | 21.10% | -2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.77% | 18.82% | -0.05% |
THRO vs. YCS - Expense Ratio Comparison
THRO has a 0.60% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
THRO vs. YCS - Dividend Comparison
THRO's dividend yield for the trailing twelve months is around 0.26%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
THRO iShares U.S. Thematic Rotation Active ETF | 0.26% | 0.15% | 0.73% | 0.55% | 0.90% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
THRO and YCS have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
THRO has higher volatility (5.67%) compared to YCS (2.25%). In terms of maximum drawdown, THRO dropped -26.54% vs YCS's -49.56%.
On 3-year performance, THRO leads with 22.38% vs 18.53% for YCS. On fees, THRO is cheaper at 0.60% per year. On volatility, YCS has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, THRO has performed better with a 22.38% return vs 18.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
THRO is cheaper with a 0.60% expense ratio, compared with 1.00% for YCS.
THRO has the higher dividend yield at 0.26%, compared with 0.00% for YCS.
THRO is categorized as Tactical Allocation, while YCS is Leveraged Currency. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.60% for THRO and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (2.04 vs 1.55), 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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