TIME vs. YCS

Last updated Jun 23, 2026

TIME (Clockwise Core Equity & Innovation ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - TIME is a Technology Equities fund actively managed by Clockwise Capital, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). TIME is actively managed, while YCS is passively managed. Over the past year, TIME returned 20.63% vs 31.36% for YCS. At a 0.01 correlation, their price movements are largely independent. Both charge a 1.00% expense ratio.

Performance

TIME vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Clockwise Core Equity & Innovation ETF (TIME) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIME achieves a 7.82% return, which is significantly lower than YCS's 9.78% return.

TIME

• 1D: -0.64%
• 1M: -0.92%
• YTD: 7.82%
• 6M: 7.67%
• 1Y: 20.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.40%
• 1M: 3.71%
• YTD: 9.78%
• 6M: 9.63%
• 1Y: 31.36%
• 3Y*: 18.43%
• 5Y*: 23.50%
• 10Y*: 13.63%

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

TIME vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TIME Clockwise Core Equity & Innovation ETF	7.82%	10.17%	5.94%
YCS ProShares UltraShort Yen	9.78%	9.04%	-0.00%

Correlation

The correlation between TIME 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 (All Time) Calculated using the full available price history since Jun 24, 2024	0.01

The correlation between TIME and YCS shifts across timeframes, from -0.15 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TIME vs. YCS — Risk / Return Rank

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

TIME

TIME Risk / Return Rank: 39
TIME Sharpe Ratio Rank: 44
TIME Sortino Ratio Rank: 41
TIME Omega Ratio Rank: 41
TIME Calmar Ratio Rank: 32
TIME Martin Ratio Rank: 38

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 57
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 57
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 67

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.

TIME vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Clockwise Core Equity & Innovation ETF (TIME) 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.

	TIME	YCS	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.86	-0.37
Sortino ratio: Return per unit of downside risk	2.03	2.37	-0.34
Omega ratio: Gain probability vs. loss probability	1.26	1.35	-0.08
Calmar ratio: Return relative to maximum drawdown	1.58	3.79	-2.21
Martin ratio: Return relative to average drawdown	5.71	11.86	-6.14

TIME vs. YCS - Sharpe Ratio Comparison

The current TIME Sharpe Ratio is 1.49, which is comparable to the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of TIME 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.

Drawdowns

TIME vs. YCS - Drawdown Comparison

The maximum TIME drawdown since its inception was -24.26%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for TIME and YCS.

Drawdown Indicators

	TIME	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-24.26%	-49.56%	+25.30%
Max Drawdown (1Y) Largest decline over 1 year	-13.09%	-8.30%	-4.79%
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	-2.54%	0.00%	-2.54%
Average Drawdown Average peak-to-trough decline	-5.53%	-19.88%	+14.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	2.65%	+0.97%

Volatility

TIME vs. YCS - Volatility Comparison

Clockwise Core Equity & Innovation ETF (TIME) has a higher volatility of 5.05% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that TIME'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.

Volatility by Period

	TIME	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	2.22%	+2.83%
Volatility (6M) Calculated over the trailing 6-month period	10.99%	12.19%	-1.20%
Volatility (1Y) Calculated over the trailing 1-year period	13.92%	16.96%	-3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.72%	21.10%	-3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.72%	18.96%	-1.24%

TIME vs. YCS - Expense Ratio Comparison

Both TIME and YCS have an expense ratio of 1.00%.

Dividends

TIME vs. YCS - Dividend Comparison

TIME's dividend yield for the trailing twelve months is around 9.29%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024
TIME Clockwise Core Equity & Innovation ETF	9.29%	10.02%	15.84%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TIME and YCS in my portfolio?

TIME 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.

Which is riskier, TIME or YCS?

TIME has higher volatility (5.05%) compared to YCS (2.22%). In terms of maximum drawdown, TIME dropped -24.26% vs YCS's -49.56%.

Which ETF is better, TIME or YCS?

On 1-year performance, YCS leads with 31.36% vs 20.63% for TIME. Both ETFs have the same 1.00% expense ratio. On volatility, YCS has been the lower-risk option at 2.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TIME or YCS?

Over the 1-year period, YCS has performed better with a 31.36% return vs 20.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TIME or YCS?

TIME and YCS have the same expense ratio: 1.00% per year.

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

TIME has the higher dividend yield at 9.29%, compared with 0.00% for YCS.

What is the main difference between TIME and YCS?

TIME is categorized as Technology Equities, while YCS is Leveraged Currency. They also come from different issuers: Clockwise Capital and ProShares.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 vs 1.49), 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.