TIP vs. YCS
TIP (iShares TIPS Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked 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, TIP returned 2.47%/yr vs 13.66%/yr for YCS. At a correlation of -0.42, they often move in opposite directions. TIP charges 0.18%/yr vs 1.00%/yr for YCS.
Performance
TIP vs. YCS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TIP achieves a 1.13% return, which is significantly lower than YCS's 10.06% return. Over the past 10 years, TIP has underperformed YCS with an annualized return of 2.47%, while YCS has yielded a comparatively higher 13.66% annualized return.
TIP
- 1D
- 0.39%
- 1M
- 0.19%
- YTD
- 1.13%
- 6M
- 0.99%
- 1Y
- 3.61%
- 3Y*
- 3.65%
- 5Y*
- 0.88%
- 10Y*
- 2.47%
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%
TIP vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 1.13% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
YCS ProShares UltraShort Yen | 10.06% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between TIP and YCS is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.43 |
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 | -0.42 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TIP vs. YCS — Risk / Return Rank
TIP
YCS
TIP vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) 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.
| TIP | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.38 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 4.14 | -2.30 |
| Martin ratioReturn relative to average drawdown | 5.37 | 13.04 | -7.67 |
Loading charts...
Drawdowns
TIP vs. YCS - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for TIP and YCS.
Loading charts...
Drawdown Indicators
| TIP | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -49.56% | +34.99% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -8.30% | +6.32% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | -23.05% | +18.51% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -27.32% | +12.81% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | -27.32% | +12.81% |
Current DrawdownCurrent decline from peak | -0.73% | 0.00% | -0.73% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -19.87% | +16.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 2.63% | -1.96% |
Volatility
TIP vs. YCS - Volatility Comparison
The current volatility for iShares TIPS Bond ETF (TIP) is 1.29%, while ProShares UltraShort Yen (YCS) has a volatility of 2.25%. This indicates that TIP 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.
Loading charts...
Volatility by Period
| TIP | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 2.25% | -0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 2.49% | 11.91% | -9.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.46% | 16.93% | -13.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.20% | 21.10% | -14.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.74% | 18.82% | -13.08% |
TIP vs. YCS - Expense Ratio Comparison
TIP has a 0.18% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
TIP vs. YCS - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 3.77%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 3.77% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
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
TIP and YCS have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.25%) compared to TIP (1.29%). In terms of maximum drawdown, TIP dropped -14.57% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.66% vs 2.47% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 1.29%. 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 13.66% return vs 2.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 1.00% for YCS.
TIP has the higher dividend yield at 3.77%, compared with 0.00% for YCS.
TIP is categorized as Inflation-Protected Bonds, while YCS is Leveraged Currency. TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.18% for TIP and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (2.04 vs 1.05), 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.
Find the right allocation for TIP 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.
Open Portfolio Optimizer