TMF vs. YCS
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, TMF returned -16.56%/yr vs 12.34%/yr for YCS. At a correlation of -0.44, they often move in opposite directions. TMF charges 1.01%/yr vs 1.00%/yr for YCS.
Performance
TMF vs. YCS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TMF achieves a -6.13% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, TMF has underperformed YCS with an annualized return of -16.56%, while YCS has yielded a comparatively higher 12.34% annualized return.
TMF
- 1D
- -1.14%
- 1M
- 1.22%
- YTD
- -6.13%
- 6M
- -11.63%
- 1Y
- 0.90%
- 3Y*
- -20.78%
- 5Y*
- -30.52%
- 10Y*
- -16.56%
YCS
- 1D
- 0.17%
- 1M
- 4.42%
- YTD
- 7.17%
- 6M
- 10.05%
- 1Y
- 32.82%
- 3Y*
- 19.84%
- 5Y*
- 23.54%
- 10Y*
- 12.34%
TMF vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -6.13% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between TMF and YCS is -0.44, 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 | -0.44 |
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 Apr 17, 2009 | -0.44 |
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
TMF vs. YCS — Risk / Return Rank
TMF
YCS
TMF vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) 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.
| TMF | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.89 | ||
| Sortino ratioReturn per unit of downside risk | -2.19 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.35 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | 3.97 | -3.94 |
| Martin ratioReturn relative to average drawdown | 0.08 | 12.40 | -12.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TMF | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.03 | 1.92 | -1.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | 1.12 | -1.78 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.38 | 0.65 | -1.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | 0.33 | -0.47 |
Drawdowns
TMF vs. YCS - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for TMF and YCS.
Loading charts...
Drawdown Indicators
| TMF | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -49.56% | -43.33% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -8.30% | -18.21% |
Max Drawdown (3Y)Largest decline over 3 years | -56.31% | -23.05% | -33.26% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -27.32% | -61.49% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -27.32% | -65.57% |
Current DrawdownCurrent decline from peak | -92.23% | 0.00% | -92.23% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -19.93% | -23.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.49% | 2.66% | +8.83% |
Volatility
TMF vs. YCS - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 8.09% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that TMF'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.
Loading charts...
Volatility by Period
| TMF | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.09% | 2.75% | +5.34% |
Volatility (6M)Calculated over the trailing 6-month period | 19.01% | 12.32% | +6.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.76% | 17.27% | +11.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.75% | 21.10% | +25.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.92% | 19.01% | +24.91% |
TMF vs. YCS - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than YCS's 1.00% expense ratio.
Dividends
TMF vs. YCS - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.15%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.15% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TMF and YCS have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (8.09%) compared to YCS (2.75%). In terms of maximum drawdown, TMF dropped -92.89% vs YCS's -49.56%.
On 10-year performance, YCS leads with 12.34% vs -16.56% for TMF. On fees, YCS is cheaper at 1.00% per year. On volatility, YCS has been the lower-risk option at 2.75%. 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 12.34% return vs -16.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YCS is cheaper with a 1.00% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.15%, compared with 0.00% for YCS.
TMF is categorized as Leveraged Bonds, while YCS is Leveraged Currency. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.01% for TMF and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.92 vs 0.03), 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 TMF 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