TQQQ vs. YCS
TQQQ (ProShares UltraPro QQQ) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 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, TQQQ returned 42.84%/yr vs 12.25%/yr for YCS. At a 0.17 correlation, their price movements are largely independent. TQQQ charges 0.95%/yr vs 1.00%/yr for YCS.
Performance
TQQQ vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, TQQQ achieves a 38.79% return, which is significantly higher than YCS's 7.54% return. Over the past 10 years, TQQQ has outperformed YCS with an annualized return of 42.84%, while YCS has yielded a comparatively lower 12.25% annualized return.
TQQQ
- 1D
- -14.28%
- 1M
- -4.23%
- YTD
- 38.79%
- 6M
- 30.51%
- 1Y
- 98.25%
- 3Y*
- 60.11%
- 5Y*
- 24.09%
- 10Y*
- 42.84%
YCS
- 1D
- 0.35%
- 1M
- 5.12%
- YTD
- 7.54%
- 6M
- 10.01%
- 1Y
- 31.94%
- 3Y*
- 20.09%
- 5Y*
- 23.63%
- 10Y*
- 12.25%
TQQQ vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 38.79% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
YCS ProShares UltraShort Yen | 7.54% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between TQQQ and YCS is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | 0.17 |
The correlation between TQQQ and YCS shifts across timeframes, from -0.12 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TQQQ vs. YCS — Risk / Return Rank
TQQQ
YCS
TQQQ vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) 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.
| TQQQ | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.37 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 4.11 | -1.29 |
| Martin ratioReturn relative to average drawdown | 9.20 | 12.84 | -3.64 |
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
| TQQQ | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.10 | 2.00 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 1.13 | -0.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | 0.65 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 0.33 | +0.38 |
Drawdowns
TQQQ vs. YCS - Drawdown Comparison
The maximum TQQQ drawdown since its inception was -81.66%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for TQQQ and YCS.
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Drawdown Indicators
| TQQQ | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.66% | -49.56% | -32.10% |
Max Drawdown (1Y)Largest decline over 1 year | -36.97% | -8.30% | -28.67% |
Max Drawdown (3Y)Largest decline over 3 years | -58.04% | -23.05% | -34.99% |
Max Drawdown (5Y)Largest decline over 5 years | -81.66% | -27.32% | -54.34% |
Max Drawdown (10Y)Largest decline over 10 years | -81.66% | -27.32% | -54.34% |
Current DrawdownCurrent decline from peak | -16.25% | 0.00% | -16.25% |
Average DrawdownAverage peak-to-trough decline | -18.52% | -19.92% | +1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.33% | 2.65% | +8.68% |
Volatility
TQQQ vs. YCS - Volatility Comparison
ProShares UltraPro QQQ (TQQQ) has a higher volatility of 20.42% compared to ProShares UltraShort Yen (YCS) at 1.56%. This indicates that TQQQ'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
| TQQQ | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.42% | 1.56% | +18.86% |
Volatility (6M)Calculated over the trailing 6-month period | 39.33% | 12.27% | +27.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.81% | 17.09% | +32.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 66.79% | 21.08% | +45.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.11% | 19.00% | +47.11% |
TQQQ vs. YCS - Expense Ratio Comparison
TQQQ has a 0.95% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
TQQQ vs. YCS - Dividend Comparison
TQQQ's dividend yield for the trailing twelve months is around 0.43%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.43% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
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
TQQQ and YCS have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (20.42%) compared to YCS (1.56%). In terms of maximum drawdown, TQQQ dropped -81.66% vs YCS's -49.56%.
On 10-year performance, TQQQ leads with 42.84% vs 12.25% for YCS. On fees, TQQQ is cheaper at 0.95% per year. On volatility, YCS has been the lower-risk option at 1.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 42.84% return vs 12.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TQQQ is cheaper with a 0.95% expense ratio, compared with 1.00% for YCS.
TQQQ has the higher dividend yield at 0.43%, compared with 0.00% for YCS.
TQQQ is categorized as Leveraged Equities, while YCS is Leveraged Currency. TQQQ tracks NASDAQ-100 Index (300%), while YCS tracks USD/JPY Exchange Rate (-200%). Their fees differ too: 0.95% for TQQQ and 1.00% for YCS.
TQQQ currently has the higher Sharpe Ratio (2.10 vs 2.00), 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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