TQQY vs. YCS

Last updated Jun 23, 2026

TQQY (GraniteShares YieldBOOST QQQ ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - TQQY is a Leveraged Equities fund actively managed by GraniteShares, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). TQQY is actively managed, while YCS is passively managed. Over the past year, TQQY returned 14.22% vs 31.36% for YCS. At a 0.04 correlation, their price movements are largely independent. TQQY charges 1.07%/yr vs 1.00%/yr for YCS.

Performance

TQQY vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares YieldBOOST QQQ ETF (TQQY) 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, TQQY achieves a 5.34% return, which is significantly lower than YCS's 9.78% return.

TQQY

• 1D: 0.19%
• 1M: -1.53%
• YTD: 5.34%
• 6M: 2.85%
• 1Y: 14.22%
• 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)

TQQY vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025
TQQY GraniteShares YieldBOOST QQQ ETF	5.34%	-6.04%
YCS ProShares UltraShort Yen	9.78%	17.66%

Correlation

The correlation between TQQY and YCS is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since Feb 26, 2025	0.04

The correlation between TQQY and YCS shifts across timeframes, from -0.13 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TQQY vs. YCS — Risk / Return Rank

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

TQQY

TQQY Risk / Return Rank: 19
TQQY Sharpe Ratio Rank: 20
TQQY Sortino Ratio Rank: 17
TQQY Omega Ratio Rank: 22
TQQY Calmar Ratio Rank: 17
TQQY Martin Ratio Rank: 17

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.

TQQY vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares YieldBOOST QQQ ETF (TQQY) 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.

	TQQY	YCS	Difference
Sharpe ratio: Return per unit of total volatility	0.67	1.86	-1.19
Sortino ratio: Return per unit of downside risk	0.91	2.37	-1.45
Omega ratio: Gain probability vs. loss probability	1.15	1.35	-0.19
Calmar ratio: Return relative to maximum drawdown	0.74	3.79	-3.06
Martin ratio: Return relative to average drawdown	1.78	11.86	-10.08

TQQY vs. YCS - Sharpe Ratio Comparison

The current TQQY Sharpe Ratio is 0.67, which is lower than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of TQQY 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

TQQY vs. YCS - Drawdown Comparison

The maximum TQQY drawdown since its inception was -26.06%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for TQQY and YCS.

Drawdown Indicators

	TQQY	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-26.06%	-49.56%	+23.50%
Max Drawdown (1Y) Largest decline over 1 year	-19.35%	-8.30%	-11.05%
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	-5.90%	0.00%	-5.90%
Average Drawdown Average peak-to-trough decline	-9.88%	-19.88%	+10.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.01%	2.65%	+5.36%

Volatility

TQQY vs. YCS - Volatility Comparison

GraniteShares YieldBOOST QQQ ETF (TQQY) has a higher volatility of 4.45% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that TQQY'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

	TQQY	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	2.22%	+2.23%
Volatility (6M) Calculated over the trailing 6-month period	14.18%	12.19%	+1.99%
Volatility (1Y) Calculated over the trailing 1-year period	21.25%	16.96%	+4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.74%	21.10%	+2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.74%	18.96%	+4.78%

TQQY vs. YCS - Expense Ratio Comparison

TQQY has a 1.07% expense ratio, which is higher than YCS's 1.00% expense ratio.

Dividends

TQQY vs. YCS - Dividend Comparison

TQQY's dividend yield for the trailing twelve months is around 60.75%, while YCS has not paid dividends to shareholders.

Position	TTM	2025
TQQY GraniteShares YieldBOOST QQQ ETF	60.75%	49.61%
YCS ProShares UltraShort Yen	0.00%	0.00%

Frequently Asked Questions

Can I hold both TQQY and YCS in my portfolio?

TQQY and YCS have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TQQY or YCS?

TQQY has higher volatility (4.45%) compared to YCS (2.22%). In terms of maximum drawdown, TQQY dropped -26.06% vs YCS's -49.56%.

Which ETF is better, TQQY or YCS?

On 1-year performance, YCS leads with 31.36% vs 14.22% for TQQY. On fees, YCS is cheaper at 1.00% per year. 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, TQQY or YCS?

Over the 1-year period, YCS has performed better with a 31.36% return vs 14.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TQQY or YCS?

YCS is cheaper with a 1.00% expense ratio, compared with 1.07% for TQQY.

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

TQQY has the higher dividend yield at 60.75%, compared with 0.00% for YCS.

What is the main difference between TQQY and YCS?

TQQY is categorized as Leveraged Equities, while YCS is Leveraged Currency. They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.07% for TQQY and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 vs 0.67), 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.