TSL vs. YCS

Last updated Jun 23, 2026

TSL (GraniteShares 1.25x Long Tsla Daily ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - TSL is a Leveraged Equities fund actively managed by GraniteShares, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). TSL is actively managed, while YCS is passively managed. Over the past 3 years, TSL returned 9.56%/yr vs 18.43%/yr for YCS. At a correlation of -0.03, they often move in opposite directions. TSL charges 1.15%/yr vs 1.00%/yr for YCS.

Performance

TSL vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 1.25x Long Tsla Daily ETF (TSL) 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, TSL achieves a -14.65% return, which is significantly lower than YCS's 9.78% return.

TSL

• 1D: 1.15%
• 1M: -6.60%
• YTD: -14.65%
• 6M: -23.23%
• 1Y: 24.69%
• 3Y*: 9.56%
• 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)

TSL vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSL GraniteShares 1.25x Long Tsla Daily ETF	-14.65%	3.49%	64.12%	113.79%	-67.61%
YCS ProShares UltraShort Yen	9.78%	9.04%	35.41%	28.70%	-5.25%

Correlation

The correlation between TSL 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 (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	-0.03

The correlation between TSL and YCS shifts across timeframes, from -0.13 (1 year) to -0.03 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TSL vs. YCS — Risk / Return Rank

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

TSL

TSL Risk / Return Rank: 16
TSL Sharpe Ratio Rank: 15
TSL Sortino Ratio Rank: 18
TSL Omega Ratio Rank: 17
TSL Calmar Ratio Rank: 17
TSL Martin Ratio Rank: 15

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.

TSL vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 1.25x Long Tsla Daily ETF (TSL) 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.

	TSL	YCS	Difference
Sharpe ratio: Return per unit of total volatility	0.45	1.86	-1.41
Sortino ratio: Return per unit of downside risk	0.99	2.37	-1.37
Omega ratio: Gain probability vs. loss probability	1.11	1.35	-0.23
Calmar ratio: Return relative to maximum drawdown	0.67	3.79	-3.12
Martin ratio: Return relative to average drawdown	1.45	11.86	-10.40

TSL vs. YCS - Sharpe Ratio Comparison

The current TSL Sharpe Ratio is 0.45, which is lower than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of TSL 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

TSL vs. YCS - Drawdown Comparison

The maximum TSL drawdown since its inception was -74.52%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for TSL and YCS.

Drawdown Indicators

	TSL	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-74.52%	-49.56%	-24.96%
Max Drawdown (1Y) Largest decline over 1 year	-36.98%	-8.30%	-28.68%
Max Drawdown (3Y) Largest decline over 3 years	-63.30%	-23.05%	-40.25%
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	-29.26%	0.00%	-29.26%
Average Drawdown Average peak-to-trough decline	-38.57%	-19.88%	-18.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.02%	2.65%	+14.37%

Volatility

TSL vs. YCS - Volatility Comparison

GraniteShares 1.25x Long Tsla Daily ETF (TSL) has a higher volatility of 16.24% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that TSL'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

	TSL	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.24%	2.22%	+14.02%
Volatility (6M) Calculated over the trailing 6-month period	34.95%	12.19%	+22.76%
Volatility (1Y) Calculated over the trailing 1-year period	55.40%	16.96%	+38.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.05%	21.10%	+51.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.05%	18.96%	+54.09%

TSL vs. YCS - Expense Ratio Comparison

TSL has a 1.15% expense ratio, which is higher than YCS's 1.00% expense ratio.

Dividends

TSL vs. YCS - Dividend Comparison

Neither TSL nor YCS has paid dividends to shareholders.

Position	TTM	2025	2024	2023
TSL GraniteShares 1.25x Long Tsla Daily ETF	0.00%	0.00%	0.00%	60.47%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSL and YCS in my portfolio?

TSL 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, TSL or YCS?

TSL has higher volatility (16.24%) compared to YCS (2.22%). In terms of maximum drawdown, TSL dropped -74.52% vs YCS's -49.56%.

Which ETF is better, TSL or YCS?

On 3-year performance, YCS leads with 18.43% vs 9.56% for TSL. 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, TSL or YCS?

Over the 3-year period, YCS has performed better with a 18.43% return vs 9.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSL or YCS?

YCS is cheaper with a 1.00% expense ratio, compared with 1.15% for TSL.

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

TSL and YCS have nearly identical dividend yields, around 0.00%.

What is the main difference between TSL and YCS?

TSL is categorized as Leveraged Equities, while YCS is Leveraged Currency. They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.15% for TSL and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 vs 0.45), 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.