TSLY vs. YCS

Last updated Jun 24, 2026

TSLY (YieldMax TSLA Option Income Strategy ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - TSLY is a Options Trading fund actively managed by YieldMax, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). TSLY is actively managed, while YCS is passively managed. Over the past 3 years, TSLY returned 8.26%/yr vs 18.37%/yr for YCS. At a correlation of -0.00, they often move in opposite directions. TSLY charges 1.07%/yr vs 1.00%/yr for YCS.

Performance

TSLY vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSLA Option Income Strategy ETF (TSLY) 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, TSLY achieves a -9.17% return, which is significantly lower than YCS's 9.63% return.

TSLY

• 1D: -4.63%
• 1M: -8.15%
• YTD: -9.17%
• 6M: -14.89%
• 1Y: 15.73%
• 3Y*: 8.26%
• 5Y*: —
• 10Y*: —

YCS

• 1D: -0.14%
• 1M: 3.57%
• YTD: 9.63%
• 6M: 10.44%
• 1Y: 31.27%
• 3Y*: 18.37%
• 5Y*: 23.52%
• 10Y*: 13.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TSLY vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLY YieldMax TSLA Option Income Strategy ETF	-9.17%	13.62%	27.83%	50.69%	-27.09%
YCS ProShares UltraShort Yen	9.63%	9.04%	35.41%	28.70%	-13.56%

Correlation

The correlation between TSLY and YCS is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Nov 23, 2022	-0.00

The correlation between TSLY and YCS shifts across timeframes, from -0.11 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSLY vs. YCS — Risk / Return Rank

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

TSLY

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

YCS

YCS Risk / Return Rank: 63
YCS Sharpe Ratio Rank: 58
YCS Sortino Ratio Rank: 51
YCS Omega Ratio Rank: 59
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 69

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.

TSLY vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSLA Option Income Strategy ETF (TSLY) 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.

	TSLY	YCS	Difference
Sharpe ratio: Return per unit of total volatility	0.44	1.86	-1.41
Sortino ratio: Return per unit of downside risk	0.83	2.36	-1.53
Omega ratio: Gain probability vs. loss probability	1.10	1.34	-0.25
Calmar ratio: Return relative to maximum drawdown	0.73	3.78	-3.05
Martin ratio: Return relative to average drawdown	1.73	11.93	-10.20

TSLY vs. YCS - Sharpe Ratio Comparison

The current TSLY Sharpe Ratio is 0.44, which is lower than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of TSLY 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

TSLY vs. YCS - Drawdown Comparison

The maximum TSLY drawdown since its inception was -49.52%, roughly equal to the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for TSLY and YCS.

Drawdown Indicators

	TSLY	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-49.52%	-49.56%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-21.64%	-8.30%	-13.34%
Max Drawdown (3Y) Largest decline over 3 years	-49.52%	-23.05%	-26.47%
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	-15.07%	-0.14%	-14.93%
Average Drawdown Average peak-to-trough decline	-19.87%	-19.87%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.28%	2.65%	+6.63%

Volatility

TSLY vs. YCS - Volatility Comparison

YieldMax TSLA Option Income Strategy ETF (TSLY) has a higher volatility of 12.37% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that TSLY'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

	TSLY	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.37%	2.25%	+10.12%
Volatility (6M) Calculated over the trailing 6-month period	23.73%	12.19%	+11.54%
Volatility (1Y) Calculated over the trailing 1-year period	36.06%	16.93%	+19.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.52%	21.10%	+24.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.52%	18.82%	+26.70%

TSLY vs. YCS - Expense Ratio Comparison

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

Dividends

TSLY vs. YCS - Dividend Comparison

TSLY's dividend yield for the trailing twelve months is around 89.48%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
TSLY YieldMax TSLA Option Income Strategy ETF	89.48%	91.19%	82.30%	76.47%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLY and YCS in my portfolio?

TSLY and YCS have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLY or YCS?

TSLY has higher volatility (12.37%) compared to YCS (2.25%). In terms of maximum drawdown, TSLY dropped -49.52% vs YCS's -49.56%.

Which ETF is better, TSLY or YCS?

On 3-year performance, YCS leads with 18.37% vs 8.26% for TSLY. On fees, YCS is cheaper at 1.00% per year. On volatility, YCS has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLY or YCS?

Over the 3-year period, YCS has performed better with a 18.37% return vs 8.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLY or YCS?

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

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

TSLY has the higher dividend yield at 89.48%, compared with 0.00% for YCS.

What is the main difference between TSLY and YCS?

TSLY is categorized as Options Trading, while YCS is Leveraged Currency. They also come from different issuers: YieldMax and ProShares. Their fees differ too: 1.07% for TSLY and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 vs 0.44), 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.