TSPY vs. YCS

Last updated Jun 24, 2026

TSPY (TappAlpha S&P 500 Growth & Daily Income ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - TSPY is a Derivative Income fund actively managed by TappAlpha, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). TSPY is actively managed, while YCS is passively managed. Over the past year, TSPY returned 22.21% vs 31.27% for YCS. At a 0.02 correlation, their price movements are largely independent. TSPY charges 0.68%/yr vs 1.00%/yr for YCS.

Performance

TSPY vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) 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, TSPY achieves a 6.10% return, which is significantly lower than YCS's 9.63% return.

TSPY

• 1D: -1.37%
• 1M: -1.28%
• YTD: 6.10%
• 6M: 5.11%
• 1Y: 22.21%
• 3Y*: —
• 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)

TSPY vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	6.10%	17.29%	6.59%
YCS ProShares UltraShort Yen	9.63%	9.04%	15.53%

Correlation

The correlation between TSPY 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 Aug 15, 2024	0.02

The correlation between TSPY and YCS shifts across timeframes, from -0.13 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSPY vs. YCS — Risk / Return Rank

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

TSPY

TSPY Risk / Return Rank: 54
TSPY Sharpe Ratio Rank: 55
TSPY Sortino Ratio Rank: 54
TSPY Omega Ratio Rank: 56
TSPY Calmar Ratio Rank: 48
TSPY Martin Ratio Rank: 58

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.

TSPY vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) 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.

	TSPY	YCS	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.86	-0.05
Sortino ratio: Return per unit of downside risk	2.50	2.36	+0.14
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	2.32	3.78	-1.47
Martin ratio: Return relative to average drawdown	9.98	11.93	-1.95

TSPY vs. YCS - Sharpe Ratio Comparison

The current TSPY Sharpe Ratio is 1.81, which is comparable to the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of TSPY 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

TSPY vs. YCS - Drawdown Comparison

The maximum TSPY drawdown since its inception was -18.02%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for TSPY and YCS.

Drawdown Indicators

	TSPY	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-18.02%	-49.56%	+31.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-8.30%	-1.33%
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	-2.97%	-0.14%	-2.83%
Average Drawdown Average peak-to-trough decline	-2.51%	-19.87%	+17.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.65%	-0.42%

Volatility

TSPY vs. YCS - Volatility Comparison

TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) has a higher volatility of 4.57% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that TSPY'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

	TSPY	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	2.25%	+2.32%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	12.19%	-2.58%
Volatility (1Y) Calculated over the trailing 1-year period	12.35%	16.93%	-4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	21.10%	-4.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	18.82%	-2.69%

TSPY vs. YCS - Expense Ratio Comparison

TSPY has a 0.68% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

TSPY vs. YCS - Dividend Comparison

TSPY's dividend yield for the trailing twelve months is around 14.08%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	14.08%	13.69%	3.45%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSPY and YCS in my portfolio?

TSPY 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, TSPY or YCS?

TSPY has higher volatility (4.57%) compared to YCS (2.25%). In terms of maximum drawdown, TSPY dropped -18.02% vs YCS's -49.56%.

Which ETF is better, TSPY or YCS?

On 1-year performance, YCS leads with 31.27% vs 22.21% for TSPY. On fees, TSPY is cheaper at 0.68% 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, TSPY or YCS?

Over the 1-year period, YCS has performed better with a 31.27% return vs 22.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPY or YCS?

TSPY is cheaper with a 0.68% expense ratio, compared with 1.00% for YCS.

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

TSPY has the higher dividend yield at 14.08%, compared with 0.00% for YCS.

What is the main difference between TSPY and YCS?

TSPY is categorized as Derivative Income, while YCS is Leveraged Currency. They also come from different issuers: TappAlpha and ProShares. Their fees differ too: 0.68% for TSPY and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 vs 1.81), 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.