UDN vs. YCS
UDN (Invesco DB US Dollar Index Bearish Fund) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - UDN is a Currency fund tracking the Deutsche Bank Short USD Currency Portfolio Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, UDN returned -0.45%/yr vs 13.62%/yr for YCS. At a correlation of -0.46, they often move in opposite directions. UDN charges 0.77%/yr vs 1.00%/yr for YCS.
Performance
UDN vs. YCS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UDN achieves a -2.36% return, which is significantly lower than YCS's 9.63% return. Over the past 10 years, UDN has underperformed YCS with an annualized return of -0.45%, while YCS has yielded a comparatively higher 13.62% annualized return.
UDN
- 1D
- -0.34%
- 1M
- -2.04%
- YTD
- -2.36%
- 6M
- -2.68%
- 1Y
- -1.37%
- 3Y*
- 2.64%
- 5Y*
- -0.72%
- 10Y*
- -0.45%
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%
UDN vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UDN Invesco DB US Dollar Index Bearish Fund | -2.36% | 12.37% | -4.53% | 4.88% | -7.96% | -7.03% | 6.20% | -0.97% | -5.02% | 9.50% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between UDN and YCS is -0.72, 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 | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.56 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.46 |
Over the past year, the inverse relationship between UDN and YCS has strengthened: their correlation has moved from -0.46 to -0.72, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UDN vs. YCS — Risk / Return Rank
UDN
YCS
UDN vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bearish Fund (UDN) 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.
| UDN | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.08 | ||
| Sortino ratioReturn per unit of downside risk | -2.65 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.34 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 3.78 | -4.06 |
| Martin ratioReturn relative to average drawdown | -0.60 | 11.93 | -12.53 |
Loading charts...
Drawdowns
UDN vs. YCS - Drawdown Comparison
The maximum UDN drawdown since its inception was -41.67%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for UDN and YCS.
Loading charts...
Drawdown Indicators
| UDN | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -49.56% | +7.89% |
Max Drawdown (1Y)Largest decline over 1 year | -4.91% | -8.30% | +3.39% |
Max Drawdown (3Y)Largest decline over 3 years | -8.59% | -23.05% | +14.46% |
Max Drawdown (5Y)Largest decline over 5 years | -20.82% | -27.32% | +6.50% |
Max Drawdown (10Y)Largest decline over 10 years | -25.72% | -27.32% | +1.60% |
Current DrawdownCurrent decline from peak | -28.97% | -0.14% | -28.83% |
Average DrawdownAverage peak-to-trough decline | -20.63% | -19.87% | -0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 2.65% | -0.37% |
Volatility
UDN vs. YCS - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bearish Fund (UDN) is 1.37%, while ProShares UltraShort Yen (YCS) has a volatility of 2.25%. This indicates that UDN experiences smaller price fluctuations and is considered to be less risky than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UDN | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 2.25% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 4.34% | 12.19% | -7.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.05% | 16.93% | -10.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.41% | 21.10% | -13.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.86% | 18.82% | -11.96% |
UDN vs. YCS - Expense Ratio Comparison
UDN has a 0.77% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
UDN vs. YCS - Dividend Comparison
UDN's dividend yield for the trailing twelve months is around 3.01%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
UDN Invesco DB US Dollar Index Bearish Fund | 3.01% | 2.94% | 5.33% | 5.21% | 0.69% | 0.00% | 0.00% | 1.38% | 1.26% | 0.11% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UDN and YCS have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.25%) compared to UDN (1.37%). In terms of maximum drawdown, UDN dropped -41.67% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs -0.45% for UDN. On fees, UDN is cheaper at 0.77% per year. On volatility, UDN has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YCS has performed better with a 13.62% return vs -0.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UDN is cheaper with a 0.77% expense ratio, compared with 1.00% for YCS.
UDN has the higher dividend yield at 3.01%, compared with 0.00% for YCS.
UDN is categorized as Currency, while YCS is Leveraged Currency. UDN tracks Deutsche Bank Short USD Currency Portfolio Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.77% for UDN and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.23), 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.
Find the right allocation for UDN and YCS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer