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UDN vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UDN vs. YCS

Last updated Jun 3, 2026

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 -0.44%/yr vs 12.32%/yr for YCS. At a correlation of -0.47, they often move in opposite directions. UDN charges 0.77%/yr vs 1.00%/yr for YCS.

Performance

UDN vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bearish Fund (UDN) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UDN achieves a -0.27% return, which is significantly lower than YCS's 6.99% return. Over the past 10 years, UDN has underperformed YCS with an annualized return of -0.44%, while YCS has yielded a comparatively higher 12.32% annualized return.

UDN

1D
-0.03%
1M
-0.82%
YTD
-0.27%
6M
0.84%
1Y
0.95%
3Y*
3.73%
5Y*
-0.62%
10Y*
-0.44%

YCS

1D
0.03%
1M
4.27%
YTD
6.99%
6M
8.81%
1Y
35.19%
3Y*
19.77%
5Y*
23.16%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UDN vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UDN
Invesco DB US Dollar Index Bearish Fund		-0.27%12.37%-4.53%4.88%-7.96%-7.03%6.20%-0.97%-5.02%9.50%
YCS
ProShares UltraShort Yen		6.99%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 -0.73, 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

-0.73

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 26, 2008

-0.47

Over the past year, the inverse relationship between UDN and YCS has strengthened: their correlation has moved from -0.47 to -0.73, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

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Invesco DB US Dollar Index Bearish Fund

ProShares UltraShort Yen

Often compared with UDN:
UDN vs. UUPUDN vs. FXEUDN vs. CEWUDN vs. VOOUDN vs. SPYUDN vs. BTC-USDUDN vs. IGOV
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

UDN vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UDN
UDN Risk / Return Rank: 1111
Overall Rank
UDN Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
UDN Sortino Ratio Rank: 1010
Sortino Ratio Rank
UDN Omega Ratio Rank: 1010
Omega Ratio Rank
UDN Calmar Ratio Rank: 1313
Calmar Ratio Rank
UDN Martin Ratio Rank: 1212
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6363
Overall Rank
YCS Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 5353
Sortino Ratio Rank
YCS Omega Ratio Rank: 6060
Omega Ratio Rank
YCS Calmar Ratio Rank: 7777
Calmar Ratio Rank
YCS Martin Ratio Rank: 6666
Martin Ratio Rank
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.

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.

UDNYCSDifference

Sharpe ratio

Return per unit of total volatility

0.16

2.05

-1.89

Sortino ratio

Return per unit of downside risk

0.27

2.59

-2.31

Omega ratio

Gain probability vs. loss probability

1.03

1.37

-0.34

Calmar ratio

Return relative to maximum drawdown

0.38

3.95

-3.57

Martin ratio

Return relative to average drawdown

0.82

12.35

-11.53

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UDN vs. YCS - Sharpe Ratio Comparison

The current UDN Sharpe Ratio is 0.16, which is lower than the YCS Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of UDN 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.

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Sharpe Ratios by Period

UDNYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.16

2.05

-1.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.08

1.10

-1.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.06

0.65

-0.71

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.09

0.33

-0.42

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.

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Drawdown Indicators

UDNYCSDifference

Max Drawdown

Largest peak-to-trough decline

-41.67%

-49.56%

+7.89%

Max Drawdown (1Y)

Largest decline over 1 year

-4.54%

-8.30%

+3.76%

Max Drawdown (3Y)

Largest decline over 3 years

-8.59%

-23.05%

+14.46%

Max Drawdown (5Y)

Largest decline over 5 years

-22.50%

-27.32%

+4.82%

Max Drawdown (10Y)

Largest decline over 10 years

-25.72%

-27.32%

+1.60%

Current Drawdown

Current decline from peak

-27.46%

-0.04%

-27.42%

Average Drawdown

Average peak-to-trough decline

-20.61%

-19.94%

-0.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.10%

2.66%

-0.56%

Volatility

UDN vs. YCS - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bearish Fund (UDN) is 1.25%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. 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.

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Volatility by Period

UDNYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.25%

2.75%

-1.50%

Volatility (6M)

Calculated over the trailing 6-month period

4.23%

12.36%

-8.13%

Volatility (1Y)

Calculated over the trailing 1-year period

6.13%

17.38%

-11.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.42%

21.11%

-13.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.92%

19.02%

-12.10%

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 2.94%, while YCS has not paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
UDN
Invesco DB US Dollar Index Bearish Fund		2.94%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 -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

YCS has higher volatility (2.75%) compared to UDN (1.25%). In terms of maximum drawdown, UDN dropped -41.67% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.32% vs -0.44% for UDN. On fees, UDN is cheaper at 0.77% per year. On volatility, UDN has been the lower-risk option at 1.25%. 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 12.32% return vs -0.44%. 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 2.94%, 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 (2.05 vs 0.16), 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.

Portfolio Optimizer

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