UGL vs. YCS
UGL (ProShares Ultra Gold) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, UGL returned 18.45%/yr vs 12.34%/yr for YCS. At a correlation of -0.37, they often move in opposite directions. UGL charges 0.95%/yr vs 1.00%/yr for YCS.
Performance
UGL vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -2.16% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, UGL has outperformed YCS with an annualized return of 18.45%, while YCS has yielded a comparatively lower 12.34% annualized return.
UGL
- 1D
- -2.00%
- 1M
- -3.96%
- YTD
- -2.16%
- 6M
- 1.78%
- 1Y
- 51.67%
- 3Y*
- 53.18%
- 5Y*
- 27.00%
- 10Y*
- 18.45%
YCS
- 1D
- 0.17%
- 1M
- 4.42%
- YTD
- 7.17%
- 6M
- 10.05%
- 1Y
- 32.82%
- 3Y*
- 19.84%
- 5Y*
- 23.54%
- 10Y*
- 12.34%
UGL vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -2.16% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between UGL and YCS is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.44 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.37 |
The correlation between UGL and YCS shifts across timeframes, from -0.44 (10 years) to -0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UGL vs. YCS — Risk / Return Rank
UGL
YCS
UGL vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) 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.
| UGL | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.35 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 3.97 | -2.59 |
| Martin ratioReturn relative to average drawdown | 3.17 | 12.40 | -9.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UGL | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.98 | 1.92 | -0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.75 | 1.12 | -0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.65 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.33 | +0.06 |
Drawdowns
UGL vs. YCS - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for UGL and YCS.
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Drawdown Indicators
| UGL | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -49.56% | -26.37% |
Max Drawdown (1Y)Largest decline over 1 year | -37.56% | -8.30% | -29.26% |
Max Drawdown (3Y)Largest decline over 3 years | -37.56% | -23.05% | -14.51% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -27.32% | -12.91% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -27.32% | -18.91% |
Current DrawdownCurrent decline from peak | -36.56% | 0.00% | -36.56% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -19.93% | -23.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.35% | 2.66% | +13.69% |
Volatility
UGL vs. YCS - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 11.03% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that UGL'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.
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Volatility by Period
| UGL | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.03% | 2.75% | +8.28% |
Volatility (6M)Calculated over the trailing 6-month period | 46.81% | 12.32% | +34.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.91% | 17.27% | +35.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.18% | 21.10% | +15.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.34% | 19.01% | +13.33% |
UGL vs. YCS - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
UGL vs. YCS - Dividend Comparison
Neither UGL nor YCS has paid dividends to shareholders.
Frequently Asked Questions
UGL and YCS have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (11.03%) compared to YCS (2.75%). In terms of maximum drawdown, UGL dropped -75.93% vs YCS's -49.56%.
On 10-year performance, UGL leads with 18.45% vs 12.34% for YCS. On fees, UGL is cheaper at 0.95% per year. On volatility, YCS has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 18.45% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL is cheaper with a 0.95% expense ratio, compared with 1.00% for YCS.
UGL and YCS have nearly identical dividend yields, around 0.00%.
UGL is categorized as Leveraged Commodities, while YCS is Leveraged Currency. UGL tracks Bloomberg Gold Subindex (200%), while YCS tracks USD/JPY Exchange Rate (-200%). Their fees differ too: 0.95% for UGL and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.92 vs 0.98), 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.
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