ULE vs. YCS
ULE (ProShares Ultra Euro) and YCS (ProShares UltraShort Yen) are both Leveraged Currency funds from ProShares - ULE tracks the USD/EUR Exchange Rate (-200%) while YCS tracks the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, ULE returned -2.49%/yr vs 13.76%/yr for YCS. Their -0.33 correlation means they have often moved in opposite directions in the past. ULE charges 0.95%/yr vs 1.00%/yr for YCS.
Performance
ULE vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -4.48% return, which is significantly lower than YCS's 7.29% return. Over the past 10 years, ULE has underperformed YCS with an annualized return of -2.49%, while YCS has yielded a comparatively higher 13.76% annualized return.
ULE
- 1D
- -0.06%
- 1M
- 1.58%
- 6M
- -5.98%
- YTD
- -4.48%
- 1Y
- -2.43%
- 3Y*
- 2.30%
- 5Y*
- -3.01%
- 10Y*
- -2.49%
- ALL TIME*
- -3.95%
YCS
- 1D
- -0.84%
- 1M
- -2.27%
- 6M
- 9.33%
- YTD
- 7.29%
- 1Y
- 25.05%
- 3Y*
- 17.34%
- 5Y*
- 23.55%
- 10Y*
- 13.76%
- ALL TIME*
- 6.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.31K | $35.90K | $64.55K | |
| $1.53M | $2.43M | $1.42M |
ULE vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -4.48% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
YCS ProShares UltraShort Yen | 7.29% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between ULE and YCS is -0.56, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.56 |
Correlation (3Y) Balances recent behavior with more history. | -0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.45 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.44 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.33 |
Over the past year, the inverse relationship between ULE and YCS has strengthened: their correlation has moved from -0.33 to -0.56, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
ULE vs. YCS — Risk / Return Rank
ULE
YCS
ULE vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) 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.
| ULE | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.23 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | 2.35 | -2.30 |
| Martin ratioReturn relative to average drawdown | 0.09 | 8.93 | -8.84 |
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Drawdowns
ULE vs. YCS - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for ULE and YCS.
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Drawdown Indicators
| ULE | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -49.56% | -23.18% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -8.30% | -3.37% |
Max Drawdown (3Y)Largest decline over 3 years | -16.95% | -23.05% | +6.10% |
Max Drawdown (5Y)Largest decline over 5 years | -37.36% | -27.32% | -10.04% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -27.32% | -23.98% |
Current DrawdownCurrent decline from peak | -62.71% | -5.68% | -57.03% |
Average DrawdownAverage peak-to-trough decline | -46.20% | -19.75% | -26.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 2.64% | +3.51% |
Volatility
ULE vs. YCS - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.55%, while ProShares UltraShort Yen (YCS) has a volatility of 5.30%. This indicates that ULE 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
| ULE | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 5.30% | -2.75% |
Volatility (6M)Calculated over the trailing 6-month period | 8.19% | 11.65% | -3.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.54% | 16.85% | -4.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 21.16% | -5.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 18.61% | -3.54% |
ULE vs. YCS - Expense Ratio Comparison
ULE has a 0.95% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
ULE vs. YCS - Dividend Comparison
Neither ULE nor YCS has paid dividends to shareholders.
Frequently Asked Questions
ULE and YCS have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (5.30%) compared to ULE (2.55%). In terms of maximum drawdown, ULE dropped -72.74% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.76% vs -2.49% for ULE. On fees, ULE is cheaper at 0.95% per year. On volatility, ULE has been the lower-risk option at 2.55%. 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 13.76% return vs -2.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE is cheaper with a 0.95% expense ratio, compared with 1.00% for YCS.
ULE and YCS have nearly identical dividend yields, around 0.00%.
ULE tracks USD/EUR Exchange Rate (-200%), while YCS tracks USD/JPY Exchange Rate (-200%). Their fees differ too: 0.95% for ULE and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.16 vs 0.04), 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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