USTB vs. YCS
USTB (VictoryShares Short-Term Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - USTB is a Short-Term Bond fund tracking the Bloomberg 1–3 Year Credit Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, USTB returned 3.52%/yr vs 23.16%/yr for YCS. At a correlation of -0.39, they often move in opposite directions. USTB charges 0.34%/yr vs 1.00%/yr for YCS.
Performance
USTB vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, USTB achieves a 1.23% return, which is significantly lower than YCS's 6.99% return.
USTB
- 1D
- 0.04%
- 1M
- 0.28%
- YTD
- 1.23%
- 6M
- 1.66%
- 1Y
- 4.79%
- 3Y*
- 6.14%
- 5Y*
- 3.52%
- 10Y*
- —
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%
USTB vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USTB VictoryShares Short-Term Bond ETF | 1.23% | 6.08% | 6.49% | 6.69% | -2.82% | 0.90% | 5.12% | 5.10% | 1.08% | 0.35% |
YCS ProShares UltraShort Yen | 6.99% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -1.77% |
Correlation
The correlation between USTB and YCS is -0.49, 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 | -0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.44 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | -0.39 |
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Return for Risk
USTB vs. YCS — Risk / Return Rank
USTB
YCS
USTB vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VictoryShares Short-Term Bond ETF (USTB) 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.
| USTB | YCS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.96 | 2.05 | +1.92 |
Sortino ratioReturn per unit of downside risk | 6.76 | 2.59 | +4.17 |
Omega ratioGain probability vs. loss probability | 1.89 | 1.37 | +0.52 |
Calmar ratioReturn relative to maximum drawdown | 5.28 | 3.95 | +1.33 |
Martin ratioReturn relative to average drawdown | 24.05 | 12.35 | +11.70 |
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
| USTB | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.96 | 2.05 | +1.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.76 | 1.10 | +0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.73 | 0.33 | +1.40 |
Drawdowns
USTB vs. YCS - Drawdown Comparison
The maximum USTB drawdown since its inception was -5.32%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for USTB and YCS.
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Drawdown Indicators
| USTB | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.32% | -49.56% | +44.24% |
Max Drawdown (1Y)Largest decline over 1 year | -0.84% | -8.30% | +7.46% |
Max Drawdown (3Y)Largest decline over 3 years | -1.02% | -23.05% | +22.03% |
Max Drawdown (5Y)Largest decline over 5 years | -4.96% | -27.32% | +22.36% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.04% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -0.66% | -19.94% | +19.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 2.66% | -2.47% |
Volatility
USTB vs. YCS - Volatility Comparison
The current volatility for VictoryShares Short-Term Bond ETF (USTB) is 0.34%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that USTB 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
| USTB | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.34% | 2.75% | -2.41% |
Volatility (6M)Calculated over the trailing 6-month period | 0.84% | 12.36% | -11.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.26% | 17.38% | -16.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.01% | 21.11% | -19.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.01% | 19.02% | -17.01% |
USTB vs. YCS - Expense Ratio Comparison
USTB has a 0.34% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
USTB vs. YCS - Dividend Comparison
USTB's dividend yield for the trailing twelve months is around 4.58%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
USTB VictoryShares Short-Term Bond ETF | 4.58% | 4.62% | 5.05% | 4.49% | 2.54% | 1.84% | 2.59% | 2.69% | 2.32% | 0.43% |
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
USTB and YCS have a correlation of -0.49, 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 USTB (0.34%). In terms of maximum drawdown, USTB dropped -5.32% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.16% vs 3.52% for USTB. On fees, USTB is cheaper at 0.34% per year. On volatility, USTB has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, YCS has performed better with a 23.16% return vs 3.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USTB is cheaper with a 0.34% expense ratio, compared with 1.00% for YCS.
USTB has the higher dividend yield at 4.58%, compared with 0.00% for YCS.
USTB is categorized as Short-Term Bond, while YCS is Leveraged Currency. USTB tracks Bloomberg 1–3 Year Credit Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Victory and ProShares. Their fees differ too: 0.34% for USTB and 1.00% for YCS.
USTB currently has the higher Sharpe Ratio (3.96 vs 2.05), 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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