VFMO vs. YCS
VFMO (Vanguard U.S. Momentum Factor ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - VFMO is a Momentum fund actively managed by Vanguard, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). VFMO is actively managed, while YCS is passively managed. Over the past 5 years, VFMO returned 14.83%/yr vs 23.50%/yr for YCS. At a 0.07 correlation, their price movements are largely independent. VFMO charges 0.13%/yr vs 1.00%/yr for YCS.
Performance
VFMO vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, VFMO achieves a 28.82% return, which is significantly higher than YCS's 9.78% return.
VFMO
- 1D
- 1.63%
- 1M
- 7.16%
- YTD
- 28.82%
- 6M
- 25.09%
- 1Y
- 49.52%
- 3Y*
- 28.88%
- 5Y*
- 14.83%
- 10Y*
- —
YCS
- 1D
- 0.40%
- 1M
- 3.71%
- YTD
- 9.78%
- 6M
- 9.63%
- 1Y
- 31.36%
- 3Y*
- 18.43%
- 5Y*
- 23.50%
- 10Y*
- 13.63%
VFMO vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VFMO Vanguard U.S. Momentum Factor ETF | 28.82% | 17.39% | 26.14% | 16.25% | -12.84% | 19.16% | 31.36% | 28.22% | -11.41% |
YCS ProShares UltraShort Yen | 9.78% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | 9.08% |
Correlation
The correlation between VFMO and YCS is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2018 | 0.07 |
The correlation between VFMO and YCS shifts across timeframes, from -0.15 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VFMO vs. YCS — Risk / Return Rank
VFMO
YCS
VFMO vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Momentum Factor ETF (VFMO) 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.
| VFMO | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.35 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 4.53 | 3.79 | +0.74 |
| Martin ratioReturn relative to average drawdown | 16.87 | 11.86 | +5.01 |
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Drawdowns
VFMO vs. YCS - Drawdown Comparison
The maximum VFMO drawdown since its inception was -36.77%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for VFMO and YCS.
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Drawdown Indicators
| VFMO | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.77% | -49.56% | +12.79% |
Max Drawdown (1Y)Largest decline over 1 year | -10.98% | -8.30% | -2.68% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -23.05% | -1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -25.80% | -27.32% | +1.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -7.73% | -19.88% | +12.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.94% | 2.65% | +0.29% |
Volatility
VFMO vs. YCS - Volatility Comparison
Vanguard U.S. Momentum Factor ETF (VFMO) has a higher volatility of 7.88% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that VFMO'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
| VFMO | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.88% | 2.22% | +5.66% |
Volatility (6M)Calculated over the trailing 6-month period | 17.34% | 12.19% | +5.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.25% | 16.96% | +5.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.87% | 21.10% | +0.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.63% | 18.96% | +4.67% |
VFMO vs. YCS - Expense Ratio Comparison
VFMO has a 0.13% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
VFMO vs. YCS - Dividend Comparison
VFMO's dividend yield for the trailing twelve months is around 0.38%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
VFMO Vanguard U.S. Momentum Factor ETF | 0.38% | 0.82% | 0.72% | 0.89% | 1.72% | 0.81% | 0.45% | 1.22% | 0.70% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VFMO and YCS have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VFMO has higher volatility (7.88%) compared to YCS (2.22%). In terms of maximum drawdown, VFMO dropped -36.77% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.50% vs 14.83% for VFMO. On fees, VFMO is cheaper at 0.13% per year. On volatility, YCS has been the lower-risk option at 2.22%. 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 23.50% return vs 14.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VFMO is cheaper with a 0.13% expense ratio, compared with 1.00% for YCS.
VFMO has the higher dividend yield at 0.38%, compared with 0.00% for YCS.
VFMO is categorized as Momentum, while YCS is Leveraged Currency. They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.13% for VFMO and 1.00% for YCS.
VFMO currently has the higher Sharpe Ratio (2.24 vs 1.86), 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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