VTEI vs. YCS
VTEI (Vanguard Intermediate-Term Tax-Exempt Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - VTEI is a Municipal Bonds fund tracking the S&P Intermediate Term National AMT-Free Municipal Bond Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past year, VTEI returned 6.26% vs 32.82% for YCS. At a correlation of -0.34, they often move in opposite directions. VTEI charges 0.08%/yr vs 1.00%/yr for YCS.
Performance
VTEI vs. YCS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VTEI achieves a 1.12% return, which is significantly lower than YCS's 7.17% return.
VTEI
- 1D
- -0.03%
- 1M
- 0.52%
- YTD
- 1.12%
- 6M
- 1.55%
- 1Y
- 6.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
VTEI vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 1.12% | 4.59% | 1.55% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 22.58% |
Correlation
The correlation between VTEI and YCS is -0.34, 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 | -0.34 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2024 | -0.34 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VTEI vs. YCS — Risk / Return Rank
VTEI
YCS
VTEI vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) 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.
| VTEI | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.35 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 3.97 | -1.56 |
| Martin ratioReturn relative to average drawdown | 7.90 | 12.40 | -4.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| VTEI | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.65 | 1.92 | +0.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.12 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.02 | 0.33 | +0.69 |
Drawdowns
VTEI vs. YCS - Drawdown Comparison
The maximum VTEI drawdown since its inception was -3.64%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for VTEI and YCS.
Loading charts...
Drawdown Indicators
| VTEI | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.64% | -49.56% | +45.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -8.30% | +5.69% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.05% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.32% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -0.85% | 0.00% | -0.85% |
Average DrawdownAverage peak-to-trough decline | -0.78% | -19.93% | +19.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 2.66% | -1.87% |
Volatility
VTEI vs. YCS - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) is 0.77%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that VTEI 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.
Loading charts...
Volatility by Period
| VTEI | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 2.75% | -1.98% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 12.32% | -10.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.37% | 17.27% | -14.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.04% | 21.10% | -18.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.04% | 19.01% | -15.97% |
VTEI vs. YCS - Expense Ratio Comparison
VTEI has a 0.08% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
VTEI vs. YCS - Dividend Comparison
VTEI's dividend yield for the trailing twelve months is around 3.05%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 3.05% | 3.00% | 2.65% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VTEI and YCS have a correlation of -0.34, 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 VTEI (0.77%). In terms of maximum drawdown, VTEI dropped -3.64% vs YCS's -49.56%.
On 1-year performance, YCS leads with 32.82% vs 6.26% for VTEI. On fees, VTEI is cheaper at 0.08% per year. On volatility, VTEI has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, YCS has performed better with a 32.82% return vs 6.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEI is cheaper with a 0.08% expense ratio, compared with 1.00% for YCS.
VTEI has the higher dividend yield at 3.05%, compared with 0.00% for YCS.
VTEI is categorized as Municipal Bonds, while YCS is Leveraged Currency. VTEI tracks S&P Intermediate Term National AMT-Free Municipal Bond Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.08% for VTEI and 1.00% for YCS.
VTEI currently has the higher Sharpe Ratio (2.65 vs 1.92), 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.
Find the right allocation for VTEI and YCS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer