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VTIP vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTIP vs. YCS

Last updated Jun 3, 2026

VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, VTIP returned 3.14%/yr vs 12.32%/yr for YCS. At a correlation of -0.35, they often move in opposite directions. VTIP charges 0.03%/yr vs 1.00%/yr for YCS.

Performance

VTIP vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VTIP achieves a 2.05% return, which is significantly lower than YCS's 6.99% return. Over the past 10 years, VTIP has underperformed YCS with an annualized return of 3.14%, while YCS has yielded a comparatively higher 12.32% annualized return.

VTIP

1D
0.02%
1M
0.04%
YTD
2.05%
6M
2.11%
1Y
4.63%
3Y*
5.26%
5Y*
3.39%
10Y*
3.14%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTIP vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VTIP
Vanguard Short-Term Inflation-Protected Securities ETF		2.05%6.07%4.74%4.62%-2.94%5.36%4.95%4.86%0.56%0.82%
YCS
ProShares UltraShort Yen		6.99%9.04%35.41%28.70%29.09%22.38%-11.18%3.37%-1.49%-6.57%

Correlation

The correlation between VTIP and YCS is -0.28, 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

-0.28

Correlation (3Y)
Calculated over the trailing 3-year period

-0.41

Correlation (5Y)
Calculated over the trailing 5-year period

-0.40

Correlation (10Y)
Calculated over the trailing 10-year period

-0.39

Correlation (All Time)
Calculated using the full available price history since Oct 17, 2012

-0.35

The correlation between VTIP and YCS shifts across timeframes, from -0.41 (3 years) to -0.28 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Short-Term Inflation-Protected Securities ETF

ProShares UltraShort Yen

Often compared with VTIP:
VTIP vs. SCHPVTIP vs. TIPVTIP vs. VGSHVTIP vs. STIPVTIP vs. VGITVTIP vs. BNDVTIP vs. VTAPX
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

VTIP vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTIP
VTIP Risk / Return Rank: 9393
Overall Rank
VTIP Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
VTIP Sortino Ratio Rank: 9595
Sortino Ratio Rank
VTIP Omega Ratio Rank: 9393
Omega Ratio Rank
VTIP Calmar Ratio Rank: 9393
Calmar Ratio Rank
VTIP Martin Ratio Rank: 9393
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6363
Overall Rank
YCS Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 5353
Sortino Ratio Rank
YCS Omega Ratio Rank: 6060
Omega Ratio Rank
YCS Calmar Ratio Rank: 7777
Calmar Ratio Rank
YCS Martin Ratio Rank: 6666
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VTIP vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) 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.

VTIPYCSDifference

Sharpe ratio

Return per unit of total volatility

3.10

2.05

+1.06

Sortino ratio

Return per unit of downside risk

5.28

2.59

+2.69

Omega ratio

Gain probability vs. loss probability

1.65

1.37

+0.28

Calmar ratio

Return relative to maximum drawdown

6.54

3.95

+2.59

Martin ratio

Return relative to average drawdown

25.31

12.35

+12.96

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTIP vs. YCS - Sharpe Ratio Comparison

The current VTIP Sharpe Ratio is 3.10, which is higher than the YCS Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of VTIP and YCS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VTIPYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.10

2.05

+1.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.23

1.10

+0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.15

0.65

+0.50

Sharpe Ratio (All Time)

Calculated using the full available price history

0.89

0.33

+0.57

Drawdowns

VTIP vs. YCS - Drawdown Comparison

The maximum VTIP drawdown since its inception was -6.27%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for VTIP and YCS.

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Drawdown Indicators

VTIPYCSDifference

Max Drawdown

Largest peak-to-trough decline

-6.27%

-49.56%

+43.29%

Max Drawdown (1Y)

Largest decline over 1 year

-0.70%

-8.30%

+7.60%

Max Drawdown (3Y)

Largest decline over 3 years

-0.98%

-23.05%

+22.07%

Max Drawdown (5Y)

Largest decline over 5 years

-5.50%

-27.32%

+21.82%

Max Drawdown (10Y)

Largest decline over 10 years

-6.27%

-27.32%

+21.05%

Current Drawdown

Current decline from peak

-0.02%

-0.04%

+0.02%

Average Drawdown

Average peak-to-trough decline

-1.04%

-19.94%

+18.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.18%

2.66%

-2.48%

Volatility

VTIP vs. YCS - Volatility Comparison

The current volatility for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) is 0.43%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that VTIP 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

VTIPYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.43%

2.75%

-2.32%

Volatility (6M)

Calculated over the trailing 6-month period

1.03%

12.36%

-11.33%

Volatility (1Y)

Calculated over the trailing 1-year period

1.50%

17.38%

-15.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.78%

21.11%

-18.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.74%

19.02%

-16.28%

VTIP vs. YCS - Expense Ratio Comparison

VTIP has a 0.03% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

VTIP vs. YCS - Dividend Comparison

VTIP's dividend yield for the trailing twelve months is around 3.58%, while YCS has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
VTIP
Vanguard Short-Term Inflation-Protected Securities ETF		3.58%3.81%2.70%2.86%6.84%4.68%1.20%1.95%2.45%1.52%0.76%
YCS
ProShares UltraShort Yen		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VTIP and YCS have a correlation of -0.28, 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 VTIP (0.43%). In terms of maximum drawdown, VTIP dropped -6.27% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.32% vs 3.14% for VTIP. On fees, VTIP is cheaper at 0.03% per year. On volatility, VTIP has been the lower-risk option at 0.43%. 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 12.32% return vs 3.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VTIP is cheaper with a 0.03% expense ratio, compared with 1.00% for YCS.

VTIP has the higher dividend yield at 3.58%, compared with 0.00% for YCS.

VTIP is categorized as Inflation-Protected Bonds, while YCS is Leveraged Currency. VTIP tracks Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.03% for VTIP and 1.00% for YCS.

VTIP currently has the higher Sharpe Ratio (3.10 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.

Portfolio Optimizer

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