XPP vs. YCS
XPP (ProShares Ultra FTSE China 50) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - XPP is a Leveraged Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, XPP returned -5.30%/yr vs 12.34%/yr for YCS. At a 0.10 correlation, their price movements are largely independent. XPP charges 0.95%/yr vs 1.00%/yr for YCS.
Performance
XPP vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, XPP achieves a -17.68% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, XPP has underperformed YCS with an annualized return of -5.30%, while YCS has yielded a comparatively higher 12.34% annualized return.
XPP
- 1D
- -4.83%
- 1M
- -6.40%
- YTD
- -17.68%
- 6M
- -20.01%
- 1Y
- -5.89%
- 3Y*
- 7.34%
- 5Y*
- -20.12%
- 10Y*
- -5.30%
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%
XPP vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XPP ProShares Ultra FTSE China 50 | -17.68% | 45.84% | 38.18% | -34.77% | -50.06% | -40.45% | 7.07% | 24.88% | -31.36% | 80.21% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between XPP and YCS is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009 | 0.10 |
The correlation between XPP and YCS shifts across timeframes, from -0.20 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XPP vs. YCS — Risk / Return Rank
XPP
YCS
XPP vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.
| XPP | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -2.38 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.35 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 3.97 | -4.15 |
| Martin ratioReturn relative to average drawdown | -0.37 | 12.40 | -12.77 |
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
| XPP | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.15 | 1.92 | -2.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 1.12 | -1.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.10 | 0.65 | -0.75 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.33 | -0.43 |
Drawdowns
XPP vs. YCS - Drawdown Comparison
The maximum XPP drawdown since its inception was -89.90%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for XPP and YCS.
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Drawdown Indicators
| XPP | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.90% | -49.56% | -40.34% |
Max Drawdown (1Y)Largest decline over 1 year | -32.60% | -8.30% | -24.30% |
Max Drawdown (3Y)Largest decline over 3 years | -52.95% | -23.05% | -29.90% |
Max Drawdown (5Y)Largest decline over 5 years | -85.24% | -27.32% | -57.92% |
Max Drawdown (10Y)Largest decline over 10 years | -89.90% | -27.32% | -62.58% |
Current DrawdownCurrent decline from peak | -78.21% | 0.00% | -78.21% |
Average DrawdownAverage peak-to-trough decline | -47.82% | -19.93% | -27.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.95% | 2.66% | +13.29% |
Volatility
XPP vs. YCS - Volatility Comparison
ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 14.45% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that XPP'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
| XPP | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.45% | 2.75% | +11.70% |
Volatility (6M)Calculated over the trailing 6-month period | 28.79% | 12.32% | +16.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.27% | 17.27% | +22.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.75% | 21.10% | +41.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.91% | 19.01% | +35.90% |
XPP vs. YCS - Expense Ratio Comparison
XPP has a 0.95% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
XPP vs. YCS - Dividend Comparison
XPP's dividend yield for the trailing twelve months is around 2.63%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
XPP ProShares Ultra FTSE China 50 | 2.63% | 2.32% | 2.96% | 2.87% | 0.00% | 0.00% | 0.00% | 3.81% | 1.47% |
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
XPP and YCS have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XPP has higher volatility (14.45%) compared to YCS (2.75%). In terms of maximum drawdown, XPP dropped -89.90% vs YCS's -49.56%.
On 10-year performance, YCS leads with 12.34% vs -5.30% for XPP. On fees, XPP is cheaper at 0.95% per year. On volatility, YCS has been the lower-risk option at 2.75%. 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 12.34% return vs -5.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XPP is cheaper with a 0.95% expense ratio, compared with 1.00% for YCS.
XPP has the higher dividend yield at 2.63%, compared with 0.00% for YCS.
XPP is categorized as Leveraged Equities, while YCS is Leveraged Currency. XPP tracks FTSE/Xinhua China 25 Index (200%), while YCS tracks USD/JPY Exchange Rate (-200%). Their fees differ too: 0.95% for XPP and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.92 vs -0.15), 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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