XSW vs. YCS
XSW (SPDR S&P Software & Services ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - XSW is a Technology Equities fund tracking the S&P Software & Services Select Industry Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, XSW returned 12.71%/yr vs 13.63%/yr for YCS. At a 0.13 correlation, their price movements are largely independent. XSW charges 0.35%/yr vs 1.00%/yr for YCS.
Performance
XSW vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, XSW achieves a -14.42% return, which is significantly lower than YCS's 9.78% return. Over the past 10 years, XSW has underperformed YCS with an annualized return of 12.71%, while YCS has yielded a comparatively higher 13.63% annualized return.
XSW
- 1D
- -1.47%
- 1M
- -2.96%
- YTD
- -14.42%
- 6M
- -17.32%
- 1Y
- -10.76%
- 3Y*
- 7.75%
- 5Y*
- -1.17%
- 10Y*
- 12.71%
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%
XSW vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSW SPDR S&P Software & Services ETF | -14.42% | -0.90% | 25.81% | 38.60% | -34.22% | 7.47% | 52.41% | 36.50% | 7.67% | 27.94% |
YCS ProShares UltraShort Yen | 9.78% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between XSW and YCS is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2011 | 0.13 |
The correlation between XSW and YCS shifts across timeframes, from -0.11 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XSW vs. YCS — Risk / Return Rank
XSW
YCS
XSW vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) 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.
| XSW | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -2.70 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.35 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 3.79 | -4.11 |
| Martin ratioReturn relative to average drawdown | -0.66 | 11.86 | -12.52 |
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Drawdowns
XSW vs. YCS - Drawdown Comparison
The maximum XSW drawdown since its inception was -45.38%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for XSW and YCS.
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Drawdown Indicators
| XSW | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.38% | -49.56% | +4.18% |
Max Drawdown (1Y)Largest decline over 1 year | -33.75% | -8.30% | -25.45% |
Max Drawdown (3Y)Largest decline over 3 years | -33.75% | -23.05% | -10.70% |
Max Drawdown (5Y)Largest decline over 5 years | -45.38% | -27.32% | -18.06% |
Max Drawdown (10Y)Largest decline over 10 years | -45.38% | -27.32% | -18.06% |
Current DrawdownCurrent decline from peak | -21.97% | 0.00% | -21.97% |
Average DrawdownAverage peak-to-trough decline | -9.86% | -19.88% | +10.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.25% | 2.65% | +13.60% |
Volatility
XSW vs. YCS - Volatility Comparison
SPDR S&P Software & Services ETF (XSW) has a higher volatility of 11.39% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that XSW'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
| XSW | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.39% | 2.22% | +9.17% |
Volatility (6M)Calculated over the trailing 6-month period | 23.81% | 12.19% | +11.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.87% | 16.96% | +11.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.89% | 21.10% | +7.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.30% | 18.96% | +7.34% |
XSW vs. YCS - Expense Ratio Comparison
XSW has a 0.35% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
XSW vs. YCS - Dividend Comparison
XSW's dividend yield for the trailing twelve months is around 0.04%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XSW SPDR S&P Software & Services ETF | 0.04% | 0.06% | 0.07% | 0.20% | 0.09% | 0.13% | 0.26% | 0.12% | 0.31% | 0.46% | 0.87% | 0.54% |
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% | 0.00% |
Frequently Asked Questions
XSW and YCS have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XSW has higher volatility (11.39%) compared to YCS (2.22%). In terms of maximum drawdown, XSW dropped -45.38% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.63% vs 12.71% for XSW. On fees, XSW is cheaper at 0.35% 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 10-year period, YCS has performed better with a 13.63% return vs 12.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XSW is cheaper with a 0.35% expense ratio, compared with 1.00% for YCS.
XSW has the higher dividend yield at 0.04%, compared with 0.00% for YCS.
XSW is categorized as Technology Equities, while YCS is Leveraged Currency. XSW tracks S&P Software & Services Select Industry Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.35% for XSW and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.37), 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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