XYLD vs. YCS
XYLD (Global X S&P 500 Covered Call ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, XYLD returned 8.46%/yr vs 13.63%/yr for YCS. At a 0.20 correlation, their price movements are largely independent. XYLD charges 0.60%/yr vs 1.00%/yr for YCS.
Performance
XYLD vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, XYLD achieves a 5.47% return, which is significantly lower than YCS's 9.78% return. Over the past 10 years, XYLD has underperformed YCS with an annualized return of 8.46%, while YCS has yielded a comparatively higher 13.63% annualized return.
XYLD
- 1D
- -0.05%
- 1M
- 1.26%
- YTD
- 5.47%
- 6M
- 5.58%
- 1Y
- 17.60%
- 3Y*
- 11.66%
- 5Y*
- 7.58%
- 10Y*
- 8.46%
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%
XYLD vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XYLD Global X S&P 500 Covered Call ETF | 5.47% | 8.02% | 19.49% | 11.10% | -12.05% | 19.59% | -0.56% | 21.41% | -6.09% | 16.49% |
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 XYLD and YCS is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2013 | 0.20 |
The correlation between XYLD and YCS shifts across timeframes, from -0.16 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XYLD vs. YCS — Risk / Return Rank
XYLD
YCS
XYLD vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Covered Call ETF (XYLD) 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.
| XYLD | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.35 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 3.79 | -0.45 |
| Martin ratioReturn relative to average drawdown | 17.53 | 11.86 | +5.67 |
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Drawdowns
XYLD vs. YCS - Drawdown Comparison
The maximum XYLD drawdown since its inception was -33.46%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for XYLD and YCS.
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Drawdown Indicators
| XYLD | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.46% | -49.56% | +16.10% |
Max Drawdown (1Y)Largest decline over 1 year | -5.29% | -8.30% | +3.01% |
Max Drawdown (3Y)Largest decline over 3 years | -15.53% | -23.05% | +7.52% |
Max Drawdown (5Y)Largest decline over 5 years | -18.66% | -27.32% | +8.66% |
Max Drawdown (10Y)Largest decline over 10 years | -33.46% | -27.32% | -6.14% |
Current DrawdownCurrent decline from peak | -0.05% | 0.00% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -3.71% | -19.88% | +16.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 2.65% | -1.64% |
Volatility
XYLD vs. YCS - Volatility Comparison
Global X S&P 500 Covered Call ETF (XYLD) and ProShares UltraShort Yen (YCS) have volatilities of 2.16% and 2.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XYLD | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.16% | 2.22% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 5.76% | 12.19% | -6.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.80% | 16.96% | -10.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 21.10% | -9.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.21% | 18.96% | -4.75% |
XYLD vs. YCS - Expense Ratio Comparison
XYLD has a 0.60% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
XYLD vs. YCS - Dividend Comparison
XYLD's dividend yield for the trailing twelve months is around 11.39%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XYLD Global X S&P 500 Covered Call ETF | 11.39% | 10.51% | 11.54% | 10.51% | 13.43% | 9.07% | 7.93% | 5.76% | 7.12% | 5.18% | 3.23% | 4.65% |
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
XYLD and YCS have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.22%) compared to XYLD (2.16%). In terms of maximum drawdown, XYLD dropped -33.46% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.63% vs 8.46% for XYLD. On fees, XYLD is cheaper at 0.60% per year. Their volatility is very similar. 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 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XYLD is cheaper with a 0.60% expense ratio, compared with 1.00% for YCS.
XYLD has the higher dividend yield at 11.39%, compared with 0.00% for YCS.
XYLD is categorized as Derivative Income, while YCS is Leveraged Currency. XYLD tracks Cboe S&P 500 BuyWrite Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Global X and ProShares. Their fees differ too: 0.60% for XYLD and 1.00% for YCS.
XYLD currently has the higher Sharpe Ratio (2.60 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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