YCL vs. BNO
YCL (ProShares Ultra Yen) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, YCL returned -12.52%/yr vs 13.60%/yr for BNO. At a correlation of -0.08, they often move in opposite directions. YCL charges 0.95%/yr vs 0.90%/yr for BNO.
Performance
YCL vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, YCL achieves a -5.93% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, YCL has underperformed BNO with an annualized return of -12.52%, while BNO has yielded a comparatively higher 13.60% annualized return.
YCL
- 1D
- -0.11%
- 1M
- -4.01%
- YTD
- -5.93%
- 6M
- -8.29%
- 1Y
- -23.60%
- 3Y*
- -15.11%
- 5Y*
- -19.42%
- 10Y*
- -12.52%
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
YCL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -5.93% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between YCL and BNO is -0.29, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | -0.08 |
Over the past year, the inverse relationship between YCL and BNO has strengthened: their correlation has moved from -0.08 to -0.29, meaning they now move in opposite directions more often than their long-term average.
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
YCL vs. BNO — Risk / Return Rank
YCL
BNO
YCL vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and United States Brent Oil Fund LP (BNO). 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.
| YCL | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.64 | ||
| Sortino ratioReturn per unit of downside risk | -4.92 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.38 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 5.17 | -6.13 |
| Martin ratioReturn relative to average drawdown | -1.41 | 9.76 | -11.17 |
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
| YCL | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.42 | 2.23 | -3.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.95 | 0.69 | -1.64 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.37 | -1.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | 0.14 | -0.65 |
Drawdowns
YCL vs. BNO - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.16%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for YCL and BNO.
Loading charts...
Drawdown Indicators
| YCL | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.16% | -87.06% | -1.10% |
Max Drawdown (1Y)Largest decline over 1 year | -24.63% | -17.87% | -6.76% |
Max Drawdown (3Y)Largest decline over 3 years | -39.97% | -23.75% | -16.22% |
Max Drawdown (5Y)Largest decline over 5 years | -66.22% | -33.70% | -32.52% |
Max Drawdown (10Y)Largest decline over 10 years | -76.74% | -75.18% | -1.56% |
Current DrawdownCurrent decline from peak | -88.16% | -10.29% | -77.87% |
Average DrawdownAverage peak-to-trough decline | -53.11% | -40.17% | -12.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.81% | 9.45% | +7.36% |
Volatility
YCL vs. BNO - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 2.71%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| YCL | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.71% | 14.22% | -11.51% |
Volatility (6M)Calculated over the trailing 6-month period | 11.53% | 36.10% | -24.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.80% | 41.46% | -24.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.52% | 35.38% | -14.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 36.68% | -18.07% |
YCL vs. BNO - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
YCL vs. BNO - Dividend Comparison
Neither YCL nor BNO has paid dividends to shareholders.
Frequently Asked Questions
YCL and BNO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to YCL (2.71%). In terms of maximum drawdown, YCL dropped -88.16% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.60% vs -12.52% for YCL. On fees, BNO is cheaper at 0.90% per year. On volatility, YCL has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 13.60% return vs -12.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 0.90% expense ratio, compared with 0.95% for YCL.
YCL and BNO have nearly identical dividend yields, around 0.00%.
YCL is categorized as Leveraged Currency, while BNO is Oil & Gas. YCL tracks USD/JPY Exchange Rate (-200%), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for YCL and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs -1.42), 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 YCL and BNO
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