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 Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, YCL returned -13.37%/yr vs 11.25%/yr for BNO. At a correlation of -0.08, they often move in opposite directions. YCL charges 0.95%/yr vs 1.00%/yr for BNO.
Performance
YCL vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, YCL achieves a -7.56% return, which is significantly lower than BNO's 50.21% return. Over the past 10 years, YCL has underperformed BNO with an annualized return of -13.37%, while BNO has yielded a comparatively higher 11.25% annualized return.
YCL
- 1D
- 0.22%
- 1M
- -2.97%
- YTD
- -7.56%
- 6M
- -8.37%
- 1Y
- -22.14%
- 3Y*
- -13.96%
- 5Y*
- -19.30%
- 10Y*
- -13.37%
BNO
- 1D
- -1.35%
- 1M
- -22.65%
- YTD
- 50.21%
- 6M
- 47.81%
- 1Y
- 38.79%
- 3Y*
- 19.32%
- 5Y*
- 17.15%
- 10Y*
- 11.25%
YCL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -7.56% | -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 | 50.21% | -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 | -0.29 |
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 2, 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.
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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.
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.
| YCL | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.30 | ||
| Sortino ratioReturn per unit of downside risk | -3.58 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.19 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 1.33 | -2.23 |
| Martin ratioReturn relative to average drawdown | -1.35 | 4.21 | -5.56 |
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Drawdowns
YCL vs. BNO - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.39%, 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.
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Drawdown Indicators
| YCL | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.39% | -87.06% | -1.33% |
Max Drawdown (1Y)Largest decline over 1 year | -24.74% | -29.25% | +4.51% |
Max Drawdown (3Y)Largest decline over 3 years | -41.14% | -29.25% | -11.89% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -33.70% | -33.18% |
Max Drawdown (10Y)Largest decline over 10 years | -77.19% | -75.18% | -2.01% |
Current DrawdownCurrent decline from peak | -88.37% | -29.25% | -59.12% |
Average DrawdownAverage peak-to-trough decline | -53.21% | -40.10% | -13.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.38% | 9.28% | +7.10% |
Volatility
YCL vs. BNO - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 1.35%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. 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.
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Volatility by Period
| YCL | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 10.92% | -9.57% |
Volatility (6M)Calculated over the trailing 6-month period | 11.23% | 37.29% | -26.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.43% | 41.67% | -25.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.51% | 35.65% | -15.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.45% | 36.68% | -18.23% |
YCL vs. BNO - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is lower than BNO's 1.00% 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 (10.92%) compared to YCL (1.35%). In terms of maximum drawdown, YCL dropped -88.39% vs BNO's -87.06%.
On 10-year performance, BNO leads with 11.25% vs -13.37% for YCL. On fees, YCL is cheaper at 0.95% per year. On volatility, YCL has been the lower-risk option at 1.35%. 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 11.25% return vs -13.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YCL is cheaper with a 0.95% expense ratio, compared with 1.00% for BNO.
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 Crude Oil Brent ICE Near Term Futures. They also come from different issuers: ProShares and USCF Investments. Their fees differ too: 0.95% for YCL and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (0.95 vs -1.35), 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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