YCL vs. DXJ
YCL (ProShares Ultra Yen) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, YCL returned -12.94%/yr vs 18.62%/yr for DXJ. At a correlation of -0.38, they often move in opposite directions. YCL charges 0.95%/yr vs 0.48%/yr for DXJ.
Performance
YCL vs. DXJ - Performance Comparison
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Returns By Period
In the year-to-date period, YCL achieves a -8.97% return, which is significantly lower than DXJ's 22.23% return. Over the past 10 years, YCL has underperformed DXJ with an annualized return of -12.94%, while DXJ has yielded a comparatively higher 18.62% annualized return.
YCL
- 1D
- -0.88%
- 1M
- -2.80%
- 6M
- -7.23%
- YTD
- -8.97%
- 1Y
- -21.77%
- 3Y*
- -16.23%
- 5Y*
- -19.78%
- 10Y*
- -12.94%
DXJ
- 1D
- -0.98%
- 1M
- 2.95%
- 6M
- 14.85%
- YTD
- 22.23%
- 1Y
- 54.82%
- 3Y*
- 32.72%
- 5Y*
- 27.03%
- 10Y*
- 18.62%
YCL vs. DXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -8.97% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
DXJ WisdomTree Japan Hedged Equity Fund | 22.23% | 32.78% | 29.83% | 42.04% | 5.96% | 17.99% | 3.94% | 18.94% | -19.78% | 22.81% |
Correlation
The correlation between YCL and DXJ is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.34 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008 | -0.38 |
Over the past year, the inverse relationship between YCL and DXJ has weakened: their correlation has moved from -0.38 to -0.01, meaning they move in opposite directions less often than they have historically.
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Return for Risk
YCL vs. DXJ — Risk / Return Rank
YCL
DXJ
YCL vs. DXJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and WisdomTree Japan Hedged Equity Fund (DXJ). 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 | DXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.36 | ||
| Sortino ratioReturn per unit of downside risk | -6.02 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.54 | -0.76 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 5.02 | -5.98 |
| Martin ratioReturn relative to average drawdown | -1.53 | 19.10 | -20.63 |
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Drawdowns
YCL vs. DXJ - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.56%, which is greater than DXJ's maximum drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for YCL and DXJ.
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Drawdown Indicators
| YCL | DXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.56% | -49.63% | -38.93% |
Max Drawdown (1Y)Largest decline over 1 year | -22.69% | -10.98% | -11.71% |
Max Drawdown (3Y)Largest decline over 3 years | -41.33% | -22.19% | -19.14% |
Max Drawdown (5Y)Largest decline over 5 years | -67.35% | -22.19% | -45.16% |
Max Drawdown (10Y)Largest decline over 10 years | -77.51% | -39.14% | -38.37% |
Current DrawdownCurrent decline from peak | -88.54% | -2.62% | -85.92% |
Average DrawdownAverage peak-to-trough decline | -53.31% | -14.27% | -39.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.25% | 2.88% | +11.37% |
Volatility
YCL vs. DXJ - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 3.15%, while WisdomTree Japan Hedged Equity Fund (DXJ) has a volatility of 6.56%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | DXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.15% | 6.56% | -3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 11.18% | 14.47% | -3.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.30% | 18.30% | -2.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.52% | 19.06% | +1.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.32% | 19.93% | -1.61% |
YCL vs. DXJ - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is higher than DXJ's 0.48% expense ratio.
Dividends
YCL vs. DXJ - Dividend Comparison
YCL has not paid dividends to shareholders, while DXJ's dividend yield for the trailing twelve months is around 0.96%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DXJ WisdomTree Japan Hedged Equity Fund | 0.96% | 1.29% | 3.48% | 3.44% | 3.02% | 2.64% | 2.53% | 2.47% | 2.92% | 2.30% | 1.98% | 5.95% |
YCL ProShares Ultra 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
YCL and DXJ have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DXJ has higher volatility (6.56%) compared to YCL (3.15%). In terms of maximum drawdown, YCL dropped -88.56% vs DXJ's -49.63%.
On 10-year performance, DXJ leads with 18.62% vs -12.94% for YCL. On fees, DXJ is cheaper at 0.48% per year. On volatility, YCL has been the lower-risk option at 3.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DXJ has performed better with a 18.62% return vs -12.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DXJ is cheaper with a 0.48% expense ratio, compared with 0.95% for YCL.
DXJ has the higher dividend yield at 0.96%, compared with 0.00% for YCL.
YCL is categorized as Leveraged Currency, while DXJ is Japan Equities. YCL tracks USD/JPY Exchange Rate (-200%), while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.95% for YCL and 0.48% for DXJ.
DXJ currently has the higher Sharpe Ratio (3.02 vs -1.34), 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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