YCL vs. EUO
YCL (ProShares Ultra Yen) and EUO (ProShares UltraShort Euro) are both Leveraged Currency funds from ProShares - YCL tracks the USD/JPY Exchange Rate (-200%) while EUO tracks the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, YCL returned -12.52%/yr vs 2.45%/yr for EUO. At a correlation of -0.32, they often move in opposite directions. YCL charges 0.95%/yr vs 0.99%/yr for EUO.
Performance
YCL vs. EUO - Performance Comparison
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Returns By Period
In the year-to-date period, YCL achieves a -5.93% return, which is significantly lower than EUO's 4.54% return. Over the past 10 years, YCL has underperformed EUO with an annualized return of -12.52%, while EUO has yielded a comparatively higher 2.45% 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%
EUO
- 1D
- 0.50%
- 1M
- 2.09%
- YTD
- 4.54%
- 6M
- 3.41%
- 1Y
- 1.02%
- 3Y*
- -0.54%
- 5Y*
- 5.54%
- 10Y*
- 2.45%
YCL vs. EUO - 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% |
EUO ProShares UltraShort Euro | 4.54% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
Correlation
The correlation between YCL and EUO is -0.63, 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 | -0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.42 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2008 | -0.32 |
Over the past year, the inverse relationship between YCL and EUO has strengthened: their correlation has moved from -0.32 to -0.63, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
YCL vs. EUO — Risk / Return Rank
YCL
EUO
YCL vs. EUO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and ProShares UltraShort Euro (EUO). 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 | EUO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.42 | 0.08 | -1.50 |
Sortino ratioReturn per unit of downside risk | -2.19 | 0.20 | -2.39 |
Omega ratioGain probability vs. loss probability | 0.77 | 1.02 | -0.26 |
Calmar ratioReturn relative to maximum drawdown | -0.96 | 0.13 | -1.09 |
Martin ratioReturn relative to average drawdown | -1.41 | 0.28 | -1.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| YCL | EUO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.42 | 0.08 | -1.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.95 | 0.36 | -1.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.17 | -0.84 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | 0.05 | -0.56 |
Drawdowns
YCL vs. EUO - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.16%, which is greater than EUO's maximum drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for YCL and EUO.
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Drawdown Indicators
| YCL | EUO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.16% | -38.58% | -49.58% |
Max Drawdown (1Y)Largest decline over 1 year | -24.63% | -8.05% | -16.58% |
Max Drawdown (3Y)Largest decline over 3 years | -39.97% | -24.46% | -15.51% |
Max Drawdown (5Y)Largest decline over 5 years | -66.22% | -25.28% | -40.94% |
Max Drawdown (10Y)Largest decline over 10 years | -76.74% | -29.61% | -47.13% |
Current DrawdownCurrent decline from peak | -88.16% | -18.43% | -69.73% |
Average DrawdownAverage peak-to-trough decline | -53.11% | -18.50% | -34.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.81% | 3.73% | +13.08% |
Volatility
YCL vs. EUO - Volatility Comparison
ProShares Ultra Yen (YCL) has a higher volatility of 2.71% compared to ProShares UltraShort Euro (EUO) at 2.48%. This indicates that YCL's price experiences larger fluctuations and is considered to be riskier than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | EUO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.71% | 2.48% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 11.53% | 8.71% | +2.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.80% | 12.65% | +4.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.52% | 15.56% | +4.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 14.88% | +3.73% |
YCL vs. EUO - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is lower than EUO's 0.99% expense ratio.
Dividends
YCL vs. EUO - Dividend Comparison
Neither YCL nor EUO has paid dividends to shareholders.
Frequently Asked Questions
YCL and EUO have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCL has higher volatility (2.71%) compared to EUO (2.48%). In terms of maximum drawdown, YCL dropped -88.16% vs EUO's -38.58%.
On 10-year performance, EUO leads with 2.45% vs -12.52% for YCL. On fees, YCL is cheaper at 0.95% per year. On volatility, EUO has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EUO has performed better with a 2.45% return vs -12.52%. 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 0.99% for EUO.
YCL and EUO have nearly identical dividend yields, around 0.00%.
YCL tracks USD/JPY Exchange Rate (-200%), while EUO tracks USD/EUR Exchange Rate (-200%). Their fees differ too: 0.95% for YCL and 0.99% for EUO.
EUO currently has the higher Sharpe Ratio (0.08 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.
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