YCL vs. EUO

Last updated Jun 24, 2026

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 -13.37%/yr vs 2.41%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Yen (YCL) and ProShares UltraShort Euro (EUO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YCL achieves a -7.56% return, which is significantly lower than EUO's 9.04% return. Over the past 10 years, YCL has underperformed EUO with an annualized return of -13.37%, while EUO has yielded a comparatively higher 2.41% 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%

EUO

• 1D: 0.82%
• 1M: 4.61%
• YTD: 9.04%
• 6M: 9.78%
• 1Y: 8.88%
• 3Y*: 1.93%
• 5Y*: 5.59%
• 10Y*: 2.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

YCL vs. EUO - 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%
EUO ProShares UltraShort Euro	9.04%	-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 -0.64, 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	-0.64
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	-0.43
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008	-0.32

Over the past year, the inverse relationship between YCL and EUO has strengthened: their correlation has moved from -0.32 to -0.64, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

YCL vs. EUO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YCL

YCL Risk / Return Rank: 1
YCL Sharpe Ratio Rank: 0
YCL Sortino Ratio Rank: 0
YCL Omega Ratio Rank: 1
YCL Calmar Ratio Rank: 1
YCL Martin Ratio Rank: 2

EUO

EUO Risk / Return Rank: 21
EUO Sharpe Ratio Rank: 21
EUO Sortino Ratio Rank: 20
EUO Omega Ratio Rank: 20
EUO Calmar Ratio Rank: 24
EUO Martin Ratio Rank: 22

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

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	EUO	Difference
Sharpe ratio: Return per unit of total volatility	-1.35	0.70	-2.06
Sortino ratio: Return per unit of downside risk	-2.09	1.06	-3.15
Omega ratio: Gain probability vs. loss probability	0.78	1.13	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.90	1.11	-2.01
Martin ratio: Return relative to average drawdown	-1.35	2.59	-3.95

YCL vs. EUO - Sharpe Ratio Comparison

The current YCL Sharpe Ratio is -1.35, which is lower than the EUO Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of YCL and EUO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

YCL vs. EUO - Drawdown Comparison

The maximum YCL drawdown since its inception was -88.39%, 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.

Drawdown Indicators

	YCL	EUO	Difference
Max Drawdown Largest peak-to-trough decline	-88.39%	-38.58%	-49.81%
Max Drawdown (1Y) Largest decline over 1 year	-24.74%	-8.05%	-16.69%
Max Drawdown (3Y) Largest decline over 3 years	-41.14%	-24.46%	-16.68%
Max Drawdown (5Y) Largest decline over 5 years	-66.88%	-25.28%	-41.60%
Max Drawdown (10Y) Largest decline over 10 years	-77.19%	-29.61%	-47.58%
Current Drawdown Current decline from peak	-88.37%	-14.93%	-73.44%
Average Drawdown Average peak-to-trough decline	-53.21%	-18.50%	-34.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.38%	3.45%	+12.93%

Volatility

YCL vs. EUO - Volatility Comparison

The current volatility for ProShares Ultra Yen (YCL) is 1.35%, while ProShares UltraShort Euro (EUO) has a volatility of 3.28%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YCL	EUO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	3.28%	-1.93%
Volatility (6M) Calculated over the trailing 6-month period	11.23%	9.09%	+2.14%
Volatility (1Y) Calculated over the trailing 1-year period	16.43%	12.71%	+3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.51%	15.56%	+4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.45%	14.79%	+3.66%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both YCL and EUO in my portfolio?

YCL and EUO have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YCL or EUO?

EUO has higher volatility (3.28%) compared to YCL (1.35%). In terms of maximum drawdown, YCL dropped -88.39% vs EUO's -38.58%.

Which ETF is better, YCL or EUO?

On 10-year performance, EUO leads with 2.41% 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.

Which ETF has performed better, YCL or EUO?

Over the 10-year period, EUO has performed better with a 2.41% return vs -13.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YCL or EUO?

YCL is cheaper with a 0.95% expense ratio, compared with 0.99% for EUO.

Which ETF pays a higher dividend yield, YCL or EUO?

YCL and EUO have nearly identical dividend yields, around 0.00%.

What is the main difference between YCL and EUO?

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.

Which has better risk-adjusted returns?

EUO currently has the higher Sharpe Ratio (0.70 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.