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 -12.51%/yr vs 2.40%/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
Loading charts...
Returns By Period
In the year-to-date period, YCL achieves a -5.83% return, which is significantly lower than EUO's 4.02% return. Over the past 10 years, YCL has underperformed EUO with an annualized return of -12.51%, while EUO has yielded a comparatively higher 2.40% annualized return.
YCL
- 1D
- -0.34%
- 1M
- -3.82%
- YTD
- -5.83%
- 6M
- -7.72%
- 1Y
- -24.77%
- 3Y*
- -15.08%
- 5Y*
- -19.19%
- 10Y*
- -12.51%
EUO
- 1D
- -0.03%
- 1M
- 1.83%
- YTD
- 4.02%
- 6M
- 2.21%
- 1Y
- 1.76%
- 3Y*
- -0.70%
- 5Y*
- 5.30%
- 10Y*
- 2.40%
YCL vs. EUO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -5.83% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
EUO ProShares UltraShort Euro | 4.02% | -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 | -0.42 |
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 -0.64, 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. 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 | -1.48 | 0.14 | -1.62 |
Sortino ratioReturn per unit of downside risk | -2.30 | 0.28 | -2.58 |
Omega ratioGain probability vs. loss probability | 0.76 | 1.03 | -0.28 |
Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.00 | -0.95 |
Martin ratioReturn relative to average drawdown | -1.40 | -0.01 | -1.39 |
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 | EUO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.48 | 0.14 | -1.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.94 | 0.34 | -1.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.16 | -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 -88.15%, 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.
Loading charts...
Drawdown Indicators
| YCL | EUO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -38.58% | -49.57% |
Max Drawdown (1Y)Largest decline over 1 year | -24.55% | -8.05% | -16.50% |
Max Drawdown (3Y)Largest decline over 3 years | -39.91% | -24.46% | -15.45% |
Max Drawdown (5Y)Largest decline over 5 years | -66.19% | -25.28% | -40.91% |
Max Drawdown (10Y)Largest decline over 10 years | -76.71% | -29.61% | -47.10% |
Current DrawdownCurrent decline from peak | -88.15% | -18.84% | -69.31% |
Average DrawdownAverage peak-to-trough decline | -53.11% | -18.50% | -34.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.96% | 3.73% | +13.23% |
Volatility
YCL vs. EUO - Volatility Comparison
ProShares Ultra Yen (YCL) has a higher volatility of 2.72% compared to ProShares UltraShort Euro (EUO) at 2.45%. 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.
Loading charts...
Volatility by Period
| YCL | EUO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 2.45% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 11.63% | 8.70% | +2.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.88% | 12.76% | +4.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.53% | 15.56% | +4.97% |
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 -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCL has higher volatility (2.72%) compared to EUO (2.45%). In terms of maximum drawdown, YCL dropped -88.15% vs EUO's -38.58%.
On 10-year performance, EUO leads with 2.40% vs -12.51% for YCL. On fees, YCL is cheaper at 0.95% per year. On volatility, EUO has been the lower-risk option at 2.45%. 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 2.40% return vs -12.51%. 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 (0.14 vs -1.48), 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 EUO
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