YCL vs. EWJ
YCL (ProShares Ultra Yen) and EWJ (iShares MSCI Japan ETF) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while EWJ is a Japan Equities fund tracking the MSCI Japan Index. Both are passively managed. Over the past 10 years, YCL returned -12.94%/yr vs 9.06%/yr for EWJ. At a correlation of -0.02, they often move in opposite directions. YCL charges 0.95%/yr vs 0.49%/yr for EWJ.
Performance
YCL vs. EWJ - 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 EWJ's 15.46% return. Over the past 10 years, YCL has underperformed EWJ with an annualized return of -12.94%, while EWJ has yielded a comparatively higher 9.06% 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%
EWJ
- 1D
- -1.94%
- 1M
- 0.55%
- 6M
- 9.30%
- YTD
- 15.46%
- 1Y
- 33.65%
- 3Y*
- 17.46%
- 5Y*
- 8.72%
- 10Y*
- 9.06%
YCL vs. EWJ - 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% |
EWJ iShares MSCI Japan ETF | 15.46% | 25.84% | 7.03% | 20.29% | -17.72% | 1.16% | 15.40% | 19.34% | -14.10% | 24.27% |
Correlation
The correlation between YCL and EWJ is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008 | -0.02 |
The correlation between YCL and EWJ shifts across timeframes, from -0.02 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. EWJ — Risk / Return Rank
YCL
EWJ
YCL vs. EWJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and iShares MSCI Japan ETF (EWJ). 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 | EWJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.97 | ||
| Sortino ratioReturn per unit of downside risk | -4.37 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.30 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.49 | -3.45 |
| Martin ratioReturn relative to average drawdown | -1.53 | 8.33 | -9.86 |
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Drawdowns
YCL vs. EWJ - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.56%, which is greater than EWJ's maximum drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for YCL and EWJ.
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Drawdown Indicators
| YCL | EWJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.56% | -60.93% | -27.63% |
Max Drawdown (1Y)Largest decline over 1 year | -22.69% | -13.59% | -9.10% |
Max Drawdown (3Y)Largest decline over 3 years | -41.33% | -14.68% | -26.65% |
Max Drawdown (5Y)Largest decline over 5 years | -67.35% | -33.14% | -34.21% |
Max Drawdown (10Y)Largest decline over 10 years | -77.51% | -33.14% | -44.37% |
Current DrawdownCurrent decline from peak | -88.54% | -4.38% | -84.16% |
Average DrawdownAverage peak-to-trough decline | -53.31% | -21.67% | -31.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.25% | 4.05% | +10.20% |
Volatility
YCL vs. EWJ - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 3.15%, while iShares MSCI Japan ETF (EWJ) has a volatility of 7.67%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than EWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | EWJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.15% | 7.67% | -4.52% |
Volatility (6M)Calculated over the trailing 6-month period | 11.18% | 17.04% | -5.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.30% | 20.80% | -4.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.52% | 18.54% | +1.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.32% | 17.35% | +0.97% |
YCL vs. EWJ - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is higher than EWJ's 0.49% expense ratio.
Dividends
YCL vs. EWJ - Dividend Comparison
YCL has not paid dividends to shareholders, while EWJ's dividend yield for the trailing twelve months is around 3.84%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWJ iShares MSCI Japan ETF | 3.84% | 4.52% | 2.34% | 2.03% | 1.23% | 2.08% | 1.04% | 2.03% | 1.71% | 1.25% | 1.95% | 1.27% |
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 EWJ have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWJ has higher volatility (7.67%) compared to YCL (3.15%). In terms of maximum drawdown, YCL dropped -88.56% vs EWJ's -60.93%.
On 10-year performance, EWJ leads with 9.06% vs -12.94% for YCL. On fees, EWJ is cheaper at 0.49% 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, EWJ has performed better with a 9.06% return vs -12.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWJ is cheaper with a 0.49% expense ratio, compared with 0.95% for YCL.
EWJ has the higher dividend yield at 3.84%, compared with 0.00% for YCL.
YCL is categorized as Leveraged Currency, while EWJ is Japan Equities. YCL tracks USD/JPY Exchange Rate (-200%), while EWJ tracks MSCI Japan Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for YCL and 0.49% for EWJ.
EWJ currently has the higher Sharpe Ratio (1.63 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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