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 -13.39%/yr vs 10.06%/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
Loading charts...
Returns By Period
In the year-to-date period, YCL achieves a -7.76% return, which is significantly lower than EWJ's 20.75% return. Over the past 10 years, YCL has underperformed EWJ with an annualized return of -13.39%, while EWJ has yielded a comparatively higher 10.06% annualized return.
YCL
- 1D
- -0.49%
- 1M
- -3.19%
- YTD
- -7.76%
- 6M
- -7.91%
- 1Y
- -22.35%
- 3Y*
- -14.02%
- 5Y*
- -19.29%
- 10Y*
- -13.39%
EWJ
- 1D
- 0.74%
- 1M
- 6.43%
- YTD
- 20.75%
- 6M
- 21.17%
- 1Y
- 40.95%
- 3Y*
- 20.20%
- 5Y*
- 10.09%
- 10Y*
- 10.06%
YCL vs. EWJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -7.76% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
EWJ iShares MSCI Japan ETF | 20.75% | 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 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
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 0.40 (1 year), reflecting how their relationship changes across market environments.
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. 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 | -3.40 | ||
| Sortino ratioReturn per unit of downside risk | -4.95 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.37 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 3.03 | -3.93 |
| Martin ratioReturn relative to average drawdown | -1.37 | 10.19 | -11.57 |
Loading charts...
Drawdowns
YCL vs. EWJ - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.39%, 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.
Loading charts...
Drawdown Indicators
| YCL | EWJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.39% | -60.93% | -27.46% |
Max Drawdown (1Y)Largest decline over 1 year | -24.74% | -13.59% | -11.15% |
Max Drawdown (3Y)Largest decline over 3 years | -41.14% | -14.68% | -26.46% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -33.14% | -33.74% |
Max Drawdown (10Y)Largest decline over 10 years | -77.19% | -33.14% | -44.05% |
Current DrawdownCurrent decline from peak | -88.39% | 0.00% | -88.39% |
Average DrawdownAverage peak-to-trough decline | -53.20% | -21.71% | -31.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.31% | 4.03% | +12.28% |
Volatility
YCL vs. EWJ - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 1.29%, while iShares MSCI Japan ETF (EWJ) has a volatility of 6.48%. 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.
Loading charts...
Volatility by Period
| YCL | EWJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 6.48% | -5.19% |
Volatility (6M)Calculated over the trailing 6-month period | 11.22% | 16.02% | -4.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.46% | 20.26% | -3.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.51% | 18.40% | +2.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.57% | 17.33% | +1.24% |
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 3.67%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWJ iShares MSCI Japan ETF | 3.67% | 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 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWJ has higher volatility (6.48%) compared to YCL (1.29%). In terms of maximum drawdown, YCL dropped -88.39% vs EWJ's -60.93%.
On 10-year performance, EWJ leads with 10.06% vs -13.39% for YCL. On fees, EWJ is cheaper at 0.49% per year. On volatility, YCL has been the lower-risk option at 1.29%. 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 10.06% return vs -13.39%. 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 3.67%, 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 (2.04 vs -1.37), 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 EWJ
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