YCL vs. EZJ
YCL (ProShares Ultra Yen) and EZJ (ProShares Ultra MSCI Japan) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while EZJ is a Japan Equities fund tracking the MSCI Japan Index (200%). Both are passively managed. Over the past 10 years, YCL returned -12.94%/yr vs 10.06%/yr for EZJ. At a correlation of -0.03, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
YCL vs. EZJ - 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 EZJ's 24.78% return. Over the past 10 years, YCL has underperformed EZJ with an annualized return of -12.94%, while EZJ has yielded a comparatively higher 10.06% 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%
EZJ
- 1D
- -4.17%
- 1M
- 0.10%
- 6M
- 12.24%
- YTD
- 24.78%
- 1Y
- 60.50%
- 3Y*
- 23.99%
- 5Y*
- 7.22%
- 10Y*
- 10.06%
YCL vs. EZJ - 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% |
EZJ ProShares Ultra MSCI Japan | 24.78% | 42.72% | 3.31% | 30.78% | -38.23% | -1.96% | 22.21% | 33.76% | -30.99% | 49.10% |
Correlation
The correlation between YCL and EZJ is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009 | -0.03 |
The correlation between YCL and EZJ shifts across timeframes, from -0.03 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. EZJ — Risk / Return Rank
YCL
EZJ
YCL vs. EZJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and ProShares Ultra MSCI Japan (EZJ). 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 | EZJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -4.07 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.26 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.27 | -3.23 |
| Martin ratioReturn relative to average drawdown | -1.53 | 6.82 | -8.35 |
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Drawdowns
YCL vs. EZJ - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.56%, which is greater than EZJ's maximum drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for YCL and EZJ.
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Drawdown Indicators
| YCL | EZJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.56% | -58.63% | -29.93% |
Max Drawdown (1Y)Largest decline over 1 year | -22.69% | -26.78% | +4.09% |
Max Drawdown (3Y)Largest decline over 3 years | -41.33% | -31.48% | -9.85% |
Max Drawdown (5Y)Largest decline over 5 years | -67.35% | -58.63% | -8.72% |
Max Drawdown (10Y)Largest decline over 10 years | -77.51% | -58.63% | -18.88% |
Current DrawdownCurrent decline from peak | -88.54% | -9.52% | -79.02% |
Average DrawdownAverage peak-to-trough decline | -53.31% | -21.20% | -32.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.25% | 8.90% | +5.35% |
Volatility
YCL vs. EZJ - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 3.15%, while ProShares Ultra MSCI Japan (EZJ) has a volatility of 15.81%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than EZJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | EZJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.15% | 15.81% | -12.66% |
Volatility (6M)Calculated over the trailing 6-month period | 11.18% | 34.90% | -23.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.30% | 42.43% | -26.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.52% | 37.22% | -16.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.32% | 34.69% | -16.37% |
YCL vs. EZJ - Expense Ratio Comparison
Both YCL and EZJ have an expense ratio of 0.95%.
Dividends
YCL vs. EZJ - Dividend Comparison
YCL has not paid dividends to shareholders, while EZJ's dividend yield for the trailing twelve months is around 1.90%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 1.90% | 1.13% | 2.09% | 1.11% | 0.56% | 0.00% | 0.00% | 0.24% | 4.49% |
YCL ProShares Ultra Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
YCL and EZJ have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EZJ has higher volatility (15.81%) compared to YCL (3.15%). In terms of maximum drawdown, YCL dropped -88.56% vs EZJ's -58.63%.
On 10-year performance, EZJ leads with 10.06% vs -12.94% for YCL. Both ETFs have the same 0.95% expense ratio. 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, EZJ has performed better with a 10.06% return vs -12.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YCL and EZJ have the same expense ratio: 0.95% per year.
EZJ has the higher dividend yield at 1.90%, compared with 0.00% for YCL.
YCL is categorized as Leveraged Currency, while EZJ is Japan Equities. YCL tracks USD/JPY Exchange Rate (-200%), while EZJ tracks MSCI Japan Index (200%).
EZJ currently has the higher Sharpe Ratio (1.44 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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