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 -13.42%/yr vs 9.99%/yr for EZJ. Their -0.03 correlation means they have often moved in opposite directions in the past. 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 -5.82% return, which is significantly lower than EZJ's 23.68% return. Over the past 10 years, YCL has underperformed EZJ with an annualized return of -13.42%, while EZJ has yielded a comparatively higher 9.99% annualized return.
YCL
- 1D
- 0.22%
- 1M
- 1.24%
- 6M
- -7.85%
- YTD
- -5.82%
- 1Y
- -18.77%
- 3Y*
- -13.30%
- 5Y*
- -19.30%
- 10Y*
- -13.42%
- ALL TIME*
- -9.77%
EZJ
- 1D
- -1.58%
- 1M
- -2.03%
- 6M
- 10.39%
- YTD
- 23.68%
- 1Y
- 52.87%
- 3Y*
- 23.37%
- 5Y*
- 8.08%
- 10Y*
- 9.99%
- ALL TIME*
- 7.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $65.91K | $120.27K | $216.70K | |
| $965.32K | $858.06K | $714.31K |
YCL vs. EZJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -5.82% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
EZJ ProShares Ultra MSCI Japan | 23.68% | 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 0.35, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.35 |
Correlation (3Y) Balances recent behavior with more history. | 0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.26 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 0.35 (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 | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -3.24 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.24 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 2.06 | -2.70 |
| Martin ratioReturn relative to average drawdown | -1.03 | 5.92 | -6.96 |
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Drawdowns
YCL vs. EZJ - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.74%, 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 | -88.74% | -58.63% | -30.11% |
Max Drawdown (1Y)Largest decline over 1 year | -23.28% | -26.78% | +3.50% |
Max Drawdown (3Y)Largest decline over 3 years | -39.44% | -31.48% | -7.96% |
Max Drawdown (5Y)Largest decline over 5 years | -67.75% | -58.63% | -9.12% |
Max Drawdown (10Y)Largest decline over 10 years | -77.87% | -58.63% | -19.24% |
Current DrawdownCurrent decline from peak | -88.15% | -10.32% | -77.83% |
Average DrawdownAverage peak-to-trough decline | -53.42% | -21.17% | -32.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.60% | 9.27% | +5.33% |
Volatility
YCL vs. EZJ - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 5.60%, while ProShares Ultra MSCI Japan (EZJ) has a volatility of 15.30%. 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 | 5.60% | 15.30% | -9.70% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 36.05% | -25.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.66% | 42.75% | -26.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.60% | 37.50% | -16.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 34.85% | -16.65% |
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 1.92%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 1.92% | 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 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EZJ has higher volatility (15.30%) compared to YCL (5.60%). In terms of maximum drawdown, YCL dropped -88.74% vs EZJ's -58.63%.
On 10-year performance, EZJ leads with 9.99% vs -13.42% for YCL. Both ETFs have the same 0.95% expense ratio. On volatility, YCL has been the lower-risk option at 5.60%. 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 9.99% return vs -13.42%. 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 1.92%, 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 (1.29 vs -0.91), 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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