YCL vs. FFUT

Last updated Jun 21, 2026

YCL (ProShares Ultra Yen) and FFUT (Fidelity Managed Futures ETF) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while FFUT is a Systematic Trend fund actively managed by Fidelity. YCL is passively managed, while FFUT is actively managed. Over the past year, YCL returned -21.97% vs 19.53% for FFUT. At a correlation of -0.20, they often move in opposite directions. YCL charges 0.95%/yr vs 0.80%/yr for FFUT.

Performance

YCL vs. FFUT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Yen (YCL) and Fidelity Managed Futures ETF (FFUT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YCL achieves a -7.31% return, which is significantly lower than FFUT's 9.80% return.

YCL

• 1D: -0.41%
• 1M: -2.98%
• YTD: -7.31%
• 6M: -6.62%
• 1Y: -21.97%
• 3Y*: -14.71%
• 5Y*: -19.46%
• 10Y*: -13.12%

FFUT

• 1D: -0.37%
• 1M: -2.09%
• YTD: 9.80%
• 6M: 10.73%
• 1Y: 19.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

YCL vs. FFUT - Yearly Performance Comparison

	2026 (YTD)	2025
YCL ProShares Ultra Yen	-7.31%	-19.88%
FFUT Fidelity Managed Futures ETF	9.80%	8.58%

Correlation

The correlation between YCL and FFUT is -0.20, 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	-0.20
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	-0.20

Return for Risk

YCL vs. FFUT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YCL

YCL Risk / Return Rank: 1
YCL Sharpe Ratio Rank: 0
YCL Sortino Ratio Rank: 0
YCL Omega Ratio Rank: 0
YCL Calmar Ratio Rank: 1
YCL Martin Ratio Rank: 1

FFUT

FFUT Risk / Return Rank: 66
FFUT Sharpe Ratio Rank: 52
FFUT Sortino Ratio Rank: 52
FFUT Omega Ratio Rank: 55
FFUT Calmar Ratio Rank: 90
FFUT Martin Ratio Rank: 82

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

YCL vs. FFUT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and Fidelity Managed Futures ETF (FFUT). 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	FFUT	Difference
Sharpe ratio: Return per unit of total volatility	-1.41	1.71	-3.12
Sortino ratio: Return per unit of downside risk	-2.18	2.44	-4.63
Omega ratio: Gain probability vs. loss probability	0.77	1.33	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.95	5.14	-6.09
Martin ratio: Return relative to average drawdown	-1.42	15.50	-16.93

YCL vs. FFUT - Sharpe Ratio Comparison

The current YCL Sharpe Ratio is -1.41, which is lower than the FFUT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of YCL and FFUT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

YCL vs. FFUT - Drawdown Comparison

The maximum YCL drawdown since its inception was -88.33%, which is greater than FFUT's maximum drawdown of -3.73%. Use the drawdown chart below to compare losses from any high point for YCL and FFUT.

Drawdown Indicators

	YCL	FFUT	Difference
Max Drawdown Largest peak-to-trough decline	-88.33%	-3.73%	-84.60%
Max Drawdown (1Y) Largest decline over 1 year	-24.37%	-3.73%	-20.64%
Max Drawdown (3Y) Largest decline over 3 years	-40.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-66.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-77.08%	—	—
Current Drawdown Current decline from peak	-88.33%	-3.48%	-84.85%
Average Drawdown Average peak-to-trough decline	-53.19%	-0.93%	-52.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.23%	1.24%	+14.99%

Volatility

YCL vs. FFUT - Volatility Comparison

The current volatility for ProShares Ultra Yen (YCL) is 1.36%, while Fidelity Managed Futures ETF (FFUT) has a volatility of 2.96%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than FFUT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YCL	FFUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	2.96%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	11.31%	8.94%	+2.37%
Volatility (1Y) Calculated over the trailing 1-year period	16.47%	11.20%	+5.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.50%	11.04%	+9.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.59%	11.04%	+7.55%

YCL vs. FFUT - Expense Ratio Comparison

YCL has a 0.95% expense ratio, which is higher than FFUT's 0.80% expense ratio.

Dividends

YCL vs. FFUT - Dividend Comparison

YCL has not paid dividends to shareholders, while FFUT's dividend yield for the trailing twelve months is around 1.90%.

Position	TTM	2025
FFUT Fidelity Managed Futures ETF	1.90%	2.09%
YCL ProShares Ultra Yen	0.00%	0.00%

Frequently Asked Questions

Can I hold both YCL and FFUT in my portfolio?

YCL and FFUT have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YCL or FFUT?

FFUT has higher volatility (2.96%) compared to YCL (1.36%). In terms of maximum drawdown, YCL dropped -88.33% vs FFUT's -3.73%.

Which ETF is better, YCL or FFUT?

On 1-year performance, FFUT leads with 19.53% vs -21.97% for YCL. On fees, FFUT is cheaper at 0.80% per year. On volatility, YCL has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YCL or FFUT?

Over the 1-year period, FFUT has performed better with a 19.53% return vs -21.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YCL or FFUT?

FFUT is cheaper with a 0.80% expense ratio, compared with 0.95% for YCL.

Which ETF pays a higher dividend yield, YCL or FFUT?

FFUT has the higher dividend yield at 1.90%, compared with 0.00% for YCL.

What is the main difference between YCL and FFUT?

YCL is categorized as Leveraged Currency, while FFUT is Systematic Trend. They also come from different issuers: ProShares and Fidelity. Their fees differ too: 0.95% for YCL and 0.80% for FFUT.

Which has better risk-adjusted returns?

FFUT currently has the higher Sharpe Ratio (1.71 vs -1.41), 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.