YCL vs. FLSP
YCL (ProShares Ultra Yen) and FLSP (Franklin Liberty Systematic Style Premia ETF) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while FLSP is a Long-Short fund actively managed by Franklin Templeton. YCL is passively managed, while FLSP is actively managed. Over the past 5 years, YCL returned -19.46%/yr vs 8.78%/yr for FLSP. At a correlation of -0.07, they often move in opposite directions. YCL charges 0.95%/yr vs 0.65%/yr for FLSP.
Performance
YCL vs. FLSP - Performance Comparison
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Returns By Period
In the year-to-date period, YCL achieves a -7.31% return, which is significantly lower than FLSP's 2.94% 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%
FLSP
- 1D
- -0.14%
- 1M
- 1.82%
- YTD
- 2.94%
- 6M
- 3.32%
- 1Y
- 16.47%
- 3Y*
- 10.59%
- 5Y*
- 8.78%
- 10Y*
- —
YCL vs. FLSP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -7.31% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | 1.26% |
FLSP Franklin Liberty Systematic Style Premia ETF | 2.94% | 15.56% | 11.75% | 3.14% | 0.44% | 11.44% | -15.19% | 0.90% |
Correlation
The correlation between YCL and FLSP is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2019 | -0.07 |
The correlation between YCL and FLSP shifts across timeframes, from -0.18 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. FLSP — Risk / Return Rank
YCL
FLSP
YCL vs. FLSP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and Franklin Liberty Systematic Style Premia ETF (FLSP). 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 | FLSP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.36 | ||
| Sortino ratioReturn per unit of downside risk | -4.96 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.34 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 4.42 | -5.37 |
| Martin ratioReturn relative to average drawdown | -1.42 | 12.79 | -14.21 |
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Drawdowns
YCL vs. FLSP - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.33%, which is greater than FLSP's maximum drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for YCL and FLSP.
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Drawdown Indicators
| YCL | FLSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.33% | -22.75% | -65.58% |
Max Drawdown (1Y)Largest decline over 1 year | -24.37% | -4.03% | -20.34% |
Max Drawdown (3Y)Largest decline over 3 years | -40.85% | -6.69% | -34.16% |
Max Drawdown (5Y)Largest decline over 5 years | -66.72% | -9.52% | -57.20% |
Max Drawdown (10Y)Largest decline over 10 years | -77.08% | — | — |
Current DrawdownCurrent decline from peak | -88.33% | -0.32% | -88.01% |
Average DrawdownAverage peak-to-trough decline | -53.19% | -6.26% | -46.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.23% | 1.39% | +14.84% |
Volatility
YCL vs. FLSP - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 1.36%, while Franklin Liberty Systematic Style Premia ETF (FLSP) has a volatility of 1.61%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than FLSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | FLSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.61% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 11.31% | 6.75% | +4.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.47% | 9.11% | +7.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.50% | 13.35% | +7.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.59% | 13.48% | +5.11% |
YCL vs. FLSP - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is higher than FLSP's 0.65% expense ratio.
Dividends
YCL vs. FLSP - Dividend Comparison
YCL has not paid dividends to shareholders, while FLSP's dividend yield for the trailing twelve months is around 2.57%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FLSP Franklin Liberty Systematic Style Premia ETF | 2.57% | 2.65% | 1.18% | 1.19% | 2.18% | 1.19% | 8.08% |
YCL ProShares Ultra Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
YCL and FLSP have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLSP has higher volatility (1.61%) compared to YCL (1.36%). In terms of maximum drawdown, YCL dropped -88.33% vs FLSP's -22.75%.
On 5-year performance, FLSP leads with 8.78% vs -19.46% for YCL. On fees, FLSP is cheaper at 0.65% 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.
Over the 5-year period, FLSP has performed better with a 8.78% return vs -19.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLSP is cheaper with a 0.65% expense ratio, compared with 0.95% for YCL.
FLSP has the higher dividend yield at 2.57%, compared with 0.00% for YCL.
YCL is categorized as Leveraged Currency, while FLSP is Long-Short. They also come from different issuers: ProShares and Franklin Templeton. Their fees differ too: 0.95% for YCL and 0.65% for FLSP.
FLSP currently has the higher Sharpe Ratio (1.96 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.
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