YCL vs. FXY
YCL (ProShares Ultra Yen) and FXY (Invesco CurrencyShares® Japanese Yen Trust) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while FXY is a Currency fund tracking the Japanese Yen. Both are passively managed. Over the past 10 years, YCL returned -13.42%/yr vs -4.95%/yr for FXY. Their correlation of 0.93 means they have usually moved in the same direction. YCL charges 0.95%/yr vs 0.40%/yr for FXY.
Performance
YCL vs. FXY - 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 FXY's -1.72% return. Over the past 10 years, YCL has underperformed FXY with an annualized return of -13.42%, while FXY has yielded a comparatively higher -4.95% 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%
FXY
- 1D
- 0.14%
- 1M
- 1.25%
- 6M
- -2.96%
- YTD
- -1.72%
- 1Y
- -7.64%
- 3Y*
- -3.84%
- 5Y*
- -7.64%
- 10Y*
- -4.95%
- ALL TIME*
- -1.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $25.81M | $16.82M | $12.69M | |
| $965.32K | $858.06K | $714.31K |
YCL vs. FXY - 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% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -1.72% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
Correlation
The correlation between YCL and FXY is 0.95, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008 | 0.93 |
The correlation between YCL and FXY has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
YCL vs. FXY — Risk / Return Rank
YCL
FXY
YCL vs. FXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and Invesco CurrencyShares® Japanese Yen Trust (FXY). 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 | FXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.89 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | -0.52 | -0.13 |
| Martin ratioReturn relative to average drawdown | -1.03 | -0.84 | -0.19 |
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Drawdowns
YCL vs. FXY - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.74%, which is greater than FXY's maximum drawdown of -56.95%. Use the drawdown chart below to compare losses from any high point for YCL and FXY.
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Drawdown Indicators
| YCL | FXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.74% | -56.95% | -31.79% |
Max Drawdown (1Y)Largest decline over 1 year | -23.28% | -10.86% | -12.42% |
Max Drawdown (3Y)Largest decline over 3 years | -39.44% | -14.91% | -24.53% |
Max Drawdown (5Y)Largest decline over 5 years | -67.87% | -35.11% | -32.76% |
Max Drawdown (10Y)Largest decline over 10 years | -77.87% | -42.08% | -35.79% |
Current DrawdownCurrent decline from peak | -88.15% | -55.68% | -32.47% |
Average DrawdownAverage peak-to-trough decline | -53.42% | -27.96% | -25.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.60% | 6.67% | +7.93% |
Volatility
YCL vs. FXY - Volatility Comparison
ProShares Ultra Yen (YCL) has a higher volatility of 5.60% compared to Invesco CurrencyShares® Japanese Yen Trust (FXY) at 3.00%. This indicates that YCL's price experiences larger fluctuations and is considered to be riskier than FXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | FXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 3.00% | +2.60% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 5.52% | +5.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.66% | 8.30% | +8.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.60% | 10.29% | +10.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 9.13% | +9.07% |
YCL vs. FXY - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is higher than FXY's 0.40% expense ratio.
Dividends
YCL vs. FXY - Dividend Comparison
Neither YCL nor FXY has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, YCL and FXY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
YCL has higher volatility (5.60%) compared to FXY (3.00%). In terms of maximum drawdown, YCL dropped -88.74% vs FXY's -56.95%.
On 10-year performance, FXY leads with -4.95% vs -13.42% for YCL. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXY has performed better with a -4.95% return vs -13.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY is cheaper with a 0.40% expense ratio, compared with 0.95% for YCL.
YCL and FXY have nearly identical dividend yields, around 0.00%.
YCL is categorized as Leveraged Currency, while FXY is Currency. YCL tracks USD/JPY Exchange Rate (-200%), while FXY tracks Japanese Yen. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for YCL and 0.40% for FXY.
FXY currently has the higher Sharpe Ratio (-0.68 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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