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 -13.39%/yr vs -4.97%/yr for FXY. Their correlation of 0.93 suggests significant overlap in exposure. 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 -7.76% return, which is significantly lower than FXY's -3.20% return. Over the past 10 years, YCL has underperformed FXY with an annualized return of -13.39%, while FXY has yielded a comparatively higher -4.97% annualized return.
YCL
- 1D
- -0.49%
- 1M
- -3.19%
- YTD
- -7.76%
- 6M
- -7.91%
- 1Y
- -22.35%
- 3Y*
- -14.02%
- 5Y*
- -19.29%
- 10Y*
- -13.39%
FXY
- 1D
- -0.11%
- 1M
- -1.58%
- YTD
- -3.20%
- 6M
- -3.04%
- 1Y
- -9.89%
- 3Y*
- -4.26%
- 5Y*
- -7.71%
- 10Y*
- -4.97%
YCL vs. FXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -7.76% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.20% | 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 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.81 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.87 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.37 | -1.33 | -0.05 |
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Drawdowns
YCL vs. FXY - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.39%, which is greater than FXY's maximum drawdown of -56.35%. 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 | -88.39% | -56.35% | -32.04% |
Max Drawdown (1Y)Largest decline over 1 year | -24.74% | -11.45% | -13.29% |
Max Drawdown (3Y)Largest decline over 3 years | -41.14% | -15.73% | -25.41% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -34.19% | -32.69% |
Max Drawdown (10Y)Largest decline over 10 years | -77.19% | -41.27% | -35.92% |
Current DrawdownCurrent decline from peak | -88.39% | -56.35% | -32.04% |
Average DrawdownAverage peak-to-trough decline | -53.20% | -27.80% | -25.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.31% | 7.47% | +8.84% |
Volatility
YCL vs. FXY - Volatility Comparison
ProShares Ultra Yen (YCL) has a higher volatility of 1.29% compared to Invesco CurrencyShares® Japanese Yen Trust (FXY) at 0.78%. 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 | 1.29% | 0.78% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 11.22% | 5.61% | +5.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.46% | 8.20% | +8.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.51% | 10.24% | +10.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.57% | 9.30% | +9.27% |
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 0.96, 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 (1.29%) compared to FXY (0.78%). In terms of maximum drawdown, YCL dropped -88.39% vs FXY's -56.35%.
On 10-year performance, FXY leads with -4.97% vs -13.39% for YCL. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 0.78%. 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 -4.97% return vs -13.39%. 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 (-1.21 vs -1.37), 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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