YCL vs. GSG
YCL (ProShares Ultra Yen) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, YCL returned -12.89%/yr vs 7.61%/yr for GSG. At a correlation of -0.08, they often move in opposite directions. YCL charges 0.95%/yr vs 0.75%/yr for GSG.
Performance
YCL vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, YCL achieves a -9.05% return, which is significantly lower than GSG's 33.95% return. Over the past 10 years, YCL has underperformed GSG with an annualized return of -12.89%, while GSG has yielded a comparatively higher 7.61% annualized return.
YCL
- 1D
- -0.31%
- 1M
- -2.60%
- 6M
- -6.65%
- YTD
- -9.05%
- 1Y
- -21.28%
- 3Y*
- -16.28%
- 5Y*
- -19.77%
- 10Y*
- -12.89%
GSG
- 1D
- -0.93%
- 1M
- 4.15%
- 6M
- 29.74%
- YTD
- 33.95%
- 1Y
- 37.41%
- 3Y*
- 15.32%
- 5Y*
- 14.20%
- 10Y*
- 7.61%
YCL vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -9.05% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between YCL and GSG is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008 | -0.08 |
The correlation between YCL and GSG shifts across timeframes, from -0.23 (1 year) to -0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. GSG — Risk / Return Rank
YCL
GSG
YCL vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.92 | ||
| Sortino ratioReturn per unit of downside risk | -4.25 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.29 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.00 | -2.94 |
| Martin ratioReturn relative to average drawdown | -1.47 | 6.66 | -8.13 |
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Drawdowns
YCL vs. GSG - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.56%, roughly equal to the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for YCL and GSG.
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Drawdown Indicators
| YCL | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.56% | -89.62% | +1.06% |
Max Drawdown (1Y)Largest decline over 1 year | -22.69% | -18.81% | -3.88% |
Max Drawdown (3Y)Largest decline over 3 years | -41.33% | -18.81% | -22.52% |
Max Drawdown (5Y)Largest decline over 5 years | -67.35% | -29.12% | -38.23% |
Max Drawdown (10Y)Largest decline over 10 years | -77.51% | -57.64% | -19.87% |
Current DrawdownCurrent decline from peak | -88.55% | -59.56% | -28.99% |
Average DrawdownAverage peak-to-trough decline | -53.33% | -63.68% | +10.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.46% | 5.63% | +8.83% |
Volatility
YCL vs. GSG - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 3.03%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.03% | 7.17% | -4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 11.08% | 21.54% | -10.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.21% | 23.48% | -7.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.51% | 22.80% | -2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.31% | 22.00% | -3.69% |
YCL vs. GSG - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
YCL vs. GSG - Dividend Comparison
Neither YCL nor GSG has paid dividends to shareholders.
Frequently Asked Questions
YCL and GSG have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.17%) compared to YCL (3.03%). In terms of maximum drawdown, YCL dropped -88.56% vs GSG's -89.62%.
On 10-year performance, GSG leads with 7.61% vs -12.89% for YCL. On fees, GSG is cheaper at 0.75% per year. On volatility, YCL has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSG has performed better with a 7.61% return vs -12.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.95% for YCL.
YCL and GSG have nearly identical dividend yields, around 0.00%.
YCL is categorized as Leveraged Currency, while GSG is Commodities. YCL tracks USD/JPY Exchange Rate (-200%), while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for YCL and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs -1.32), 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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