YCL vs. IQQQ

Last updated Jul 14, 2026

YCL (ProShares Ultra Yen) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, YCL returned -21.77% vs 25.95% for IQQQ. At a correlation of -0.05, they often move in opposite directions. YCL charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

YCL vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Yen (YCL) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YCL achieves a -8.97% return, which is significantly lower than IQQQ's 13.67% return.

YCL

• 1D: -0.88%
• 1M: -2.80%
• 6M: -7.23%
• YTD: -8.97%
• 1Y: -21.77%
• 3Y*: -16.23%
• 5Y*: -19.78%
• 10Y*: -12.94%

IQQQ

• 1D: -1.84%
• 1M: -1.65%
• 6M: 11.37%
• YTD: 13.67%
• 1Y: 25.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YCL vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YCL ProShares Ultra Yen	-8.97%	-6.34%	-13.70%
IQQQ ProShares Nasdaq-100 High Income ETF	13.67%	17.11%	14.82%

Correlation

The correlation between YCL and IQQQ is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	-0.05

The correlation between YCL and IQQQ shifts across timeframes, from -0.05 (all time) to 0.10 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

YCL vs. IQQQ — 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: 1
YCL Calmar Ratio Rank: 1
YCL Martin Ratio Rank: 1

IQQQ

IQQQ Risk / Return Rank: 54
IQQQ Sharpe Ratio Rank: 55
IQQQ Sortino Ratio Rank: 50
IQQQ Omega Ratio Rank: 51
IQQQ Calmar Ratio Rank: 59
IQQQ Martin Ratio Rank: 57

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. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.34	1.48	-2.83
Sortino ratio: Return per unit of downside risk	-2.09	1.99	-4.07
Omega ratio: Gain probability vs. loss probability	0.78	1.26	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.96	2.34	-3.31
Martin ratio: Return relative to average drawdown	-1.53	7.74	-9.27

YCL vs. IQQQ - Sharpe Ratio Comparison

The current YCL Sharpe Ratio is -1.34, which is lower than the IQQQ Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of YCL and IQQQ, 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. IQQQ - Drawdown Comparison

The maximum YCL drawdown since its inception was -88.56%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for YCL and IQQQ.

Drawdown Indicators

	YCL	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-88.56%	-20.41%	-68.15%
Max Drawdown (1Y) Largest decline over 1 year	-22.69%	-11.13%	-11.56%
Max Drawdown (3Y) Largest decline over 3 years	-41.33%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-67.35%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-77.51%	—	—
Current Drawdown Current decline from peak	-88.54%	-4.54%	-84.00%
Average Drawdown Average peak-to-trough decline	-53.31%	-3.63%	-49.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.25%	3.36%	+10.89%

Volatility

YCL vs. IQQQ - Volatility Comparison

The current volatility for ProShares Ultra Yen (YCL) is 3.15%, while ProShares Nasdaq-100 High Income ETF (IQQQ) has a volatility of 7.78%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YCL	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.15%	7.78%	-4.63%
Volatility (6M) Calculated over the trailing 6-month period	11.18%	14.34%	-3.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.30%	17.62%	-1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.52%	19.16%	+1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	19.16%	-0.84%

YCL vs. IQQQ - Expense Ratio Comparison

YCL has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

YCL vs. IQQQ - Dividend Comparison

YCL has not paid dividends to shareholders, while IQQQ's dividend yield for the trailing twelve months is around 5.25%.

Position	TTM	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	5.25%	10.34%	7.27%
YCL ProShares Ultra Yen	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both YCL and IQQQ in my portfolio?

YCL and IQQQ have a correlation of 0.10, 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 IQQQ?

IQQQ has higher volatility (7.78%) compared to YCL (3.15%). In terms of maximum drawdown, YCL dropped -88.56% vs IQQQ's -20.41%.

Which ETF is better, YCL or IQQQ?

On 1-year performance, IQQQ leads with 25.95% vs -21.77% for YCL. On fees, IQQQ is cheaper at 0.55% per year. On volatility, YCL has been the lower-risk option at 3.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YCL or IQQQ?

Over the 1-year period, IQQQ has performed better with a 25.95% return vs -21.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YCL or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for YCL.

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

IQQQ has the higher dividend yield at 5.25%, compared with 0.00% for YCL.

What is the main difference between YCL and IQQQ?

YCL is categorized as Leveraged Currency, while IQQQ is Nasdaq-100. YCL tracks USD/JPY Exchange Rate (-200%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for YCL and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.48 vs -1.34), 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.