YCL vs. QLD
YCL (ProShares Ultra Yen) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, YCL returned -12.94%/yr vs 34.28%/yr for QLD. At a correlation of -0.15, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
YCL vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, YCL achieves a -8.97% return, which is significantly lower than QLD's 28.12% return. Over the past 10 years, YCL has underperformed QLD with an annualized return of -12.94%, while QLD has yielded a comparatively higher 34.28% annualized 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%
QLD
- 1D
- -3.81%
- 1M
- -3.42%
- 6M
- 23.12%
- YTD
- 28.12%
- 1Y
- 52.34%
- 3Y*
- 39.12%
- 5Y*
- 19.39%
- 10Y*
- 34.28%
YCL vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -8.97% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
QLD ProShares Ultra QQQ | 28.12% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between YCL and QLD is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008 | -0.15 |
The correlation between YCL and QLD shifts across timeframes, from -0.15 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. QLD — Risk / Return Rank
YCL
QLD
YCL vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and ProShares Ultra QQQ (QLD). 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 | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.76 | ||
| Sortino ratioReturn per unit of downside risk | -3.99 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.25 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.09 | -3.06 |
| Martin ratioReturn relative to average drawdown | -1.53 | 6.85 | -8.38 |
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Drawdowns
YCL vs. QLD - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.56%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for YCL and QLD.
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Drawdown Indicators
| YCL | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.56% | -83.13% | -5.43% |
Max Drawdown (1Y)Largest decline over 1 year | -22.69% | -25.13% | +2.44% |
Max Drawdown (3Y)Largest decline over 3 years | -41.33% | -42.29% | +0.96% |
Max Drawdown (5Y)Largest decline over 5 years | -67.35% | -63.68% | -3.67% |
Max Drawdown (10Y)Largest decline over 10 years | -77.51% | -63.68% | -13.83% |
Current DrawdownCurrent decline from peak | -88.54% | -10.29% | -78.25% |
Average DrawdownAverage peak-to-trough decline | -53.31% | -18.11% | -35.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.25% | 7.66% | +6.59% |
Volatility
YCL vs. QLD - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 3.15%, while ProShares Ultra QQQ (QLD) has a volatility of 17.17%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.15% | 17.17% | -14.02% |
Volatility (6M)Calculated over the trailing 6-month period | 11.18% | 30.63% | -19.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.30% | 37.07% | -20.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.52% | 45.56% | -25.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.32% | 44.86% | -26.54% |
YCL vs. QLD - Expense Ratio Comparison
Both YCL and QLD have an expense ratio of 0.95%.
Dividends
YCL vs. QLD - Dividend Comparison
YCL has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.13%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.13% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
YCL ProShares Ultra Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
YCL and QLD have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (17.17%) compared to YCL (3.15%). In terms of maximum drawdown, YCL dropped -88.56% vs QLD's -83.13%.
On 10-year performance, QLD leads with 34.28% vs -12.94% for YCL. Both ETFs have the same 0.95% expense ratio. 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.
Over the 10-year period, QLD has performed better with a 34.28% return vs -12.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YCL and QLD have the same expense ratio: 0.95% per year.
QLD has the higher dividend yield at 0.13%, compared with 0.00% for YCL.
YCL is categorized as Leveraged Currency, while QLD is Leveraged Equities. YCL tracks USD/JPY Exchange Rate (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (1.42 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.
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