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 -13.42%/yr vs 32.56%/yr for QLD. Their -0.15 correlation means they have often moved in opposite directions in the past. 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 -5.82% return, which is significantly lower than QLD's 18.94% return. Over the past 10 years, YCL has underperformed QLD with an annualized return of -13.42%, while QLD has yielded a comparatively higher 32.56% 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%
QLD
- 1D
- 1.20%
- 1M
- -7.66%
- 6M
- 16.78%
- YTD
- 18.94%
- 1Y
- 42.18%
- 3Y*
- 35.01%
- 5Y*
- 17.45%
- 10Y*
- 32.56%
- ALL TIME*
- 24.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $408.78M | $399.91M | $439.78M | |
| $965.32K | $858.06K | $714.31K |
YCL vs. QLD - 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% |
QLD ProShares Ultra QQQ | 18.94% | 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 0.12, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.12 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 0.12 (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 | -1.86 | ||
| Sortino ratioReturn per unit of downside risk | -2.83 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.18 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 1.46 | -2.11 |
| Martin ratioReturn relative to average drawdown | -1.03 | 4.32 | -5.35 |
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Drawdowns
YCL vs. QLD - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.74%, 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 | -88.74% | -83.13% | -5.61% |
Max Drawdown (1Y)Largest decline over 1 year | -23.28% | -25.13% | +1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -39.44% | -42.29% | +2.85% |
Max Drawdown (5Y)Largest decline over 5 years | -67.75% | -63.68% | -4.07% |
Max Drawdown (10Y)Largest decline over 10 years | -77.87% | -63.68% | -14.19% |
Current DrawdownCurrent decline from peak | -88.15% | -16.72% | -71.43% |
Average DrawdownAverage peak-to-trough decline | -53.42% | -18.11% | -35.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.60% | 8.47% | +6.13% |
Volatility
YCL vs. QLD - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 5.60%, while ProShares Ultra QQQ (QLD) has a volatility of 13.69%. 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 | 5.60% | 13.69% | -8.09% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 31.99% | -20.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.66% | 38.62% | -21.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.60% | 45.76% | -25.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 44.97% | -26.77% |
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 0.14%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.14% | 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 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (13.69%) compared to YCL (5.60%). In terms of maximum drawdown, YCL dropped -88.74% vs QLD's -83.13%.
On 10-year performance, QLD leads with 32.56% vs -13.42% for YCL. Both ETFs have the same 0.95% expense ratio. On volatility, YCL has been the lower-risk option at 5.60%. 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 32.56% return vs -13.42%. 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 0.14%, 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 (0.95 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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