YCL vs. SGOV
YCL (ProShares Ultra Yen) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, YCL returned -19.30%/yr vs 3.58%/yr for SGOV. At a correlation of -0.03, they often move in opposite directions. YCL charges 0.95%/yr vs 0.09%/yr for SGOV.
Performance
YCL vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, YCL achieves a -7.56% return, which is significantly lower than SGOV's 1.71% return.
YCL
- 1D
- 0.22%
- 1M
- -2.97%
- YTD
- -7.56%
- 6M
- -8.37%
- 1Y
- -22.14%
- 3Y*
- -13.96%
- 5Y*
- -19.30%
- 10Y*
- -13.37%
SGOV
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.71%
- 6M
- 1.80%
- 1Y
- 3.92%
- 3Y*
- 4.68%
- 5Y*
- 3.58%
- 10Y*
- —
YCL vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -7.56% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.46% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.71% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between YCL and SGOV is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | -0.03 |
The correlation between YCL and SGOV shifts across timeframes, from -0.14 (1 year) to 0.01 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. SGOV — Risk / Return Rank
YCL
SGOV
YCL vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -21.68 | ||
| Sortino ratioReturn per unit of downside risk | -275.65 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 194.05 | -193.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 395.07 | -395.97 |
| Martin ratioReturn relative to average drawdown | -1.35 | 4,426.92 | -4,428.28 |
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Drawdowns
YCL vs. SGOV - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.39%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for YCL and SGOV.
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Drawdown Indicators
| YCL | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.39% | -0.03% | -88.36% |
Max Drawdown (1Y)Largest decline over 1 year | -24.74% | -0.01% | -24.73% |
Max Drawdown (3Y)Largest decline over 3 years | -41.14% | -0.01% | -41.13% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -0.03% | -66.85% |
Max Drawdown (10Y)Largest decline over 10 years | -77.19% | — | — |
Current DrawdownCurrent decline from peak | -88.37% | 0.00% | -88.37% |
Average DrawdownAverage peak-to-trough decline | -53.21% | -0.00% | -53.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.38% | 0.00% | +16.38% |
Volatility
YCL vs. SGOV - Volatility Comparison
ProShares Ultra Yen (YCL) has a higher volatility of 1.35% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that YCL's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 0.06% | +1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 11.23% | 0.13% | +11.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.43% | 0.19% | +16.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.51% | 0.24% | +20.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.45% | 0.24% | +18.21% |
YCL vs. SGOV - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
YCL vs. SGOV - Dividend Comparison
YCL has not paid dividends to shareholders, while SGOV's dividend yield for the trailing twelve months is around 3.85%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
YCL ProShares Ultra Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
YCL and SGOV have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCL has higher volatility (1.35%) compared to SGOV (0.06%). In terms of maximum drawdown, YCL dropped -88.39% vs SGOV's -0.03%.
On 5-year performance, SGOV leads with 3.58% vs -19.30% for YCL. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SGOV has performed better with a 3.58% return vs -19.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.95% for YCL.
SGOV has the higher dividend yield at 3.85%, compared with 0.00% for YCL.
YCL is categorized as Leveraged Currency, while SGOV is Ultrashort Bond. YCL tracks USD/JPY Exchange Rate (-200%), while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for YCL and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.32 vs -1.35), 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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