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 3.66%/yr for SGOV. Their -0.02 correlation means they have often moved in opposite directions in the past. 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 -5.82% return, which is significantly lower than SGOV's 2.11% 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%
SGOV
- 1D
- 0.02%
- 1M
- 0.27%
- 6M
- 1.81%
- YTD
- 2.11%
- 1Y
- 3.83%
- 3Y*
- 4.64%
- 5Y*
- 3.66%
- 10Y*
- —
- ALL TIME*
- 2.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.83B | $1.81B | $2.03B | |
| $965.32K | $858.06K | $714.31K |
YCL vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -5.82% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.46% |
SGOV iShares 0-3 Month Treasury Bond ETF | 2.11% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between YCL and SGOV is -0.10, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.10 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | -0.02 |
The correlation between YCL and SGOV shifts across timeframes, from -0.10 (1 year) to 0.02 (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 | -21.69 | ||
| Sortino ratioReturn per unit of downside risk | -383.21 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 382.06 | -381.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 389.90 | -390.55 |
| Martin ratioReturn relative to average drawdown | -1.03 | 6,177.21 | -6,178.24 |
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Drawdowns
YCL vs. SGOV - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.74%, 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 | -88.74% | -0.03% | -88.71% |
Max Drawdown (1Y)Largest decline over 1 year | -23.28% | -0.01% | -23.27% |
Max Drawdown (3Y)Largest decline over 3 years | -39.44% | -0.01% | -39.43% |
Max Drawdown (5Y)Largest decline over 5 years | -67.75% | -0.03% | -67.72% |
Max Drawdown (10Y)Largest decline over 10 years | -77.87% | — | — |
Current DrawdownCurrent decline from peak | -88.15% | 0.00% | -88.15% |
Average DrawdownAverage peak-to-trough decline | -53.42% | 0.00% | -53.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.60% | 0.00% | +14.60% |
Volatility
YCL vs. SGOV - Volatility Comparison
ProShares Ultra Yen (YCL) has a higher volatility of 5.60% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. 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 | 5.60% | 0.05% | +5.55% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 0.13% | +10.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.66% | 0.19% | +16.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.60% | 0.24% | +20.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 0.23% | +17.97% |
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 3.79%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 3.43% | 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 -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCL has higher volatility (5.60%) compared to SGOV (0.05%). In terms of maximum drawdown, YCL dropped -88.74% vs SGOV's -0.03%.
On 5-year performance, SGOV leads with 3.66% 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 0.05%. 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 3.66% 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 3.43%, 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 (20.78 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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