YCL vs. SLV

Last updated Jun 23, 2026

YCL (ProShares Ultra Yen) and SLV (iShares Silver Trust) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, YCL returned -13.39%/yr vs 13.31%/yr for SLV. At a 0.23 correlation, their price movements are largely independent. YCL charges 0.95%/yr vs 0.50%/yr for SLV.

Performance

YCL vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Yen (YCL) and iShares Silver Trust (SLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YCL achieves a -7.76% return, which is significantly higher than SLV's -8.55% return. Over the past 10 years, YCL has underperformed SLV with an annualized return of -13.39%, while SLV has yielded a comparatively higher 13.31% annualized return.

YCL

• 1D: -0.49%
• 1M: -3.19%
• YTD: -7.76%
• 6M: -7.91%
• 1Y: -22.35%
• 3Y*: -14.02%
• 5Y*: -19.29%
• 10Y*: -13.39%

SLV

• 1D: -1.01%
• 1M: -13.82%
• YTD: -8.55%
• 6M: -5.70%
• 1Y: 80.04%
• 3Y*: 41.99%
• 5Y*: 19.74%
• 10Y*: 13.31%

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

YCL vs. SLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
YCL ProShares Ultra Yen	-7.76%	-6.34%	-25.97%	-20.46%	-26.92%	-20.94%	7.16%	-2.99%	0.17%	3.48%
SLV iShares Silver Trust	-8.55%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%

Correlation

The correlation between YCL and SLV is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008	0.23

The correlation between YCL and SLV shifts across timeframes, from 0.19 (3 years) to 0.29 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

YCL vs. SLV — 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: 2

SLV

SLV Risk / Return Rank: 36
SLV Sharpe Ratio Rank: 38
SLV Sortino Ratio Rank: 33
SLV Omega Ratio Rank: 44
SLV Calmar Ratio Rank: 36
SLV Martin Ratio Rank: 28

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. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and iShares Silver Trust (SLV). 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	SLV	Difference
Sharpe ratio: Return per unit of total volatility	-1.37	1.34	-2.71
Sortino ratio: Return per unit of downside risk	-2.11	1.69	-3.80
Omega ratio: Gain probability vs. loss probability	0.77	1.28	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.91	1.77	-2.68
Martin ratio: Return relative to average drawdown	-1.37	3.70	-5.07

YCL vs. SLV - Sharpe Ratio Comparison

The current YCL Sharpe Ratio is -1.37, which is lower than the SLV Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of YCL and SLV, 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. SLV - Drawdown Comparison

The maximum YCL drawdown since its inception was -88.39%, which is greater than SLV's maximum drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for YCL and SLV.

Drawdown Indicators

	YCL	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-88.39%	-76.28%	-12.11%
Max Drawdown (1Y) Largest decline over 1 year	-24.74%	-45.40%	+20.66%
Max Drawdown (3Y) Largest decline over 3 years	-41.14%	-45.40%	+4.26%
Max Drawdown (5Y) Largest decline over 5 years	-66.88%	-45.40%	-21.48%
Max Drawdown (10Y) Largest decline over 10 years	-77.19%	-45.40%	-31.79%
Current Drawdown Current decline from peak	-88.39%	-44.21%	-44.18%
Average Drawdown Average peak-to-trough decline	-53.20%	-44.65%	-8.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.31%	21.70%	-5.39%

Volatility

YCL vs. SLV - Volatility Comparison

The current volatility for ProShares Ultra Yen (YCL) is 1.29%, while iShares Silver Trust (SLV) has a volatility of 13.67%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YCL	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	13.67%	-12.38%
Volatility (6M) Calculated over the trailing 6-month period	11.22%	59.03%	-47.81%
Volatility (1Y) Calculated over the trailing 1-year period	16.46%	60.18%	-43.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.51%	36.51%	-16.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.57%	32.05%	-13.48%

YCL vs. SLV - Expense Ratio Comparison

YCL has a 0.95% expense ratio, which is higher than SLV's 0.50% expense ratio.

Dividends

YCL vs. SLV - Dividend Comparison

Neither YCL nor SLV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both YCL and SLV in my portfolio?

YCL and SLV have a correlation of 0.19, 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 SLV?

SLV has higher volatility (13.67%) compared to YCL (1.29%). In terms of maximum drawdown, YCL dropped -88.39% vs SLV's -76.28%.

Which ETF is better, YCL or SLV?

On 10-year performance, SLV leads with 13.31% vs -13.39% for YCL. On fees, SLV is cheaper at 0.50% per year. On volatility, YCL has been the lower-risk option at 1.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YCL or SLV?

Over the 10-year period, SLV has performed better with a 13.31% return vs -13.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YCL or SLV?

SLV is cheaper with a 0.50% expense ratio, compared with 0.95% for YCL.

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

YCL and SLV have nearly identical dividend yields, around 0.00%.

What is the main difference between YCL and SLV?

YCL is categorized as Leveraged Currency, while SLV is Silver. YCL tracks USD/JPY Exchange Rate (-200%), while SLV tracks LBMA Silver Price. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for YCL and 0.50% for SLV.

Which has better risk-adjusted returns?

SLV currently has the higher Sharpe Ratio (1.34 vs -1.37), 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.