YCL vs. SPY
YCL (ProShares Ultra Yen) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, YCL returned -13.42%/yr vs 15.07%/yr for SPY. Their -0.18 correlation means they have often moved in opposite directions in the past. YCL charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
YCL vs. SPY - 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 SPY's 10.13% return. Over the past 10 years, YCL has underperformed SPY with an annualized return of -13.42%, while SPY has yielded a comparatively higher 15.07% 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%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $37.27B | $35.99B | $39.23B | |
| $965.32K | $858.06K | $714.31K |
YCL vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between YCL and SPY is 0.19, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.19 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008 | -0.18 |
The correlation between YCL and SPY shifts across timeframes, from -0.18 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. SPY — Risk / Return Rank
YCL
SPY
YCL vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.43 | ||
| Sortino ratioReturn per unit of downside risk | -3.51 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.27 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 2.20 | -2.85 |
| Martin ratioReturn relative to average drawdown | -1.03 | 9.40 | -10.43 |
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Drawdowns
YCL vs. SPY - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.74%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for YCL and SPY.
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Drawdown Indicators
| YCL | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.74% | -55.19% | -33.55% |
Max Drawdown (1Y)Largest decline over 1 year | -23.28% | -8.88% | -14.40% |
Max Drawdown (3Y)Largest decline over 3 years | -39.44% | -18.76% | -20.68% |
Max Drawdown (5Y)Largest decline over 5 years | -67.75% | -24.50% | -43.25% |
Max Drawdown (10Y)Largest decline over 10 years | -77.87% | -33.72% | -44.15% |
Current DrawdownCurrent decline from peak | -88.15% | -1.40% | -86.75% |
Average DrawdownAverage peak-to-trough decline | -53.42% | -9.01% | -44.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.60% | 2.08% | +12.52% |
Volatility
YCL vs. SPY - Volatility Comparison
ProShares Ultra Yen (YCL) has a higher volatility of 5.60% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that YCL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 3.58% | +2.02% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 10.14% | +0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.66% | 12.89% | +3.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.60% | 17.18% | +3.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 17.95% | +0.25% |
YCL vs. SPY - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
YCL vs. SPY - Dividend Comparison
YCL has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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 SPY 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.
YCL has higher volatility (5.60%) compared to SPY (3.58%). In terms of maximum drawdown, YCL dropped -88.74% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.07% vs -13.42% for YCL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.07% return vs -13.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for YCL.
SPY has the higher dividend yield at 1.01%, compared with 0.00% for YCL.
YCL is categorized as Leveraged Currency, while SPY is S&P 500. YCL tracks USD/JPY Exchange Rate (-200%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for YCL and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 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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