YCL vs. SQQQ
YCL (ProShares Ultra Yen) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, YCL returned -12.51%/yr vs -56.04%/yr for SQQQ. At a 0.14 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
YCL vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, YCL achieves a -5.83% return, which is significantly higher than SQQQ's -45.68% return. Over the past 10 years, YCL has outperformed SQQQ with an annualized return of -12.51%, while SQQQ has yielded a comparatively lower -56.04% annualized return.
YCL
- 1D
- -0.34%
- 1M
- -3.82%
- YTD
- -5.83%
- 6M
- -7.72%
- 1Y
- -24.77%
- 3Y*
- -15.08%
- 5Y*
- -19.19%
- 10Y*
- -12.51%
SQQQ
- 1D
- -1.36%
- 1M
- -26.50%
- YTD
- -45.68%
- 6M
- -43.61%
- 1Y
- -66.23%
- 3Y*
- -56.30%
- 5Y*
- -49.79%
- 10Y*
- -56.04%
YCL vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -5.83% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
SQQQ ProShares UltraPro Short QQQ | -45.68% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between YCL and SQQQ 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 | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | 0.14 |
The correlation between YCL and SQQQ shifts across timeframes, from -0.14 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. SQQQ — Risk / Return Rank
YCL
SQQQ
YCL vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and ProShares UltraPro Short QQQ (SQQQ). 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.
| YCL | SQQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.48 | -1.39 | -0.09 |
Sortino ratioReturn per unit of downside risk | -2.30 | -2.71 | +0.41 |
Omega ratioGain probability vs. loss probability | 0.76 | 0.72 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | -0.95 | -1.01 | +0.06 |
Martin ratioReturn relative to average drawdown | -1.40 | -1.86 | +0.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| YCL | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.48 | -1.39 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.94 | -0.75 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | -0.85 | +0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | -0.88 | +0.37 |
Drawdowns
YCL vs. SQQQ - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.15%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for YCL and SQQQ.
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Drawdown Indicators
| YCL | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -100.00% | +11.85% |
Max Drawdown (1Y)Largest decline over 1 year | -24.55% | -65.95% | +41.40% |
Max Drawdown (3Y)Largest decline over 3 years | -39.91% | -92.38% | +52.47% |
Max Drawdown (5Y)Largest decline over 5 years | -66.19% | -97.23% | +31.04% |
Max Drawdown (10Y)Largest decline over 10 years | -76.71% | -99.98% | +23.27% |
Current DrawdownCurrent decline from peak | -88.15% | -100.00% | +11.85% |
Average DrawdownAverage peak-to-trough decline | -53.11% | -92.40% | +39.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.96% | 35.95% | -18.99% |
Volatility
YCL vs. SQQQ - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 2.72%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.72%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 13.72% | -11.00% |
Volatility (6M)Calculated over the trailing 6-month period | 11.63% | 36.46% | -24.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.88% | 47.82% | -30.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.53% | 66.66% | -46.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 66.12% | -47.51% |
YCL vs. SQQQ - Expense Ratio Comparison
Both YCL and SQQQ have an expense ratio of 0.95%.
Dividends
YCL vs. SQQQ - Dividend Comparison
YCL has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 12.57%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 12.57% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
YCL ProShares Ultra Yen | 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 SQQQ 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.
SQQQ has higher volatility (13.72%) compared to YCL (2.72%). In terms of maximum drawdown, YCL dropped -88.15% vs SQQQ's -100.00%.
On 10-year performance, YCL leads with -12.51% vs -56.04% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, YCL has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YCL has performed better with a -12.51% return vs -56.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YCL and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 12.57%, compared with 0.00% for YCL.
YCL is categorized as Leveraged Currency, while SQQQ is Leveraged Equities. YCL tracks USD/JPY Exchange Rate (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
SQQQ currently has the higher Sharpe Ratio (-1.39 vs -1.48), 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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