YCL vs. SSO
YCL (ProShares Ultra Yen) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, YCL returned -13.42%/yr vs 23.19%/yr for SSO. Their -0.18 correlation means they have often moved in opposite directions in the past. YCL charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
YCL vs. SSO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, YCL achieves a -5.82% return, which is significantly lower than SSO's 16.14% return. Over the past 10 years, YCL has underperformed SSO with an annualized return of -13.42%, while SSO has yielded a comparatively higher 23.19% 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%
SSO
- 1D
- 1.35%
- 1M
- -0.01%
- 6M
- 13.46%
- YTD
- 16.14%
- 1Y
- 37.35%
- 3Y*
- 30.77%
- 5Y*
- 17.16%
- 10Y*
- 23.19%
- ALL TIME*
- 15.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $177.82M | $191.16M | $223.05M | |
| $965.32K | $858.06K | $714.31K |
YCL vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 16.14% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between YCL and SSO is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
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 SSO shifts across timeframes, from -0.18 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
YCL vs. SSO — Risk / Return Rank
YCL
SSO
YCL vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and ProShares Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -3.18 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.23 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 1.81 | -2.46 |
| Martin ratioReturn relative to average drawdown | -1.03 | 7.25 | -8.28 |
Loading charts...
Drawdowns
YCL vs. SSO - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.74%, roughly equal to the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for YCL and SSO.
Loading charts...
Drawdown Indicators
| YCL | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.74% | -84.67% | -4.07% |
Max Drawdown (1Y)Largest decline over 1 year | -23.28% | -18.17% | -5.11% |
Max Drawdown (3Y)Largest decline over 3 years | -39.44% | -35.21% | -4.23% |
Max Drawdown (5Y)Largest decline over 5 years | -67.75% | -46.73% | -21.02% |
Max Drawdown (10Y)Largest decline over 10 years | -77.87% | -59.34% | -18.53% |
Current DrawdownCurrent decline from peak | -88.15% | -4.07% | -84.08% |
Average DrawdownAverage peak-to-trough decline | -53.42% | -19.45% | -33.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.60% | 4.54% | +10.06% |
Volatility
YCL vs. SSO - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 5.60%, while ProShares Ultra S&P500 (SSO) has a volatility of 7.07%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| YCL | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 7.07% | -1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 20.14% | -9.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.66% | 25.63% | -8.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.60% | 33.88% | -13.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 35.91% | -17.71% |
YCL vs. SSO - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
YCL vs. SSO - Dividend Comparison
YCL has not paid dividends to shareholders, while SSO's dividend yield for the trailing twelve months is around 0.67%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 0.67% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
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 SSO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (7.07%) compared to YCL (5.60%). In terms of maximum drawdown, YCL dropped -88.74% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.19% vs -13.42% for YCL. On fees, SSO is cheaper at 0.87% per year. On volatility, YCL has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 23.19% return vs -13.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for YCL.
SSO has the higher dividend yield at 0.67%, compared with 0.00% for YCL.
YCL is categorized as Leveraged Currency, while SSO is Leveraged Equities. YCL tracks USD/JPY Exchange Rate (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for YCL and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.29 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.
Find the right allocation for YCL and SSO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer