YCL vs. TQQQ
YCL (ProShares Ultra Yen) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while TQQQ 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 45.44%/yr for TQQQ. At a correlation of -0.14, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
YCL vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, YCL achieves a -5.83% return, which is significantly lower than TQQQ's 65.71% return. Over the past 10 years, YCL has underperformed TQQQ with an annualized return of -12.51%, while TQQQ has yielded a comparatively higher 45.44% 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%
TQQQ
- 1D
- 1.37%
- 1M
- 33.57%
- YTD
- 65.71%
- 6M
- 58.23%
- 1Y
- 145.30%
- 3Y*
- 69.92%
- 5Y*
- 29.86%
- 10Y*
- 45.44%
YCL vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 65.71% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between YCL and TQQQ is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
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 TQQQ shifts across timeframes, from -0.14 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. TQQQ — Risk / Return Rank
YCL
TQQQ
YCL vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.48 | 3.07 | -4.55 |
Sortino ratioReturn per unit of downside risk | -2.30 | 3.19 | -5.49 |
Omega ratioGain probability vs. loss probability | 0.76 | 1.42 | -0.66 |
Calmar ratioReturn relative to maximum drawdown | -0.95 | 4.08 | -5.04 |
Martin ratioReturn relative to average drawdown | -1.40 | 13.38 | -14.77 |
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 | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.48 | 3.07 | -4.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.94 | 0.45 | -1.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.69 | -1.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | 0.74 | -1.24 |
Drawdowns
YCL vs. TQQQ - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.15%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for YCL and TQQQ.
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Drawdown Indicators
| YCL | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -81.66% | -6.49% |
Max Drawdown (1Y)Largest decline over 1 year | -24.55% | -36.97% | +12.42% |
Max Drawdown (3Y)Largest decline over 3 years | -39.91% | -58.04% | +18.13% |
Max Drawdown (5Y)Largest decline over 5 years | -66.19% | -81.66% | +15.47% |
Max Drawdown (10Y)Largest decline over 10 years | -76.71% | -81.66% | +4.95% |
Current DrawdownCurrent decline from peak | -88.15% | 0.00% | -88.15% |
Average DrawdownAverage peak-to-trough decline | -53.11% | -18.53% | -34.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.96% | 11.28% | +5.68% |
Volatility
YCL vs. TQQQ - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 2.72%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.26%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 13.26% | -10.54% |
Volatility (6M)Calculated over the trailing 6-month period | 11.63% | 36.05% | -24.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.88% | 47.63% | -30.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.53% | 66.55% | -46.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 65.98% | -47.37% |
YCL vs. TQQQ - Expense Ratio Comparison
Both YCL and TQQQ have an expense ratio of 0.95%.
Dividends
YCL vs. TQQQ - Dividend Comparison
YCL has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.36% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
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 TQQQ 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.
TQQQ has higher volatility (13.26%) compared to YCL (2.72%). In terms of maximum drawdown, YCL dropped -88.15% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.44% vs -12.51% for YCL. 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, TQQQ has performed better with a 45.44% return vs -12.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YCL and TQQQ have the same expense ratio: 0.95% per year.
TQQQ has the higher dividend yield at 0.36%, compared with 0.00% for YCL.
YCL is categorized as Leveraged Currency, while TQQQ is Leveraged Equities. YCL tracks USD/JPY Exchange Rate (-200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (3.07 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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