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 -13.42%/yr vs 39.46%/yr for TQQQ. Their -0.14 correlation means they have often moved in opposite directions in the past. 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 -5.82% return, which is significantly lower than TQQQ's 23.06% return. Over the past 10 years, YCL has underperformed TQQQ with an annualized return of -13.42%, while TQQQ has yielded a comparatively higher 39.46% 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%
TQQQ
- 1D
- 2.09%
- 1M
- -11.90%
- 6M
- 20.14%
- YTD
- 23.06%
- 1Y
- 56.87%
- 3Y*
- 43.81%
- 5Y*
- 15.36%
- 10Y*
- 39.46%
- ALL TIME*
- 42.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.37B | $4.57B | $5.33B | |
| $965.32K | $858.06K | $714.31K |
YCL vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 23.06% | 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 0.12, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.12 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.14 |
The correlation between YCL and TQQQ shifts across timeframes, from -0.14 (all time) to 0.12 (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.
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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.78 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.17 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 1.29 | -1.94 |
| Martin ratioReturn relative to average drawdown | -1.03 | 3.60 | -4.63 |
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Drawdowns
YCL vs. TQQQ - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.74%, 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 | -88.74% | -81.66% | -7.08% |
Max Drawdown (1Y)Largest decline over 1 year | -23.28% | -36.97% | +13.69% |
Max Drawdown (3Y)Largest decline over 3 years | -39.44% | -58.04% | +18.60% |
Max Drawdown (5Y)Largest decline over 5 years | -67.75% | -81.66% | +13.91% |
Max Drawdown (10Y)Largest decline over 10 years | -77.87% | -81.66% | +3.79% |
Current DrawdownCurrent decline from peak | -88.15% | -25.74% | -62.41% |
Average DrawdownAverage peak-to-trough decline | -53.42% | -18.49% | -34.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.60% | 13.24% | +1.36% |
Volatility
YCL vs. TQQQ - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 5.60%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. 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 | 5.60% | 20.41% | -14.81% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 47.79% | -36.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.66% | 57.62% | -40.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.60% | 68.04% | -47.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 66.57% | -48.37% |
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 0.58%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.58% | 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 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (20.41%) compared to YCL (5.60%). In terms of maximum drawdown, YCL dropped -88.74% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 39.46% vs -13.42% for YCL. Both ETFs have the same 0.95% expense ratio. 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, TQQQ has performed better with a 39.46% return vs -13.42%. 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 0.58%, 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 (0.83 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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