YCL vs. UGA
YCL (ProShares Ultra Yen) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, YCL returned -13.37%/yr vs 14.31%/yr for UGA. At a correlation of -0.08, they often move in opposite directions. YCL charges 0.95%/yr vs 0.75%/yr for UGA.
Performance
YCL vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, YCL achieves a -7.56% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, YCL has underperformed UGA with an annualized return of -13.37%, while UGA has yielded a comparatively higher 14.31% annualized return.
YCL
- 1D
- 0.22%
- 1M
- -2.97%
- YTD
- -7.56%
- 6M
- -8.37%
- 1Y
- -22.14%
- 3Y*
- -13.96%
- 5Y*
- -19.30%
- 10Y*
- -13.37%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
YCL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -7.56% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between YCL and UGA is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008 | -0.08 |
The correlation between YCL and UGA shifts across timeframes, from -0.28 (1 year) to -0.07 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. UGA — Risk / Return Rank
YCL
UGA
YCL vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.08 | ||
| Sortino ratioReturn per unit of downside risk | -4.34 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.30 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 3.17 | -4.06 |
| Martin ratioReturn relative to average drawdown | -1.35 | 9.39 | -10.75 |
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Drawdowns
YCL vs. UGA - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.39%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for YCL and UGA.
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Drawdown Indicators
| YCL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.39% | -86.59% | -1.80% |
Max Drawdown (1Y)Largest decline over 1 year | -24.74% | -18.96% | -5.78% |
Max Drawdown (3Y)Largest decline over 3 years | -41.14% | -26.68% | -14.46% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -38.11% | -28.77% |
Max Drawdown (10Y)Largest decline over 10 years | -77.19% | -75.89% | -1.30% |
Current DrawdownCurrent decline from peak | -88.37% | -18.05% | -70.32% |
Average DrawdownAverage peak-to-trough decline | -53.21% | -36.69% | -16.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.38% | 6.43% | +9.95% |
Volatility
YCL vs. UGA - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 1.35%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 9.24% | -7.89% |
Volatility (6M)Calculated over the trailing 6-month period | 11.23% | 30.57% | -19.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.43% | 35.22% | -18.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.51% | 34.45% | -13.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.45% | 37.22% | -18.77% |
YCL vs. UGA - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
YCL vs. UGA - Dividend Comparison
Neither YCL nor UGA has paid dividends to shareholders.
Frequently Asked Questions
YCL and UGA have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to YCL (1.35%). In terms of maximum drawdown, YCL dropped -88.39% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs -13.37% for YCL. On fees, UGA is cheaper at 0.75% per year. On volatility, YCL has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.31% return vs -13.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for YCL.
YCL and UGA have nearly identical dividend yields, around 0.00%.
YCL is categorized as Leveraged Currency, while UGA is Oil & Gas. YCL tracks USD/JPY Exchange Rate (-200%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for YCL and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs -1.35), 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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