YCL vs. ULE

Last updated Jun 3, 2026

YCL (ProShares Ultra Yen) and ULE (ProShares Ultra Euro) are both Leveraged Currency funds from ProShares - YCL tracks the USD/JPY Exchange Rate (-200%) while ULE tracks the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, YCL returned -12.51%/yr vs -2.62%/yr for ULE. At a 0.31 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

YCL vs. ULE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Yen (YCL) and ProShares Ultra Euro (ULE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YCL achieves a -5.83% return, which is significantly lower than ULE's -2.69% return. Over the past 10 years, YCL has underperformed ULE with an annualized return of -12.51%, while ULE has yielded a comparatively higher -2.62% 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%

ULE

• 1D: 0.01%
• 1M: -1.82%
• YTD: -2.69%
• 6M: -0.88%
• 1Y: 0.67%
• 3Y*: 4.66%
• 5Y*: -3.56%
• 10Y*: -2.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

YCL vs. ULE - 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%
ULE ProShares Ultra Euro	-2.69%	25.97%	-11.73%	5.08%	-15.51%	-15.66%	14.74%	-8.90%	-13.40%	23.92%

Correlation

The correlation between YCL and ULE is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Dec 10, 2008	0.31

Over the past year, YCL and ULE have become more correlated (0.62) than their long-term average of 0.31, meaning their price movements have been converging.

Return for Risk

YCL vs. ULE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YCL

YCL Risk / Return Rank: 1
YCL Sharpe Ratio Rank: 0
YCL Sortino Ratio Rank: 0
YCL Omega Ratio Rank: 1
YCL Calmar Ratio Rank: 1
YCL Martin Ratio Rank: 1

ULE

ULE Risk / Return Rank: 10
ULE Sharpe Ratio Rank: 9
ULE Sortino Ratio Rank: 9
ULE Omega Ratio Rank: 9
ULE Calmar Ratio Rank: 11
ULE Martin Ratio Rank: 11

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

YCL vs. ULE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and ProShares Ultra Euro (ULE). 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	ULE	Difference
Sharpe ratio Return per unit of total volatility	-1.48	0.05	-1.53
Sortino ratio Return per unit of downside risk	-2.30	0.17	-2.47
Omega ratio Gain probability vs. loss probability	0.76	1.02	-0.26
Calmar ratio Return relative to maximum drawdown	-0.95	0.25	-1.21
Martin ratio Return relative to average drawdown	-1.40	0.56	-1.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YCL vs. ULE - Sharpe Ratio Comparison

The current YCL Sharpe Ratio is -1.48, which is lower than the ULE Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of YCL and ULE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	YCL	ULE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.48	0.05	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.94	-0.22	-0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.67	-0.17	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	-0.21	-0.29

Drawdowns

YCL vs. ULE - Drawdown Comparison

The maximum YCL drawdown since its inception was -88.15%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for YCL and ULE.

Drawdown Indicators

	YCL	ULE	Difference
Max Drawdown Largest peak-to-trough decline	-88.15%	-72.74%	-15.41%
Max Drawdown (1Y) Largest decline over 1 year	-24.55%	-10.40%	-14.15%
Max Drawdown (3Y) Largest decline over 3 years	-39.91%	-17.44%	-22.47%
Max Drawdown (5Y) Largest decline over 5 years	-66.19%	-40.94%	-25.25%
Max Drawdown (10Y) Largest decline over 10 years	-76.71%	-51.30%	-25.41%
Current Drawdown Current decline from peak	-88.15%	-62.01%	-26.14%
Average Drawdown Average peak-to-trough decline	-53.11%	-46.05%	-7.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.96%	4.76%	+12.20%

Volatility

YCL vs. ULE - Volatility Comparison

ProShares Ultra Yen (YCL) has a higher volatility of 2.72% compared to ProShares Ultra Euro (ULE) at 2.37%. This indicates that YCL's price experiences larger fluctuations and is considered to be riskier than ULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YCL	ULE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	2.37%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	11.63%	8.94%	+2.69%
Volatility (1Y) Calculated over the trailing 1-year period	16.88%	13.60%	+3.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.53%	16.15%	+4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	15.22%	+3.39%

YCL vs. ULE - Expense Ratio Comparison

Both YCL and ULE have an expense ratio of 0.95%.

Dividends

YCL vs. ULE - Dividend Comparison

Neither YCL nor ULE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both YCL and ULE in my portfolio?

YCL and ULE have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YCL or ULE?

YCL has higher volatility (2.72%) compared to ULE (2.37%). In terms of maximum drawdown, YCL dropped -88.15% vs ULE's -72.74%.

Which ETF is better, YCL or ULE?

On 10-year performance, ULE leads with -2.62% vs -12.51% for YCL. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YCL or ULE?

Over the 10-year period, ULE has performed better with a -2.62% return vs -12.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YCL or ULE?

YCL and ULE have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, YCL or ULE?

YCL and ULE have nearly identical dividend yields, around 0.00%.

What is the main difference between YCL and ULE?

YCL tracks USD/JPY Exchange Rate (-200%), while ULE tracks USD/EUR Exchange Rate (-200%).

Which has better risk-adjusted returns?

ULE currently has the higher Sharpe Ratio (0.05 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.