YCL vs. UPRO
YCL (ProShares Ultra Yen) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, YCL returned -13.37%/yr vs 30.18%/yr for UPRO. At a correlation of -0.17, they often move in opposite directions. YCL charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
YCL vs. UPRO - 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 UPRO's 17.21% return. Over the past 10 years, YCL has underperformed UPRO with an annualized return of -13.37%, while UPRO has yielded a comparatively higher 30.18% 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%
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
YCL vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between YCL and UPRO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.17 |
The correlation between YCL and UPRO shifts across timeframes, from -0.17 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. UPRO — Risk / Return Rank
YCL
UPRO
YCL vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.03 | ||
| Sortino ratioReturn per unit of downside risk | -4.24 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.28 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 2.34 | -3.24 |
| Martin ratioReturn relative to average drawdown | -1.35 | 9.52 | -10.87 |
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Drawdowns
YCL vs. UPRO - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.39%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for YCL and UPRO.
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Drawdown Indicators
| YCL | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.39% | -76.82% | -11.57% |
Max Drawdown (1Y)Largest decline over 1 year | -24.74% | -26.78% | +2.04% |
Max Drawdown (3Y)Largest decline over 3 years | -41.14% | -48.87% | +7.73% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -63.94% | -2.94% |
Max Drawdown (10Y)Largest decline over 10 years | -77.19% | -76.82% | -0.37% |
Current DrawdownCurrent decline from peak | -88.37% | -10.27% | -78.10% |
Average DrawdownAverage peak-to-trough decline | -53.21% | -14.39% | -38.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.38% | 6.57% | +9.81% |
Volatility
YCL vs. UPRO - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 1.35%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 14.68% | -13.33% |
Volatility (6M)Calculated over the trailing 6-month period | 11.23% | 29.49% | -18.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.43% | 37.35% | -20.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.51% | 50.62% | -30.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.45% | 53.79% | -35.34% |
YCL vs. UPRO - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
YCL vs. UPRO - Dividend Comparison
YCL has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.74%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 0.74% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
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 UPRO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (14.68%) compared to YCL (1.35%). In terms of maximum drawdown, YCL dropped -88.39% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.18% vs -13.37% for YCL. On fees, UPRO is cheaper at 0.89% 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, UPRO has performed better with a 30.18% return vs -13.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for YCL.
UPRO has the higher dividend yield at 0.74%, compared with 0.00% for YCL.
YCL is categorized as Leveraged Currency, while UPRO is Leveraged Equities. YCL tracks USD/JPY Exchange Rate (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for YCL and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.68 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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