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 -13.42%/yr vs 28.48%/yr for UPRO. Their -0.17 correlation means they have often moved in opposite directions in the past. 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 -5.82% return, which is significantly lower than UPRO's 21.72% return. Over the past 10 years, YCL has underperformed UPRO with an annualized return of -13.42%, while UPRO has yielded a comparatively higher 28.48% 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%
UPRO
- 1D
- 1.97%
- 1M
- -0.35%
- 6M
- 17.81%
- YTD
- 21.72%
- 1Y
- 53.86%
- 3Y*
- 41.29%
- 5Y*
- 19.17%
- 10Y*
- 28.48%
- ALL TIME*
- 33.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $288.84M | $293.51M | $361.12M | |
| $965.32K | $858.06K | $714.31K |
YCL vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 21.72% | 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 0.19, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.19 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.09 |
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 0.19 (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 | -2.12 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.22 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 1.73 | -2.38 |
| Martin ratioReturn relative to average drawdown | -1.03 | 6.63 | -7.66 |
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Drawdowns
YCL vs. UPRO - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.74%, 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 | -88.74% | -76.82% | -11.92% |
Max Drawdown (1Y)Largest decline over 1 year | -23.28% | -26.78% | +3.50% |
Max Drawdown (3Y)Largest decline over 3 years | -39.44% | -48.87% | +9.43% |
Max Drawdown (5Y)Largest decline over 5 years | -67.75% | -63.94% | -3.81% |
Max Drawdown (10Y)Largest decline over 10 years | -77.87% | -76.82% | -1.05% |
Current DrawdownCurrent decline from peak | -88.15% | -6.81% | -81.34% |
Average DrawdownAverage peak-to-trough decline | -53.42% | -14.35% | -39.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.60% | 7.00% | +7.60% |
Volatility
YCL vs. UPRO - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 5.60%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 10.69%. 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 | 5.60% | 10.69% | -5.09% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 30.36% | -19.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.66% | 38.51% | -21.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.60% | 50.70% | -30.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 53.78% | -35.58% |
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 0.77%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 0.77% | 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 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (10.69%) compared to YCL (5.60%). In terms of maximum drawdown, YCL dropped -88.74% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.48% vs -13.42% for YCL. On fees, UPRO is cheaper at 0.89% per year. 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, UPRO has performed better with a 28.48% return vs -13.42%. 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 0.77%, 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 (1.21 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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