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 -12.52%/yr vs 30.09%/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 -5.93% return, which is significantly lower than UPRO's 27.90% return. Over the past 10 years, YCL has underperformed UPRO with an annualized return of -12.52%, while UPRO has yielded a comparatively higher 30.09% annualized return.
YCL
- 1D
- -0.11%
- 1M
- -4.01%
- YTD
- -5.93%
- 6M
- -8.29%
- 1Y
- -23.60%
- 3Y*
- -15.11%
- 5Y*
- -19.42%
- 10Y*
- -12.52%
UPRO
- 1D
- -2.09%
- 1M
- 14.64%
- YTD
- 27.90%
- 6M
- 26.67%
- 1Y
- 80.84%
- 3Y*
- 52.58%
- 5Y*
- 23.13%
- 10Y*
- 30.09%
YCL vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -5.93% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
UPRO ProShares UltraPro S&P 500 | 27.90% | 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 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
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 26, 2009 | -0.17 |
The correlation between YCL and UPRO shifts across timeframes, from -0.17 (all time) to 0.21 (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.
| YCL | UPRO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.42 | 2.30 | -3.72 |
Sortino ratioReturn per unit of downside risk | -2.19 | 2.76 | -4.95 |
Omega ratioGain probability vs. loss probability | 0.77 | 1.36 | -0.60 |
Calmar ratioReturn relative to maximum drawdown | -0.96 | 3.03 | -4.00 |
Martin ratioReturn relative to average drawdown | -1.41 | 12.80 | -14.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| YCL | UPRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.42 | 2.30 | -3.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.95 | 0.46 | -1.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.56 | -1.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | 0.65 | -1.16 |
Drawdowns
YCL vs. UPRO - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.16%, 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 | -88.16% | -76.82% | -11.34% |
Max Drawdown (1Y)Largest decline over 1 year | -24.63% | -26.78% | +2.15% |
Max Drawdown (3Y)Largest decline over 3 years | -39.97% | -48.87% | +8.90% |
Max Drawdown (5Y)Largest decline over 5 years | -66.22% | -63.94% | -2.28% |
Max Drawdown (10Y)Largest decline over 10 years | -76.74% | -76.82% | +0.08% |
Current DrawdownCurrent decline from peak | -88.16% | -2.09% | -86.07% |
Average DrawdownAverage peak-to-trough decline | -53.11% | -14.42% | -38.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.81% | 6.33% | +10.48% |
Volatility
YCL vs. UPRO - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 2.71%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 8.45%. 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 | 2.71% | 8.45% | -5.74% |
Volatility (6M)Calculated over the trailing 6-month period | 11.53% | 26.60% | -15.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.80% | 35.35% | -18.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.52% | 50.32% | -29.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 53.74% | -35.13% |
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 0.68%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 0.68% | 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 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (8.45%) compared to YCL (2.71%). In terms of maximum drawdown, YCL dropped -88.16% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.09% vs -12.52% for YCL. On fees, UPRO is cheaper at 0.89% per year. On volatility, YCL has been the lower-risk option at 2.71%. 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 30.09% return vs -12.52%. 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 0.68%, 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 (2.30 vs -1.42), 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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