YCL vs. USO
YCL (ProShares Ultra Yen) and USO (United States Oil Fund LP) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, YCL returned -12.52%/yr vs 4.07%/yr for USO. At a correlation of -0.10, they often move in opposite directions. YCL charges 0.95%/yr vs 0.86%/yr for USO.
Performance
YCL vs. USO - 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 USO's 103.67% return. Over the past 10 years, YCL has underperformed USO with an annualized return of -12.52%, while USO has yielded a comparatively higher 4.07% 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%
USO
- 1D
- 2.62%
- 1M
- -4.57%
- YTD
- 103.67%
- 6M
- 99.35%
- 1Y
- 101.55%
- 3Y*
- 29.98%
- 5Y*
- 24.41%
- 10Y*
- 4.07%
YCL vs. USO - 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% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between YCL and USO is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2008 | -0.10 |
The correlation between YCL and USO shifts across timeframes, from -0.30 (1 year) to -0.08 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. USO — Risk / Return Rank
YCL
USO
YCL vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.73 | ||
| Sortino ratioReturn per unit of downside risk | -5.08 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.38 | -0.62 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 5.01 | -5.97 |
| Martin ratioReturn relative to average drawdown | -1.41 | 9.42 | -10.82 |
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 | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.42 | 2.31 | -3.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.95 | 0.68 | -1.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.10 | -0.78 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | -0.18 | -0.33 |
Drawdowns
YCL vs. USO - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.16%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for YCL and USO.
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Drawdown Indicators
| YCL | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.16% | -98.19% | +10.03% |
Max Drawdown (1Y)Largest decline over 1 year | -24.63% | -20.39% | -4.24% |
Max Drawdown (3Y)Largest decline over 3 years | -39.97% | -26.05% | -13.92% |
Max Drawdown (5Y)Largest decline over 5 years | -66.22% | -36.23% | -29.99% |
Max Drawdown (10Y)Largest decline over 10 years | -76.74% | -86.75% | +10.01% |
Current DrawdownCurrent decline from peak | -88.16% | -85.01% | -3.15% |
Average DrawdownAverage peak-to-trough decline | -53.11% | -75.30% | +22.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.81% | 10.82% | +5.99% |
Volatility
YCL vs. USO - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 2.71%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCL | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.71% | 14.87% | -12.16% |
Volatility (6M)Calculated over the trailing 6-month period | 11.53% | 38.23% | -26.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.80% | 44.20% | -27.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.52% | 36.06% | -15.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 39.00% | -20.39% |
YCL vs. USO - Expense Ratio Comparison
YCL has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
YCL vs. USO - Dividend Comparison
Neither YCL nor USO has paid dividends to shareholders.
Frequently Asked Questions
YCL and USO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.87%) compared to YCL (2.71%). In terms of maximum drawdown, YCL dropped -88.16% vs USO's -98.19%.
On 10-year performance, USO leads with 4.07% vs -12.52% for YCL. On fees, USO is cheaper at 0.86% 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, USO has performed better with a 4.07% return vs -12.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.95% for YCL.
YCL and USO have nearly identical dividend yields, around 0.00%.
YCL is categorized as Leveraged Currency, while USO is Oil & Gas. YCL tracks USD/JPY Exchange Rate (-200%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for YCL and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 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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