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 -13.42%/yr vs 5.64%/yr for USO. Their -0.11 correlation means they have often moved in opposite directions in the past. YCL charges 0.95%/yr vs 0.86%/yr for USO.
Performance
YCL vs. USO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, YCL achieves a -5.82% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, YCL has underperformed USO with an annualized return of -13.42%, while USO has yielded a comparatively higher 5.64% 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%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $968.42M | $871.56M | $931.57M | |
| $965.32K | $858.06K | $714.31K |
YCL vs. USO - 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% |
USO United States Oil Fund LP | 86.77% | -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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008 | -0.11 |
The correlation between YCL and USO shifts across timeframes, from -0.30 (1 year) to -0.07 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -3.38 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.25 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 1.93 | -2.58 |
| Martin ratioReturn relative to average drawdown | -1.03 | 5.60 | -6.63 |
Loading charts...
Drawdowns
YCL vs. USO - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.74%, 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.
Loading charts...
Drawdown Indicators
| YCL | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.74% | -98.19% | +9.45% |
Max Drawdown (1Y)Largest decline over 1 year | -23.28% | -32.49% | +9.21% |
Max Drawdown (3Y)Largest decline over 3 years | -39.44% | -32.49% | -6.95% |
Max Drawdown (5Y)Largest decline over 5 years | -67.87% | -36.23% | -31.64% |
Max Drawdown (10Y)Largest decline over 10 years | -77.87% | -86.75% | +8.88% |
Current DrawdownCurrent decline from peak | -88.15% | -86.26% | -1.89% |
Average DrawdownAverage peak-to-trough decline | -53.42% | -75.38% | +21.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.60% | 12.03% | +2.57% |
Volatility
YCL vs. USO - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 5.60%, while United States Oil Fund LP (USO) has a volatility of 17.73%. 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.
Loading charts...
Volatility by Period
| YCL | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 17.73% | -12.13% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 42.79% | -31.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.66% | 46.91% | -30.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.60% | 37.06% | -16.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 39.29% | -21.09% |
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 (17.73%) compared to YCL (5.60%). In terms of maximum drawdown, YCL dropped -88.74% vs USO's -98.19%.
On 10-year performance, USO leads with 5.64% vs -13.42% for YCL. On fees, USO is cheaper at 0.86% 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, USO has performed better with a 5.64% return vs -13.42%. 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 (1.34 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.
Find the right allocation for YCL and USO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer