YCL vs. USOY

Last updated Jun 4, 2026

YCL (ProShares Ultra Yen) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while USOY is a Derivative Income fund actively managed by Defiance. YCL is passively managed, while USOY is actively managed. Over the past year, YCL returned -23.60% vs 57.29% for USOY. At a correlation of -0.23, they often move in opposite directions. YCL charges 0.95%/yr vs 1.22%/yr for USOY.

Performance

YCL vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Yen (YCL) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YCL achieves a -5.93% return, which is significantly lower than USOY's 62.18% 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%

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

YCL vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YCL ProShares Ultra Yen	-5.93%	-6.34%	-6.69%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between YCL and USOY is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.23

Return for Risk

YCL vs. USOY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YCL

YCL Risk / Return Rank: 1
YCL Sharpe Ratio Rank: 0
YCL Sortino Ratio Rank: 0
YCL Omega Ratio Rank: 1
YCL Calmar Ratio Rank: 1
YCL Martin Ratio Rank: 2

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

YCL vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-1.42	1.89	-3.31
Sortino ratio: Return per unit of downside risk	-2.19	2.30	-4.49
Omega ratio: Gain probability vs. loss probability	0.77	1.35	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.96	4.03	-4.99
Martin ratio: Return relative to average drawdown	-1.41	7.74	-9.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YCL vs. USOY - Sharpe Ratio Comparison

The current YCL Sharpe Ratio is -1.42, which is lower than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of YCL and USOY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	YCL	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.42	1.89	-3.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.95	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	0.99	-1.50

Drawdowns

YCL vs. USOY - Drawdown Comparison

The maximum YCL drawdown since its inception was -88.16%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for YCL and USOY.

Drawdown Indicators

	YCL	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-88.16%	-17.46%	-70.70%
Max Drawdown (1Y) Largest decline over 1 year	-24.63%	-14.29%	-10.34%
Max Drawdown (3Y) Largest decline over 3 years	-39.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-66.22%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.74%	—	—
Current Drawdown Current decline from peak	-88.16%	-5.11%	-83.05%
Average Drawdown Average peak-to-trough decline	-53.11%	-6.47%	-46.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.81%	7.42%	+9.39%

Volatility

YCL vs. USOY - Volatility Comparison

The current volatility for ProShares Ultra Yen (YCL) is 2.71%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YCL	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	11.62%	-8.91%
Volatility (6M) Calculated over the trailing 6-month period	11.53%	27.18%	-15.65%
Volatility (1Y) Calculated over the trailing 1-year period	16.80%	30.44%	-13.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.52%	26.13%	-5.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	26.13%	-7.52%

YCL vs. USOY - Expense Ratio Comparison

YCL has a 0.95% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

YCL vs. USOY - Dividend Comparison

YCL has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 54.16%.

Position	TTM	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%
YCL ProShares Ultra Yen	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both YCL and USOY in my portfolio?

YCL and USOY have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YCL or USOY?

USOY has higher volatility (11.62%) compared to YCL (2.71%). In terms of maximum drawdown, YCL dropped -88.16% vs USOY's -17.46%.

Which ETF is better, YCL or USOY?

On 1-year performance, USOY leads with 57.29% vs -23.60% for YCL. On fees, YCL is cheaper at 0.95% 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.

Which ETF has performed better, YCL or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs -23.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YCL or USOY?

YCL is cheaper with a 0.95% expense ratio, compared with 1.22% for USOY.

Which ETF pays a higher dividend yield, YCL or USOY?

USOY has the higher dividend yield at 54.16%, compared with 0.00% for YCL.

What is the main difference between YCL and USOY?

YCL is categorized as Leveraged Currency, while USOY is Derivative Income. They also come from different issuers: ProShares and Defiance. Their fees differ too: 0.95% for YCL and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.89 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.