YCL vs. UVXY

Last updated Jun 3, 2026

YCL (ProShares Ultra Yen) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, YCL returned -12.51%/yr vs -72.66%/yr for UVXY. At a 0.17 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

YCL vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Yen (YCL) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YCL achieves a -5.83% return, which is significantly higher than UVXY's -18.87% return. Over the past 10 years, YCL has outperformed UVXY with an annualized return of -12.51%, while UVXY has yielded a comparatively lower -72.66% annualized return.

YCL

• 1D: -0.34%
• 1M: -3.82%
• YTD: -5.83%
• 6M: -7.72%
• 1Y: -24.77%
• 3Y*: -15.08%
• 5Y*: -19.19%
• 10Y*: -12.51%

UVXY

• 1D: -2.67%
• 1M: -20.98%
• YTD: -18.87%
• 6M: -37.65%
• 1Y: -73.66%
• 3Y*: -64.52%
• 5Y*: -68.37%
• 10Y*: -72.66%

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

YCL vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
YCL ProShares Ultra Yen	-5.83%	-6.34%	-25.97%	-20.46%	-26.92%	-20.94%	7.16%	-2.99%	0.17%	3.48%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-18.87%	-65.32%	-50.90%	-87.70%	-44.81%	-88.33%	-17.38%	-84.23%	60.10%	-94.17%

Correlation

The correlation between YCL and UVXY is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011	0.17

The correlation between YCL and UVXY shifts across timeframes, from -0.10 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Return for Risk

YCL vs. UVXY — 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: 1

UVXY

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

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. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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	UVXY	Difference
Sharpe ratio Return per unit of total volatility	-1.48	-0.87	-0.61
Sortino ratio Return per unit of downside risk	-2.30	-1.65	-0.66
Omega ratio Gain probability vs. loss probability	0.76	0.81	-0.05
Calmar ratio Return relative to maximum drawdown	-0.95	-0.99	+0.03
Martin ratio Return relative to average drawdown	-1.40	-1.34	-0.06
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. UVXY - Sharpe Ratio Comparison

The current YCL Sharpe Ratio is -1.48, which is lower than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of YCL and UVXY, 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	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.48	-0.87	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.94	-0.66	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.67	-0.64	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	-0.68	+0.17

Drawdowns

YCL vs. UVXY - Drawdown Comparison

The maximum YCL drawdown since its inception was -88.15%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for YCL and UVXY.

Drawdown Indicators

	YCL	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-88.15%	-100.00%	+11.85%
Max Drawdown (1Y) Largest decline over 1 year	-24.55%	-75.22%	+50.67%
Max Drawdown (3Y) Largest decline over 3 years	-39.91%	-95.59%	+55.68%
Max Drawdown (5Y) Largest decline over 5 years	-66.19%	-99.68%	+33.49%
Max Drawdown (10Y) Largest decline over 10 years	-76.71%	-100.00%	+23.29%
Current Drawdown Current decline from peak	-88.15%	-100.00%	+11.85%
Average Drawdown Average peak-to-trough decline	-53.11%	-98.55%	+45.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.96%	55.43%	-38.47%

Volatility

YCL vs. UVXY - Volatility Comparison

The current volatility for ProShares Ultra Yen (YCL) is 2.72%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.97%. This indicates that YCL experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YCL	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	11.97%	-9.25%
Volatility (6M) Calculated over the trailing 6-month period	11.63%	62.65%	-51.02%
Volatility (1Y) Calculated over the trailing 1-year period	16.88%	84.44%	-67.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.53%	103.85%	-83.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	113.85%	-95.24%

YCL vs. UVXY - Expense Ratio Comparison

Both YCL and UVXY have an expense ratio of 0.95%.

Dividends

YCL vs. UVXY - Dividend Comparison

Neither YCL nor UVXY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both YCL and UVXY in my portfolio?

YCL and UVXY have a correlation of -0.10, 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 UVXY?

UVXY has higher volatility (11.97%) compared to YCL (2.72%). In terms of maximum drawdown, YCL dropped -88.15% vs UVXY's -100.00%.

Which ETF is better, YCL or UVXY?

On 10-year performance, YCL leads with -12.51% vs -72.66% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, YCL has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YCL or UVXY?

Over the 10-year period, YCL has performed better with a -12.51% return vs -72.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YCL or UVXY?

YCL and UVXY have the same expense ratio: 0.95% per year.

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

YCL and UVXY have nearly identical dividend yields, around 0.00%.

What is the main difference between YCL and UVXY?

YCL is categorized as Leveraged Currency, while UVXY is Volatility. YCL tracks USD/JPY Exchange Rate (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).

Which has better risk-adjusted returns?

UVXY currently has the higher Sharpe Ratio (-0.87 vs -1.48), 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.