YCL vs. UVXY
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 -13.42%/yr vs -71.50%/yr for UVXY. Their 0.16 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
YCL vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, YCL achieves a -5.82% return, which is significantly higher than UVXY's -35.24% return. Over the past 10 years, YCL has outperformed UVXY with an annualized return of -13.42%, while UVXY has yielded a comparatively lower -71.50% 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%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $190.03M | $191.90M | $239.87M | |
| $965.32K | $858.06K | $714.31K |
YCL vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.24% | -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 -0.12, 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. | -0.12 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.16 |
The correlation between YCL and UVXY shifts across timeframes, from -0.12 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
YCL vs. UVXY — Risk / Return Rank
YCL
UVXY
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.
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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.85 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | -0.95 | +0.30 |
| Martin ratioReturn relative to average drawdown | -1.03 | -1.35 | +0.32 |
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Drawdowns
YCL vs. UVXY - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.74%, 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.
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Drawdown Indicators
| YCL | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.74% | -100.00% | +11.26% |
Max Drawdown (1Y)Largest decline over 1 year | -23.28% | -73.88% | +50.60% |
Max Drawdown (3Y)Largest decline over 3 years | -39.44% | -95.42% | +55.98% |
Max Drawdown (5Y)Largest decline over 5 years | -67.75% | -99.68% | +31.93% |
Max Drawdown (10Y)Largest decline over 10 years | -77.87% | -100.00% | +22.13% |
Current DrawdownCurrent decline from peak | -88.15% | -100.00% | +11.85% |
Average DrawdownAverage peak-to-trough decline | -53.42% | -98.76% | +45.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.60% | 51.60% | -37.00% |
Volatility
YCL vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 5.60%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. 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.
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Volatility by Period
| YCL | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 22.30% | -16.70% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 65.55% | -54.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.66% | 87.28% | -70.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.60% | 103.39% | -82.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 112.09% | -93.89% |
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.
Frequently Asked Questions
YCL and UVXY have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to YCL (5.60%). In terms of maximum drawdown, YCL dropped -88.74% vs UVXY's -100.00%.
On 10-year performance, YCL leads with -13.42% vs -71.50% for UVXY. Both ETFs have the same 0.95% expense ratio. 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, YCL has performed better with a -13.42% return vs -71.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YCL and UVXY have the same expense ratio: 0.95% per year.
YCL and UVXY have nearly identical dividend yields, around 0.00%.
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%).
UVXY currently has the higher Sharpe Ratio (-0.80 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.
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