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 -12.94%/yr vs -72.05%/yr for UVXY. At a 0.16 correlation, their price movements are largely independent. 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 -8.97% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, YCL has outperformed UVXY with an annualized return of -12.94%, while UVXY has yielded a comparatively lower -72.05% annualized return.
YCL
- 1D
- -0.88%
- 1M
- -2.80%
- 6M
- -7.23%
- YTD
- -8.97%
- 1Y
- -21.77%
- 3Y*
- -16.23%
- 5Y*
- -19.78%
- 10Y*
- -12.94%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
YCL vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCL ProShares Ultra Yen | -8.97% | -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 | -32.31% | -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 4, 2011 | 0.16 |
The correlation between YCL and UVXY shifts across timeframes, from -0.10 (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 | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.83 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.98 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.53 | -1.46 | -0.07 |
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Drawdowns
YCL vs. UVXY - Drawdown Comparison
The maximum YCL drawdown since its inception was -88.56%, 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 | -88.56% | -100.00% | +11.44% |
Max Drawdown (1Y)Largest decline over 1 year | -22.69% | -73.42% | +50.73% |
Max Drawdown (3Y)Largest decline over 3 years | -41.33% | -95.32% | +53.99% |
Max Drawdown (5Y)Largest decline over 5 years | -67.35% | -99.74% | +32.39% |
Max Drawdown (10Y)Largest decline over 10 years | -77.51% | -100.00% | +22.49% |
Current DrawdownCurrent decline from peak | -88.54% | -100.00% | +11.46% |
Average DrawdownAverage peak-to-trough decline | -53.31% | -98.75% | +45.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.25% | 48.91% | -34.66% |
Volatility
YCL vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Yen (YCL) is 3.15%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. 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 | 3.15% | 21.23% | -18.08% |
Volatility (6M)Calculated over the trailing 6-month period | 11.18% | 66.69% | -55.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.30% | 85.49% | -69.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.52% | 103.84% | -83.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.32% | 112.03% | -93.71% |
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 -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.23%) compared to YCL (3.15%). In terms of maximum drawdown, YCL dropped -88.56% vs UVXY's -100.00%.
On 10-year performance, YCL leads with -12.94% vs -72.05% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, YCL has been the lower-risk option at 3.15%. 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 -12.94% return vs -72.05%. 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 (-0.84 vs -1.34), 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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