YCL vs. YCS

Last updated Jun 3, 2026

YCL (ProShares Ultra Yen) and YCS (ProShares UltraShort Yen) are both Leveraged Currency funds from ProShares tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, YCL returned -12.51%/yr vs 12.32%/yr for YCS. At a correlation of -0.92, they often move in opposite directions. YCL charges 0.95%/yr vs 1.00%/yr for YCS.

Performance

YCL vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Yen (YCL) and ProShares UltraShort Yen (YCS). 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 lower than YCS's 6.99% return. Over the past 10 years, YCL has underperformed YCS with an annualized return of -12.51%, while YCS has yielded a comparatively higher 12.32% 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%

YCS

• 1D: 0.03%
• 1M: 4.27%
• YTD: 6.99%
• 6M: 8.81%
• 1Y: 35.19%
• 3Y*: 19.77%
• 5Y*: 23.16%
• 10Y*: 12.32%

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

YCL vs. YCS - 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%
YCS ProShares UltraShort Yen	6.99%	9.04%	35.41%	28.70%	29.09%	22.38%	-11.18%	3.37%	-1.49%	-6.57%

Correlation

The correlation between YCL and YCS is -0.95, 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	-0.95
Correlation (3Y) Calculated over the trailing 3-year period	-0.96
Correlation (5Y) Calculated over the trailing 5-year period	-0.97
Correlation (10Y) Calculated over the trailing 10-year period	-0.93
Correlation (All Time) Calculated using the full available price history since Dec 10, 2008	-0.92

The correlation between YCL and YCS has been stable across timeframes, ranging from -0.97 to -0.92 - a consistent structural relationship.

Return for Risk

YCL vs. YCS — 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

YCS

YCS Risk / Return Rank: 63
YCS Sharpe Ratio Rank: 60
YCS Sortino Ratio Rank: 53
YCS Omega Ratio Rank: 60
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 66

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. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and ProShares UltraShort Yen (YCS). 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	YCS	Difference
Sharpe ratio Return per unit of total volatility	-1.48	2.05	-3.53
Sortino ratio Return per unit of downside risk	-2.30	2.59	-4.89
Omega ratio Gain probability vs. loss probability	0.76	1.37	-0.61
Calmar ratio Return relative to maximum drawdown	-0.95	3.95	-4.90
Martin ratio Return relative to average drawdown	-1.40	12.35	-13.74
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. YCS - Sharpe Ratio Comparison

The current YCL Sharpe Ratio is -1.48, which is lower than the YCS Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of YCL and YCS, 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	YCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.48	2.05	-3.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.94	1.10	-2.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.67	0.65	-1.32
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	0.33	-0.83

Drawdowns

YCL vs. YCS - Drawdown Comparison

The maximum YCL drawdown since its inception was -88.15%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for YCL and YCS.

Drawdown Indicators

	YCL	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-88.15%	-49.56%	-38.59%
Max Drawdown (1Y) Largest decline over 1 year	-24.55%	-8.30%	-16.25%
Max Drawdown (3Y) Largest decline over 3 years	-39.91%	-23.05%	-16.86%
Max Drawdown (5Y) Largest decline over 5 years	-66.19%	-27.32%	-38.87%
Max Drawdown (10Y) Largest decline over 10 years	-76.71%	-27.32%	-49.39%
Current Drawdown Current decline from peak	-88.15%	-0.04%	-88.11%
Average Drawdown Average peak-to-trough decline	-53.11%	-19.94%	-33.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.96%	2.66%	+14.30%

Volatility

YCL vs. YCS - Volatility Comparison

ProShares Ultra Yen (YCL) and ProShares UltraShort Yen (YCS) have volatilities of 2.72% and 2.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YCL	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	2.75%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	11.63%	12.36%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	16.88%	17.38%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.53%	21.11%	-0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	19.02%	-0.41%

YCL vs. YCS - Expense Ratio Comparison

YCL has a 0.95% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

YCL vs. YCS - Dividend Comparison

Neither YCL nor YCS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both YCL and YCS in my portfolio?

YCL and YCS have a correlation of -0.95, 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 YCS?

YCS has higher volatility (2.75%) compared to YCL (2.72%). In terms of maximum drawdown, YCL dropped -88.15% vs YCS's -49.56%.

Which ETF is better, YCL or YCS?

On 10-year performance, YCS leads with 12.32% vs -12.51% for YCL. On fees, YCL is cheaper at 0.95% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YCL or YCS?

Over the 10-year period, YCS has performed better with a 12.32% return vs -12.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YCL or YCS?

YCL is cheaper with a 0.95% expense ratio, compared with 1.00% for YCS.

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

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

What is the main difference between YCL and YCS?

Both ETFs track USD/JPY Exchange Rate (-200%). Their fees differ too: 0.95% for YCL and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (2.05 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.