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YCS vs. AIRR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

YCS vs. AIRR

Last updated Jun 7, 2026

YCS (ProShares UltraShort Yen) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. Both are passively managed. Over the past 10 years, YCS returned 12.25%/yr vs 21.45%/yr for AIRR. At a 0.17 correlation, their price movements are largely independent. YCS charges 1.00%/yr vs 0.69%/yr for AIRR.

Performance

YCS vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Yen (YCS) and First Trust RBA American Industrial Renaissance ETF (AIRR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, YCS achieves a 7.54% return, which is significantly lower than AIRR's 30.23% return. Over the past 10 years, YCS has underperformed AIRR with an annualized return of 12.25%, while AIRR has yielded a comparatively higher 21.45% annualized return.

YCS

1D
0.35%
1M
5.12%
YTD
7.54%
6M
10.01%
1Y
31.94%
3Y*
20.09%
5Y*
23.63%
10Y*
12.25%

AIRR

1D
-2.91%
1M
-1.27%
YTD
30.23%
6M
29.36%
1Y
61.45%
3Y*
36.09%
5Y*
25.11%
10Y*
21.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

YCS vs. AIRR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
YCS
ProShares UltraShort Yen		7.54%9.04%35.41%28.70%29.09%22.38%-11.18%3.37%-1.49%-6.57%
AIRR
First Trust RBA American Industrial Renaissance ETF		30.23%27.92%33.45%31.43%-2.08%33.01%17.17%33.97%-20.57%16.28%

Correlation

The correlation between YCS and AIRR is -0.12, 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

-0.12

Correlation (3Y)
Calculated over the trailing 3-year period

-0.02

Correlation (5Y)
Calculated over the trailing 5-year period

0.01

Correlation (10Y)
Calculated over the trailing 10-year period

0.13

Correlation (All Time)
Calculated using the full available price history since Mar 12, 2014

0.17

The correlation between YCS and AIRR shifts across timeframes, from -0.12 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Yen

First Trust RBA American Industrial Renaissance ETF

Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY
Often compared with AIRR:
AIRR vs. PAVEAIRR vs. XLIAIRR vs. RSHOAIRR vs. XHBAIRR vs. QQQAIRR vs. PSCIAIRR vs. GRID

Return for Risk

YCS vs. AIRR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
YCS
YCS Risk / Return Rank: 6767
Overall Rank
YCS Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 5656
Sortino Ratio Rank
YCS Omega Ratio Rank: 6363
Omega Ratio Rank
YCS Calmar Ratio Rank: 8282
Calmar Ratio Rank
YCS Martin Ratio Rank: 7272
Martin Ratio Rank
AIRR
AIRR Risk / Return Rank: 7979
Overall Rank
AIRR Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
AIRR Sortino Ratio Rank: 7474
Sortino Ratio Rank
AIRR Omega Ratio Rank: 6868
Omega Ratio Rank
AIRR Calmar Ratio Rank: 8787
Calmar Ratio Rank
AIRR Martin Ratio Rank: 8787
Martin Ratio Rank
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.

YCS vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and First Trust RBA American Industrial Renaissance ETF (AIRR). 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.

YCSAIRRDifference
Sharpe ratioReturn per unit of total volatility
2.00
2.51

-0.51

Sortino ratioReturn per unit of downside risk
2.54
3.25

-0.71

Omega ratioGain probability vs. loss probability

1.37

1.40

-0.03

Calmar ratioReturn relative to maximum drawdown

4.11

4.90

-0.79

Martin ratioReturn relative to average drawdown

12.84

18.09

-5.24

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YCS vs. AIRR - Sharpe Ratio Comparison

The current YCS Sharpe Ratio is 2.00, which is comparable to the AIRR Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of YCS and AIRR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

YCSAIRRDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.00

2.51

-0.51

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.13

1.00

+0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

0.82

-0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

0.66

-0.33

Drawdowns

YCS vs. AIRR - Drawdown Comparison

The maximum YCS drawdown since its inception was -49.56%, which is greater than AIRR's maximum drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for YCS and AIRR.

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Drawdown Indicators

YCSAIRRDifference

Max Drawdown

Largest peak-to-trough decline

-49.56%

-42.37%

-7.19%

Max Drawdown (1Y)

Largest decline over 1 year

-8.30%

-13.09%

+4.79%

Max Drawdown (3Y)

Largest decline over 3 years

-23.05%

-27.95%

+4.90%

Max Drawdown (5Y)

Largest decline over 5 years

-27.32%

-27.95%

+0.63%

Max Drawdown (10Y)

Largest decline over 10 years

-27.32%

-42.37%

+15.05%

Current Drawdown

Current decline from peak

0.00%

-3.01%

+3.01%

Average Drawdown

Average peak-to-trough decline

-19.92%

-7.42%

-12.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.65%

3.54%

-0.89%

Volatility

YCS vs. AIRR - Volatility Comparison

The current volatility for ProShares UltraShort Yen (YCS) is 1.56%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 7.40%. This indicates that YCS experiences smaller price fluctuations and is considered to be less risky than AIRR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

YCSAIRRDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.56%

7.40%

-5.84%

Volatility (6M)

Calculated over the trailing 6-month period

12.27%

20.11%

-7.84%

Volatility (1Y)

Calculated over the trailing 1-year period

17.09%

25.53%

-8.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.08%

25.33%

-4.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.00%

26.30%

-7.30%

YCS vs. AIRR - Expense Ratio Comparison

YCS has a 1.00% expense ratio, which is higher than AIRR's 0.69% expense ratio.

Dividends

YCS vs. AIRR - Dividend Comparison

YCS has not paid dividends to shareholders, while AIRR's dividend yield for the trailing twelve months is around 0.14%.

PositionTTM20252024202320222021202020192018201720162015
AIRR
First Trust RBA American Industrial Renaissance ETF		0.14%0.19%0.18%0.23%0.12%0.05%0.10%0.20%0.43%0.30%0.08%0.47%
YCS
ProShares UltraShort Yen		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

YCS and AIRR 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.

AIRR has higher volatility (7.40%) compared to YCS (1.56%). In terms of maximum drawdown, YCS dropped -49.56% vs AIRR's -42.37%.

On 10-year performance, AIRR leads with 21.45% vs 12.25% for YCS. On fees, AIRR is cheaper at 0.69% per year. On volatility, YCS has been the lower-risk option at 1.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, AIRR has performed better with a 21.45% return vs 12.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AIRR is cheaper with a 0.69% expense ratio, compared with 1.00% for YCS.

AIRR has the higher dividend yield at 0.14%, compared with 0.00% for YCS.

YCS is categorized as Leveraged Currency, while AIRR is Building & Construction. YCS tracks USD/JPY Exchange Rate (-200%), while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 1.00% for YCS and 0.69% for AIRR.

AIRR currently has the higher Sharpe Ratio (2.51 vs 2.00), 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.

Portfolio Optimizer

Find the right allocation for YCS and AIRR

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