YCS vs. BITO
YCS (ProShares UltraShort Yen) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. YCS is passively managed, while BITO is actively managed. Over the past 3 years, YCS returned 17.34%/yr vs 21.20%/yr for BITO. Their -0.03 correlation means they have often moved in opposite directions in the past. YCS charges 1.00%/yr vs 0.95%/yr for BITO.
Performance
YCS vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, YCS achieves a 7.29% return, which is significantly higher than BITO's -29.42% return.
YCS
- 1D
- -0.84%
- 1M
- -2.27%
- 6M
- 9.33%
- YTD
- 7.29%
- 1Y
- 25.05%
- 3Y*
- 17.34%
- 5Y*
- 23.55%
- 10Y*
- 13.76%
- ALL TIME*
- 6.44%
BITO
- 1D
- -2.85%
- 1M
- 2.16%
- 6M
- -26.02%
- YTD
- -29.42%
- 1Y
- -46.40%
- 3Y*
- 21.20%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -5.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.89B | $2.63B | $2.08B | |
| $1.53M | $2.43M | $1.42M |
YCS vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
YCS ProShares UltraShort Yen | 7.29% | 9.04% | 35.41% | 28.70% | 29.09% | 1.06% |
BITO ProShares Bitcoin Strategy ETF | -29.42% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between YCS and BITO is -0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.05 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | -0.03 |
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Return for Risk
YCS vs. BITO — Risk / Return Rank
YCS
BITO
YCS vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and ProShares Bitcoin Strategy ETF (BITO). 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.
| YCS | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.26 | ||
| Sortino ratioReturn per unit of downside risk | +3.22 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.81 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | -0.89 | +3.24 |
| Martin ratioReturn relative to average drawdown | 8.93 | -1.36 | +10.29 |
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Drawdowns
YCS vs. BITO - Drawdown Comparison
The maximum YCS drawdown since its inception was -49.56%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for YCS and BITO.
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Drawdown Indicators
| YCS | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.56% | -77.86% | +28.30% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -54.47% | +46.17% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -54.47% | +31.42% |
Max Drawdown (5Y)Largest decline over 5 years | -27.32% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | — | — |
Current DrawdownCurrent decline from peak | -5.68% | -51.32% | +45.64% |
Average DrawdownAverage peak-to-trough decline | -19.75% | -37.18% | +17.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 35.48% | -32.84% |
Volatility
YCS vs. BITO - Volatility Comparison
The current volatility for ProShares UltraShort Yen (YCS) is 5.30%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 8.96%. This indicates that YCS experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCS | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 8.96% | -3.66% |
Volatility (6M)Calculated over the trailing 6-month period | 11.65% | 33.45% | -21.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.85% | 44.19% | -27.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.16% | 54.60% | -33.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 54.60% | -35.99% |
YCS vs. BITO - Expense Ratio Comparison
YCS has a 1.00% expense ratio, which is higher than BITO's 0.95% expense ratio.
Dividends
YCS vs. BITO - Dividend Comparison
YCS has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 61.66%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.47% | 78.29% | 61.59% | 15.14% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
YCS and BITO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (8.96%) compared to YCS (5.30%). In terms of maximum drawdown, YCS dropped -49.56% vs BITO's -77.86%.
On 3-year performance, BITO leads with 21.20% vs 17.34% for YCS. On fees, BITO is cheaper at 0.95% per year. On volatility, YCS has been the lower-risk option at 5.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITO has performed better with a 21.20% return vs 17.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITO is cheaper with a 0.95% expense ratio, compared with 1.00% for YCS.
BITO has the higher dividend yield at 47.47%, compared with 0.00% for YCS.
YCS is categorized as Leveraged Currency, while BITO is Cryptocurrency. Their fees differ too: 1.00% for YCS and 0.95% for BITO.
YCS currently has the higher Sharpe Ratio (1.16 vs -1.09), 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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