YCS vs. DWX
YCS (ProShares UltraShort Yen) and DWX (SPDR S&P International Dividend ETF) are both exchange-traded funds - YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while DWX is a Foreign Large Cap Equities fund tracking the S&P International Dividend Opportunities Index. Both are passively managed. Over the past 10 years, YCS returned 13.05%/yr vs 7.33%/yr for DWX. At a correlation of -0.02, they often move in opposite directions. YCS charges 1.00%/yr vs 0.45%/yr for DWX.
Performance
YCS vs. DWX - Performance Comparison
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Returns By Period
In the year-to-date period, YCS achieves a 10.72% return, which is significantly higher than DWX's 8.51% return. Over the past 10 years, YCS has outperformed DWX with an annualized return of 13.05%, while DWX has yielded a comparatively lower 7.33% annualized return.
YCS
- 1D
- 0.38%
- 1M
- 2.89%
- 6M
- 8.26%
- YTD
- 10.72%
- 1Y
- 29.55%
- 3Y*
- 21.25%
- 5Y*
- 24.17%
- 10Y*
- 13.05%
DWX
- 1D
- -0.07%
- 1M
- 0.31%
- 6M
- 7.64%
- YTD
- 8.51%
- 1Y
- 17.12%
- 3Y*
- 14.57%
- 5Y*
- 7.83%
- 10Y*
- 7.33%
YCS vs. DWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCS ProShares UltraShort Yen | 10.72% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
DWX SPDR S&P International Dividend ETF | 8.51% | 31.62% | 2.56% | 14.74% | -12.99% | 10.56% | -5.10% | 20.26% | -11.11% | 18.91% |
Correlation
The correlation between YCS and DWX is -0.52, 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 | -0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.02 |
Over the past year, the inverse relationship between YCS and DWX has strengthened: their correlation has moved from -0.02 to -0.52, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
YCS vs. DWX — Risk / Return Rank
YCS
DWX
YCS vs. DWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and SPDR S&P International Dividend ETF (DWX). 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 | DWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.28 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.58 | 2.00 | +1.57 |
| Martin ratioReturn relative to average drawdown | 11.30 | 6.05 | +5.25 |
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Drawdowns
YCS vs. DWX - Drawdown Comparison
The maximum YCS drawdown since its inception was -49.56%, smaller than the maximum DWX drawdown of -66.86%. Use the drawdown chart below to compare losses from any high point for YCS and DWX.
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Drawdown Indicators
| YCS | DWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.56% | -66.86% | +17.30% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -8.59% | +0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -10.65% | -12.40% |
Max Drawdown (5Y)Largest decline over 5 years | -27.32% | -26.96% | -0.36% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -36.05% | +8.73% |
Current DrawdownCurrent decline from peak | -0.63% | -2.07% | +1.44% |
Average DrawdownAverage peak-to-trough decline | -19.81% | -14.07% | -5.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 2.84% | -0.22% |
Volatility
YCS vs. DWX - Volatility Comparison
The current volatility for ProShares UltraShort Yen (YCS) is 3.06%, while SPDR S&P International Dividend ETF (DWX) has a volatility of 3.29%. This indicates that YCS experiences smaller price fluctuations and is considered to be less risky than DWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCS | DWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 3.29% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 11.94% | 9.16% | +2.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.63% | 11.06% | +5.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.09% | 12.23% | +8.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.71% | 14.71% | +4.00% |
YCS vs. DWX - Expense Ratio Comparison
YCS has a 1.00% expense ratio, which is higher than DWX's 0.45% expense ratio.
Dividends
YCS vs. DWX - Dividend Comparison
YCS has not paid dividends to shareholders, while DWX's dividend yield for the trailing twelve months is around 4.20%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DWX SPDR S&P International Dividend ETF | 4.20% | 4.44% | 4.31% | 4.12% | 4.68% | 3.89% | 3.84% | 4.40% | 5.06% | 3.85% | 5.25% | 5.81% |
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 DWX have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DWX has higher volatility (3.29%) compared to YCS (3.06%). In terms of maximum drawdown, YCS dropped -49.56% vs DWX's -66.86%.
On 10-year performance, YCS leads with 13.05% vs 7.33% for DWX. On fees, DWX is cheaper at 0.45% per year. On volatility, YCS has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YCS has performed better with a 13.05% return vs 7.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DWX is cheaper with a 0.45% expense ratio, compared with 1.00% for YCS.
DWX has the higher dividend yield at 4.20%, compared with 0.00% for YCS.
YCS is categorized as Leveraged Currency, while DWX is Foreign Large Cap Equities. YCS tracks USD/JPY Exchange Rate (-200%), while DWX tracks S&P International Dividend Opportunities Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 1.00% for YCS and 0.45% for DWX.
YCS currently has the higher Sharpe Ratio (1.79 vs 1.56), 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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