YCS vs. EUO
YCS (ProShares UltraShort Yen) and EUO (ProShares UltraShort Euro) are both Leveraged Currency funds from ProShares - YCS tracks the USD/JPY Exchange Rate (-200%) while EUO tracks the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, YCS returned 13.76%/yr vs 2.40%/yr for EUO. Their 0.34 correlation means their historical movements had little consistent relationship. YCS charges 1.00%/yr vs 0.99%/yr for EUO.
Performance
YCS vs. EUO - 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 EUO's 6.49% return. Over the past 10 years, YCS has outperformed EUO with an annualized return of 13.76%, while EUO has yielded a comparatively lower 2.40% annualized 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%
EUO
- 1D
- 0.07%
- 1M
- -1.50%
- 6M
- 7.79%
- YTD
- 6.49%
- 1Y
- 5.55%
- 3Y*
- 1.51%
- 5Y*
- 4.88%
- 10Y*
- 2.40%
- ALL TIME*
- 1.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $802.97K | $615.74K | $603.29K | |
| $1.53M | $2.43M | $1.42M |
YCS vs. EUO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCS ProShares UltraShort Yen | 7.29% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
EUO ProShares UltraShort Euro | 6.49% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
Correlation
The correlation between YCS and EUO is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.60 |
Correlation (3Y) Balances recent behavior with more history. | 0.51 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.47 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.45 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.34 |
Over the past year, YCS and EUO have become more correlated (0.60) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
YCS vs. EUO — Risk / Return Rank
YCS
EUO
YCS vs. EUO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and ProShares UltraShort Euro (EUO). 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 | EUO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.05 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 0.33 | +2.02 |
| Martin ratioReturn relative to average drawdown | 8.93 | 0.91 | +8.01 |
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Drawdowns
YCS vs. EUO - Drawdown Comparison
The maximum YCS drawdown since its inception was -49.56%, which is greater than EUO's maximum drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for YCS and EUO.
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Drawdown Indicators
| YCS | EUO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.56% | -38.58% | -10.98% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -8.05% | -0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -24.46% | +1.41% |
Max Drawdown (5Y)Largest decline over 5 years | -27.32% | -25.28% | -2.04% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -29.61% | +2.29% |
Current DrawdownCurrent decline from peak | -5.68% | -16.91% | +11.23% |
Average DrawdownAverage peak-to-trough decline | -19.75% | -18.48% | -1.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 3.41% | -0.77% |
Volatility
YCS vs. EUO - Volatility Comparison
ProShares UltraShort Yen (YCS) has a higher volatility of 5.30% compared to ProShares UltraShort Euro (EUO) at 2.65%. This indicates that YCS's price experiences larger fluctuations and is considered to be riskier than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCS | EUO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 2.65% | +2.65% |
Volatility (6M)Calculated over the trailing 6-month period | 11.65% | 8.41% | +3.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.85% | 12.05% | +4.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.16% | 15.56% | +5.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 14.76% | +3.85% |
YCS vs. EUO - Expense Ratio Comparison
YCS has a 1.00% expense ratio, which is higher than EUO's 0.99% expense ratio.
Dividends
YCS vs. EUO - Dividend Comparison
Neither YCS nor EUO has paid dividends to shareholders.
Frequently Asked Questions
YCS and EUO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (5.30%) compared to EUO (2.65%). In terms of maximum drawdown, YCS dropped -49.56% vs EUO's -38.58%.
On 10-year performance, YCS leads with 13.76% vs 2.40% for EUO. On fees, EUO is cheaper at 0.99% per year. On volatility, EUO has been the lower-risk option at 2.65%. 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 13.76% return vs 2.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUO is cheaper with a 0.99% expense ratio, compared with 1.00% for YCS.
YCS and EUO have nearly identical dividend yields, around 0.00%.
YCS tracks USD/JPY Exchange Rate (-200%), while EUO tracks USD/EUR Exchange Rate (-200%). Their fees differ too: 1.00% for YCS and 0.99% for EUO.
YCS currently has the higher Sharpe Ratio (1.16 vs 0.22), 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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