YCS vs. EUO

Last updated Jun 23, 2026

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 13.63%/yr vs 2.32%/yr for EUO. At a 0.34 correlation, their price movements are largely independent. YCS charges 1.00%/yr vs 0.99%/yr for EUO.

Performance

YCS vs. EUO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Yen (YCS) and ProShares UltraShort Euro (EUO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YCS achieves a 9.78% return, which is significantly higher than EUO's 8.15% return. Over the past 10 years, YCS has outperformed EUO with an annualized return of 13.63%, while EUO has yielded a comparatively lower 2.32% annualized return.

YCS

• 1D: 0.40%
• 1M: 3.71%
• YTD: 9.78%
• 6M: 9.63%
• 1Y: 31.36%
• 3Y*: 18.43%
• 5Y*: 23.50%
• 10Y*: 13.63%

EUO

• 1D: 0.59%
• 1M: 3.76%
• YTD: 8.15%
• 6M: 8.31%
• 1Y: 6.80%
• 3Y*: 1.65%
• 5Y*: 5.40%
• 10Y*: 2.32%

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

YCS vs. EUO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
YCS ProShares UltraShort Yen	9.78%	9.04%	35.41%	28.70%	29.09%	22.38%	-11.18%	3.37%	-1.49%	-6.57%
EUO ProShares UltraShort Euro	8.15%	-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 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	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 (0.64) than their long-term average of 0.34, meaning their price movements have been converging.

Return for Risk

YCS vs. EUO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 57
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 57
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 67

EUO

EUO Risk / Return Rank: 17
EUO Sharpe Ratio Rank: 17
EUO Sortino Ratio Rank: 16
EUO Omega Ratio Rank: 16
EUO Calmar Ratio Rank: 19
EUO Martin Ratio Rank: 18

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. 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 ratio: Return per unit of total volatility	1.86	0.54	+1.32
Sortino ratio: Return per unit of downside risk	2.37	0.83	+1.53
Omega ratio: Gain probability vs. loss probability	1.35	1.10	+0.24
Calmar ratio: Return relative to maximum drawdown	3.79	0.85	+2.95
Martin ratio: Return relative to average drawdown	11.86	1.98	+9.88

YCS vs. EUO - Sharpe Ratio Comparison

The current YCS Sharpe Ratio is 1.86, which is higher than the EUO Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of YCS and EUO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	YCS	EUO	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	0.00%	-15.62%	+15.62%
Average Drawdown Average peak-to-trough decline	-19.88%	-18.50%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	3.51%	-0.86%

Volatility

YCS vs. EUO - Volatility Comparison

The current volatility for ProShares UltraShort Yen (YCS) is 2.22%, while ProShares UltraShort Euro (EUO) has a volatility of 3.22%. This indicates that YCS experiences smaller price fluctuations and is considered to be less risky than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YCS	EUO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	3.22%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	12.19%	9.07%	+3.12%
Volatility (1Y) Calculated over the trailing 1-year period	16.96%	12.71%	+4.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.10%	15.56%	+5.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	14.88%	+4.08%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both YCS and EUO in my portfolio?

YCS and EUO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YCS or EUO?

EUO has higher volatility (3.22%) compared to YCS (2.22%). In terms of maximum drawdown, YCS dropped -49.56% vs EUO's -38.58%.

Which ETF is better, YCS or EUO?

On 10-year performance, YCS leads with 13.63% vs 2.32% for EUO. On fees, EUO is cheaper at 0.99% per year. On volatility, YCS has been the lower-risk option at 2.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YCS or EUO?

Over the 10-year period, YCS has performed better with a 13.63% return vs 2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YCS or EUO?

EUO is cheaper with a 0.99% expense ratio, compared with 1.00% for YCS.

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

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

What is the main difference between YCS and EUO?

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.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 vs 0.54), 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.