YCS vs. FXF
YCS (ProShares UltraShort Yen) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both exchange-traded funds - YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while FXF is a Currency fund tracking the Swiss Franc. Both are passively managed. Over the past 10 years, YCS returned 13.01%/yr vs 1.16%/yr for FXF. At a correlation of -0.45, they often move in opposite directions. YCS charges 1.00%/yr vs 0.40%/yr for FXF.
Performance
YCS vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, YCS achieves a 11.53% return, which is significantly higher than FXF's -2.51% return. Over the past 10 years, YCS has outperformed FXF with an annualized return of 13.01%, while FXF has yielded a comparatively lower 1.16% annualized return.
YCS
- 1D
- 0.16%
- 1M
- 1.99%
- 6M
- 9.13%
- YTD
- 11.53%
- 1Y
- 28.09%
- 3Y*
- 19.82%
- 5Y*
- 24.23%
- 10Y*
- 13.01%
- ALL TIME*
- 6.68%
FXF
- 1D
- -0.36%
- 1M
- -0.69%
- 6M
- -1.20%
- YTD
- -2.51%
- 1Y
- -1.57%
- 3Y*
- 1.94%
- 5Y*
- 1.98%
- 10Y*
- 1.16%
- ALL TIME*
- 1.66%
YCS vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCS ProShares UltraShort Yen | 11.53% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.51% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
Correlation
The correlation between YCS and FXF is -0.58, 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 | -0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.55 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.45 |
The correlation between YCS and FXF shifts across timeframes, from -0.58 (1 year) to -0.45 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
YCS vs. FXF — Risk / Return Rank
YCS
FXF
YCS vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and Invesco CurrencyShares® Swiss Franc Trust (FXF). 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 | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.93 | ||
| Sortino ratioReturn per unit of downside risk | +2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 0.97 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | -0.24 | +3.63 |
| Martin ratioReturn relative to average drawdown | 10.82 | -0.55 | +11.37 |
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Drawdowns
YCS vs. FXF - Drawdown Comparison
The maximum YCS drawdown since its inception was -49.56%, which is greater than FXF's maximum drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for YCS and FXF.
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Drawdown Indicators
| YCS | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.56% | -35.58% | -13.98% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -6.72% | -1.58% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -8.52% | -14.53% |
Max Drawdown (5Y)Largest decline over 5 years | -27.32% | -11.99% | -15.33% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -15.04% | -12.28% |
Current DrawdownCurrent decline from peak | 0.00% | -20.42% | +20.42% |
Average DrawdownAverage peak-to-trough decline | -19.79% | -20.83% | +1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 2.88% | -0.26% |
Volatility
YCS vs. FXF - Volatility Comparison
ProShares UltraShort Yen (YCS) has a higher volatility of 2.48% compared to Invesco CurrencyShares® Swiss Franc Trust (FXF) at 1.86%. This indicates that YCS's price experiences larger fluctuations and is considered to be riskier than FXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCS | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 1.86% | +0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 11.82% | 5.76% | +6.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.46% | 7.44% | +9.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.08% | 8.32% | +12.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.68% | 7.57% | +11.11% |
YCS vs. FXF - Expense Ratio Comparison
YCS has a 1.00% expense ratio, which is higher than FXF's 0.40% expense ratio.
Dividends
YCS vs. FXF - Dividend Comparison
Neither YCS nor FXF has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
YCS and FXF have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.48%) compared to FXF (1.86%). In terms of maximum drawdown, YCS dropped -49.56% vs FXF's -35.58%.
On 10-year performance, YCS leads with 13.01% vs 1.16% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.86%. 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 13.01% return vs 1.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 1.00% for YCS.
YCS and FXF have nearly identical dividend yields, around 0.00%.
YCS is categorized as Leveraged Currency, while FXF is Currency. YCS tracks USD/JPY Exchange Rate (-200%), while FXF tracks Swiss Franc. They also come from different issuers: ProShares and Invesco. Their fees differ too: 1.00% for YCS and 0.40% for FXF.
YCS currently has the higher Sharpe Ratio (1.72 vs -0.21), 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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