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 12.50%/yr vs 1.06%/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 7.60% return, which is significantly higher than FXF's -0.80% return. Over the past 10 years, YCS has outperformed FXF with an annualized return of 12.50%, while FXF has yielded a comparatively lower 1.06% annualized return.
YCS
- 1D
- 0.94%
- 1M
- 2.24%
- YTD
- 7.60%
- 6M
- 9.35%
- 1Y
- 33.14%
- 3Y*
- 19.77%
- 5Y*
- 23.58%
- 10Y*
- 12.50%
FXF
- 1D
- -0.15%
- 1M
- -1.31%
- YTD
- -0.80%
- 6M
- -0.32%
- 1Y
- 1.23%
- 3Y*
- 4.05%
- 5Y*
- 1.88%
- 10Y*
- 1.06%
YCS vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCS ProShares UltraShort Yen | 7.60% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.80% | 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 -0.59, 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 | -0.59 |
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 | -0.54 |
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 -0.59 (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 | +1.83 | ||
| Sortino ratioReturn per unit of downside risk | +2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.03 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 4.09 | 0.25 | +3.84 |
| Martin ratioReturn relative to average drawdown | 12.77 | 0.54 | +12.22 |
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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% | -4.97% | -3.33% |
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 | -0.53% | -19.02% | +18.49% |
Average DrawdownAverage peak-to-trough decline | -19.90% | -20.83% | +0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 2.28% | +0.37% |
Volatility
YCS vs. FXF - Volatility Comparison
ProShares UltraShort Yen (YCS) has a higher volatility of 2.26% compared to Invesco CurrencyShares® Swiss Franc Trust (FXF) at 1.81%. 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 | 2.26% | 1.81% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 12.26% | 5.56% | +6.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.08% | 7.49% | +9.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.09% | 8.33% | +12.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.01% | 7.57% | +11.44% |
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 -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.26%) compared to FXF (1.81%). In terms of maximum drawdown, YCS dropped -49.56% vs FXF's -35.58%.
On 10-year performance, YCS leads with 12.50% vs 1.06% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.81%. 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 12.50% return vs 1.06%. 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 (1.99 vs 0.17), 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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