YCS vs. IEO
YCS (ProShares UltraShort Yen) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both exchange-traded funds - YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index. Both are passively managed. Over the past 10 years, YCS returned 12.25%/yr vs 9.53%/yr for IEO. At a 0.17 correlation, their price movements are largely independent. YCS charges 1.00%/yr vs 0.42%/yr for IEO.
Performance
YCS vs. IEO - Performance Comparison
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Returns By Period
In the year-to-date period, YCS achieves a 7.54% return, which is significantly lower than IEO's 30.74% return. Over the past 10 years, YCS has outperformed IEO with an annualized return of 12.25%, while IEO has yielded a comparatively lower 9.53% annualized return.
YCS
- 1D
- 0.35%
- 1M
- 5.12%
- YTD
- 7.54%
- 6M
- 10.01%
- 1Y
- 31.94%
- 3Y*
- 20.09%
- 5Y*
- 23.63%
- 10Y*
- 12.25%
IEO
- 1D
- -2.60%
- 1M
- 2.15%
- YTD
- 30.74%
- 6M
- 22.30%
- 1Y
- 36.73%
- 3Y*
- 14.92%
- 5Y*
- 18.27%
- 10Y*
- 9.53%
YCS vs. IEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCS ProShares UltraShort Yen | 7.54% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 30.74% | 2.15% | -1.45% | 3.57% | 57.82% | 75.57% | -32.77% | 9.63% | -19.44% | 0.33% |
Correlation
The correlation between YCS and IEO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.17 |
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Return for Risk
YCS vs. IEO — Risk / Return Rank
YCS
IEO
YCS vs. IEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). 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.
| YCS | IEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.26 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 4.11 | 2.79 | +1.32 |
| Martin ratioReturn relative to average drawdown | 12.84 | 7.47 | +5.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| YCS | IEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | 1.59 | +0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.13 | 0.60 | +0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | 0.27 | +0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.16 | +0.17 |
Drawdowns
YCS vs. IEO - Drawdown Comparison
The maximum YCS drawdown since its inception was -49.56%, smaller than the maximum IEO drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for YCS and IEO.
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Drawdown Indicators
| YCS | IEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.56% | -79.17% | +29.61% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -14.30% | +6.00% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -31.46% | +8.41% |
Max Drawdown (5Y)Largest decline over 5 years | -27.32% | -31.46% | +4.14% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -75.00% | +47.68% |
Current DrawdownCurrent decline from peak | 0.00% | -9.95% | +9.95% |
Average DrawdownAverage peak-to-trough decline | -19.92% | -26.27% | +6.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 5.33% | -2.68% |
Volatility
YCS vs. IEO - Volatility Comparison
The current volatility for ProShares UltraShort Yen (YCS) is 1.56%, while iShares U.S. Oil & Gas Exploration & Production ETF (IEO) has a volatility of 7.99%. This indicates that YCS experiences smaller price fluctuations and is considered to be less risky than IEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCS | IEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 7.99% | -6.43% |
Volatility (6M)Calculated over the trailing 6-month period | 12.27% | 19.88% | -7.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.09% | 25.13% | -8.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.08% | 30.55% | -9.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.00% | 35.00% | -16.00% |
YCS vs. IEO - Expense Ratio Comparison
YCS has a 1.00% expense ratio, which is higher than IEO's 0.42% expense ratio.
Dividends
YCS vs. IEO - Dividend Comparison
YCS has not paid dividends to shareholders, while IEO's dividend yield for the trailing twelve months is around 2.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 2.02% | 2.61% | 2.63% | 3.00% | 3.77% | 2.62% | 3.17% | 1.85% | 1.67% | 0.94% | 0.98% | 2.03% |
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 IEO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEO has higher volatility (7.99%) compared to YCS (1.56%). In terms of maximum drawdown, YCS dropped -49.56% vs IEO's -79.17%.
On 10-year performance, YCS leads with 12.25% vs 9.53% for IEO. On fees, IEO is cheaper at 0.42% per year. On volatility, YCS has been the lower-risk option at 1.56%. 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 12.25% return vs 9.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEO is cheaper with a 0.42% expense ratio, compared with 1.00% for YCS.
IEO has the higher dividend yield at 2.02%, compared with 0.00% for YCS.
YCS is categorized as Leveraged Currency, while IEO is Energy Equities. YCS tracks USD/JPY Exchange Rate (-200%), while IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 1.00% for YCS and 0.42% for IEO.
YCS currently has the higher Sharpe Ratio (2.00 vs 1.59), 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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