YCS vs. IQQQ

Last updated Jun 25, 2026

YCS (ProShares UltraShort Yen) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, YCS returned 34.18% vs 28.55% for IQQQ. At a 0.05 correlation, their price movements are largely independent. YCS charges 1.00%/yr vs 0.55%/yr for IQQQ.

Performance

YCS vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Yen (YCS) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YCS achieves a 10.06% return, which is significantly lower than IQQQ's 12.97% return.

YCS

• 1D: 0.39%
• 1M: 3.97%
• YTD: 10.06%
• 6M: 11.27%
• 1Y: 34.18%
• 3Y*: 18.53%
• 5Y*: 23.65%
• 10Y*: 13.66%

IQQQ

• 1D: -0.63%
• 1M: -1.33%
• YTD: 12.97%
• 6M: 11.32%
• 1Y: 28.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YCS vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YCS ProShares UltraShort Yen	10.06%	9.04%	15.17%
IQQQ ProShares Nasdaq-100 High Income ETF	12.97%	17.11%	14.82%

Correlation

The correlation between YCS and IQQQ is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	0.05

The correlation between YCS and IQQQ shifts across timeframes, from -0.10 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

YCS vs. IQQQ — Risk / Return Rank

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

YCS

YCS Risk / Return Rank: 73
YCS Sharpe Ratio Rank: 71
YCS Sortino Ratio Rank: 62
YCS Omega Ratio Rank: 72
YCS Calmar Ratio Rank: 84
YCS Martin Ratio Rank: 77

IQQQ

IQQQ Risk / Return Rank: 54
IQQQ Sharpe Ratio Rank: 55
IQQQ Sortino Ratio Rank: 50
IQQQ Omega Ratio Rank: 51
IQQQ Calmar Ratio Rank: 58
IQQQ Martin Ratio Rank: 55

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. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.69	+0.35
Sortino ratio: Return per unit of downside risk	2.57	2.22	+0.35
Omega ratio: Gain probability vs. loss probability	1.38	1.29	+0.09
Calmar ratio: Return relative to maximum drawdown	4.14	2.58	+1.56
Martin ratio: Return relative to average drawdown	13.04	8.79	+4.25

YCS vs. IQQQ - Sharpe Ratio Comparison

The current YCS Sharpe Ratio is 2.04, which is comparable to the IQQQ Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of YCS and IQQQ, 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. IQQQ - Drawdown Comparison

The maximum YCS drawdown since its inception was -49.56%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for YCS and IQQQ.

Drawdown Indicators

	YCS	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-49.56%	-20.41%	-29.15%
Max Drawdown (1Y) Largest decline over 1 year	-8.30%	-11.13%	+2.83%
Max Drawdown (3Y) Largest decline over 3 years	-23.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.32%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-27.32%	—	—
Current Drawdown Current decline from peak	0.00%	-5.13%	+5.13%
Average Drawdown Average peak-to-trough decline	-19.87%	-3.63%	-16.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	3.25%	-0.62%

Volatility

YCS vs. IQQQ - Volatility Comparison

The current volatility for ProShares UltraShort Yen (YCS) is 2.25%, while ProShares Nasdaq-100 High Income ETF (IQQQ) has a volatility of 8.33%. This indicates that YCS experiences smaller price fluctuations and is considered to be less risky than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YCS	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	8.33%	-6.08%
Volatility (6M) Calculated over the trailing 6-month period	11.91%	13.55%	-1.64%
Volatility (1Y) Calculated over the trailing 1-year period	16.93%	17.06%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.10%	19.07%	+2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.82%	19.07%	-0.25%

YCS vs. IQQQ - Expense Ratio Comparison

YCS has a 1.00% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

YCS vs. IQQQ - Dividend Comparison

YCS has not paid dividends to shareholders, while IQQQ's dividend yield for the trailing twelve months is around 4.65%.

Position	TTM	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	4.65%	10.34%	7.27%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both YCS and IQQQ in my portfolio?

YCS and IQQQ have a correlation of -0.10, 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 IQQQ?

IQQQ has higher volatility (8.33%) compared to YCS (2.25%). In terms of maximum drawdown, YCS dropped -49.56% vs IQQQ's -20.41%.

Which ETF is better, YCS or IQQQ?

On 1-year performance, YCS leads with 34.18% vs 28.55% for IQQQ. On fees, IQQQ is cheaper at 0.55% per year. On volatility, YCS has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YCS or IQQQ?

Over the 1-year period, YCS has performed better with a 34.18% return vs 28.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YCS or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 1.00% for YCS.

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

IQQQ has the higher dividend yield at 4.65%, compared with 0.00% for YCS.

What is the main difference between YCS and IQQQ?

YCS is categorized as Leveraged Currency, while IQQQ is Nasdaq-100. YCS tracks USD/JPY Exchange Rate (-200%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 1.00% for YCS and 0.55% for IQQQ.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (2.04 vs 1.69), 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.