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YCS vs. ISTB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

YCS vs. ISTB

Last updated Jun 5, 2026

YCS (ProShares UltraShort Yen) and ISTB (iShares Core 1-5 Year USD Bond ETF) are both exchange-traded funds - YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while ISTB is a Short-Term Bond fund tracking the BBG US Universal 1-5 Year Index (USD). Both are passively managed. Over the past 10 years, YCS returned 12.16%/yr vs 2.28%/yr for ISTB. At a correlation of -0.43, they often move in opposite directions. YCS charges 1.00%/yr vs 0.06%/yr for ISTB.

Performance

YCS vs. ISTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Yen (YCS) and iShares Core 1-5 Year USD Bond ETF (ISTB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, YCS achieves a 7.17% return, which is significantly higher than ISTB's 0.57% return. Over the past 10 years, YCS has outperformed ISTB with an annualized return of 12.16%, while ISTB has yielded a comparatively lower 2.28% annualized return.

YCS

1D
0.00%
1M
3.39%
YTD
7.17%
6M
10.02%
1Y
34.99%
3Y*
20.03%
5Y*
23.54%
10Y*
12.16%

ISTB

1D
0.08%
1M
0.17%
YTD
0.57%
6M
0.92%
1Y
4.06%
3Y*
4.96%
5Y*
1.87%
10Y*
2.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

YCS vs. ISTB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
YCS
ProShares UltraShort Yen		7.17%9.04%35.41%28.70%29.09%22.38%-11.18%3.37%-1.49%-6.57%
ISTB
iShares Core 1-5 Year USD Bond ETF		0.57%6.36%4.37%5.56%-6.08%-0.71%4.75%5.61%1.02%1.72%

Correlation

The correlation between YCS and ISTB is -0.54, 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

-0.54

Correlation (3Y)
Calculated over the trailing 3-year period

-0.51

Correlation (5Y)
Calculated over the trailing 5-year period

-0.54

Correlation (10Y)
Calculated over the trailing 10-year period

-0.48

Correlation (All Time)
Calculated using the full available price history since Oct 25, 2012

-0.43

The correlation between YCS and ISTB shifts across timeframes, from -0.54 (5 years) to -0.43 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Yen

iShares Core 1-5 Year USD Bond ETF

Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY
Often compared with ISTB:
ISTB vs. BSVISTB vs. AGGISTB vs. FUMBXISTB vs. IMTBISTB vs. SHYISTB vs. IAGGISTB vs. FIBR

Return for Risk

YCS vs. ISTB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
YCS
YCS Risk / Return Rank: 6767
Overall Rank
YCS Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 5555
Sortino Ratio Rank
YCS Omega Ratio Rank: 6363
Omega Ratio Rank
YCS Calmar Ratio Rank: 8282
Calmar Ratio Rank
YCS Martin Ratio Rank: 7272
Martin Ratio Rank
ISTB
ISTB Risk / Return Rank: 7373
Overall Rank
ISTB Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
ISTB Sortino Ratio Rank: 8181
Sortino Ratio Rank
ISTB Omega Ratio Rank: 7777
Omega Ratio Rank
ISTB Calmar Ratio Rank: 6666
Calmar Ratio Rank
ISTB Martin Ratio Rank: 6868
Martin Ratio Rank
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. ISTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and iShares Core 1-5 Year USD Bond ETF (ISTB). 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.

YCSISTBDifference
Sharpe ratioReturn per unit of total volatility
2.06
2.31

-0.25

Sortino ratioReturn per unit of downside risk
2.60
3.58

-0.99

Omega ratioGain probability vs. loss probability

1.38

1.45

-0.07

Calmar ratioReturn relative to maximum drawdown

4.23

3.24

+0.99

Martin ratioReturn relative to average drawdown

13.22

12.35

+0.87

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YCS vs. ISTB - Sharpe Ratio Comparison

The current YCS Sharpe Ratio is 2.06, which is comparable to the ISTB Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of YCS and ISTB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

YCSISTBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.06

2.31

-0.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.12

0.67

+0.45

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.64

0.91

-0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

0.84

-0.51

Drawdowns

YCS vs. ISTB - Drawdown Comparison

The maximum YCS drawdown since its inception was -49.56%, which is greater than ISTB's maximum drawdown of -9.34%. Use the drawdown chart below to compare losses from any high point for YCS and ISTB.

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Drawdown Indicators

YCSISTBDifference

Max Drawdown

Largest peak-to-trough decline

-49.56%

-9.34%

-40.22%

Max Drawdown (1Y)

Largest decline over 1 year

-8.30%

-1.26%

-7.04%

Max Drawdown (3Y)

Largest decline over 3 years

-23.05%

-1.36%

-21.69%

Max Drawdown (5Y)

Largest decline over 5 years

-27.32%

-9.34%

-17.98%

Max Drawdown (10Y)

Largest decline over 10 years

-27.32%

-9.34%

-17.98%

Current Drawdown

Current decline from peak

0.00%

-0.34%

+0.34%

Average Drawdown

Average peak-to-trough decline

-19.93%

-1.22%

-18.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.65%

0.33%

+2.32%

Volatility

YCS vs. ISTB - Volatility Comparison

ProShares UltraShort Yen (YCS) has a higher volatility of 2.62% compared to iShares Core 1-5 Year USD Bond ETF (ISTB) at 0.54%. This indicates that YCS's price experiences larger fluctuations and is considered to be riskier than ISTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

YCSISTBDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.62%

0.54%

+2.08%

Volatility (6M)

Calculated over the trailing 6-month period

12.31%

1.28%

+11.03%

Volatility (1Y)

Calculated over the trailing 1-year period

17.18%

1.77%

+15.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.09%

2.79%

+18.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.01%

2.50%

+16.51%

YCS vs. ISTB - Expense Ratio Comparison

YCS has a 1.00% expense ratio, which is higher than ISTB's 0.06% expense ratio.

Dividends

YCS vs. ISTB - Dividend Comparison

YCS has not paid dividends to shareholders, while ISTB's dividend yield for the trailing twelve months is around 4.25%.

PositionTTM20252024202320222021202020192018201720162015
ISTB
iShares Core 1-5 Year USD Bond ETF		4.25%4.12%3.83%2.97%2.01%1.69%2.20%2.75%2.57%2.06%1.90%1.58%
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 ISTB have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

YCS has higher volatility (2.62%) compared to ISTB (0.54%). In terms of maximum drawdown, YCS dropped -49.56% vs ISTB's -9.34%.

On 10-year performance, YCS leads with 12.16% vs 2.28% for ISTB. On fees, ISTB is cheaper at 0.06% per year. On volatility, ISTB has been the lower-risk option at 0.54%. 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 12.16% return vs 2.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ISTB is cheaper with a 0.06% expense ratio, compared with 1.00% for YCS.

ISTB has the higher dividend yield at 4.25%, compared with 0.00% for YCS.

YCS is categorized as Leveraged Currency, while ISTB is Short-Term Bond. YCS tracks USD/JPY Exchange Rate (-200%), while ISTB tracks BBG US Universal 1-5 Year Index (USD). They also come from different issuers: ProShares and iShares. Their fees differ too: 1.00% for YCS and 0.06% for ISTB.

ISTB currently has the higher Sharpe Ratio (2.31 vs 2.06), 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.

Portfolio Optimizer

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