YCS vs. SPY
Compare and contrast key facts about ProShares UltraShort Yen (YCS) and State Street SPDR S&P 500 ETF (SPY).
YCS and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. YCS is a passively managed fund by ProShares that tracks the performance of the USD/JPY Exchange Rate (-200%). It was launched on Nov 25, 2008. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both YCS and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
YCS vs. SPY - Performance Comparison
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YCS vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCS ProShares UltraShort Yen | 4.09% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, YCS achieves a 4.09% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, YCS has underperformed SPY with an annualized return of 10.90%, while SPY has yielded a comparatively higher 13.98% annualized return.
YCS
- 1D
- -1.38%
- 1M
- 3.58%
- YTD
- 4.09%
- 6M
- 18.84%
- 1Y
- 19.59%
- 3Y*
- 23.69%
- 5Y*
- 22.26%
- 10Y*
- 10.90%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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YCS vs. SPY - Expense Ratio Comparison
YCS has a 1.00% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
YCS vs. SPY — Risk / Return Rank
YCS
SPY
YCS vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.94 | 0.93 | +0.02 |
Sortino ratioReturn per unit of downside risk | 1.36 | 1.45 | -0.10 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.22 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 1.67 | 1.53 | +0.14 |
Martin ratioReturn relative to average drawdown | 4.52 | 7.30 | -2.78 |
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 | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.94 | 0.93 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.07 | 0.69 | +0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.78 | -0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.56 | -0.24 |
Correlation
The correlation between YCS and SPY is 0.20, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
YCS vs. SPY - Dividend Comparison
YCS has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.14%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
YCS vs. SPY - Drawdown Comparison
The maximum YCS drawdown since its inception was -49.56%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for YCS and SPY.
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Drawdown Indicators
| YCS | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.56% | -55.19% | +5.63% |
Max Drawdown (1Y)Largest decline over 1 year | -12.07% | -12.05% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -27.32% | -24.50% | -2.82% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -33.72% | +6.40% |
Current DrawdownCurrent decline from peak | -1.87% | -6.24% | +4.37% |
Average DrawdownAverage peak-to-trough decline | -20.12% | -9.09% | -11.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.45% | 2.52% | +1.93% |
Volatility
YCS vs. SPY - Volatility Comparison
The current volatility for ProShares UltraShort Yen (YCS) is 4.81%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that YCS experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCS | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.81% | 5.31% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 12.33% | 9.47% | +2.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.84% | 19.05% | +1.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.93% | 17.06% | +3.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.23% | 17.92% | +1.31% |