YCS vs. SPY
YCS (ProShares UltraShort Yen) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, YCS returned 12.34%/yr vs 15.49%/yr for SPY. At a 0.20 correlation, their price movements are largely independent. YCS charges 1.00%/yr vs 0.09%/yr for SPY.
Performance
YCS vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, YCS achieves a 7.17% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, YCS has underperformed SPY with an annualized return of 12.34%, while SPY has yielded a comparatively higher 15.49% annualized return.
YCS
- 1D
- 0.17%
- 1M
- 4.42%
- YTD
- 7.17%
- 6M
- 10.05%
- 1Y
- 32.82%
- 3Y*
- 19.84%
- 5Y*
- 23.54%
- 10Y*
- 12.34%
SPY
- 1D
- -0.70%
- 1M
- 5.05%
- YTD
- 10.91%
- 6M
- 10.91%
- 1Y
- 27.98%
- 3Y*
- 22.35%
- 5Y*
- 13.83%
- 10Y*
- 15.49%
YCS vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCS ProShares UltraShort Yen | 7.17% | 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 | 10.91% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between YCS and SPY is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.20 |
The correlation between YCS and SPY shifts across timeframes, from -0.18 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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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 | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.43 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.97 | 3.16 | +0.81 |
| Martin ratioReturn relative to average drawdown | 12.40 | 14.72 | -2.32 |
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 | 1.92 | 2.38 | -0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.12 | 0.82 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | 0.87 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.59 | -0.26 |
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 | -8.30% | -8.88% | +0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -18.76% | -4.29% |
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 | 0.00% | -0.70% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -19.93% | -9.05% | -10.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 1.91% | +0.75% |
Volatility
YCS vs. SPY - Volatility Comparison
ProShares UltraShort Yen (YCS) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 2.75% and 2.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 2.75% | 2.84% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 12.32% | 8.90% | +3.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.27% | 11.83% | +5.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.10% | 17.05% | +4.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.01% | 17.94% | +1.07% |
YCS vs. SPY - Expense Ratio Comparison
YCS has a 1.00% expense ratio, which is higher than SPY's 0.09% expense ratio.
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 0.98%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 0.98% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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 SPY have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (2.84%) compared to YCS (2.75%). In terms of maximum drawdown, YCS dropped -49.56% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.49% vs 12.34% for YCS. On fees, SPY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.49% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.00% for YCS.
SPY has the higher dividend yield at 0.98%, compared with 0.00% for YCS.
YCS is categorized as Leveraged Currency, while SPY is S&P 500. YCS tracks USD/JPY Exchange Rate (-200%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 1.00% for YCS and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.38 vs 1.92), 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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