YCS vs. TBT
YCS (ProShares UltraShort Yen) and TBT (ProShares UltraShort 20+ Year Treasury) are both exchange-traded funds - YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, YCS returned 13.63%/yr vs 2.37%/yr for TBT. At a 0.44 correlation, their price movements are largely independent. YCS charges 1.00%/yr vs 0.93%/yr for TBT.
Performance
YCS vs. TBT - Performance Comparison
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Returns By Period
In the year-to-date period, YCS achieves a 9.78% return, which is significantly higher than TBT's 1.57% return. Over the past 10 years, YCS has outperformed TBT with an annualized return of 13.63%, while TBT has yielded a comparatively lower 2.37% annualized return.
YCS
- 1D
- 0.40%
- 1M
- 3.71%
- YTD
- 9.78%
- 6M
- 9.63%
- 1Y
- 31.36%
- 3Y*
- 18.43%
- 5Y*
- 23.50%
- 10Y*
- 13.63%
TBT
- 1D
- 1.47%
- 1M
- -3.76%
- YTD
- 1.57%
- 6M
- 2.39%
- 1Y
- -0.97%
- 3Y*
- 10.71%
- 5Y*
- 16.28%
- 10Y*
- 2.37%
YCS vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCS ProShares UltraShort Yen | 9.78% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
TBT ProShares UltraShort 20+ Year Treasury | 1.57% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
Correlation
The correlation between YCS and TBT is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.44 |
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Return for Risk
YCS vs. TBT — Risk / Return Rank
YCS
TBT
YCS vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and ProShares UltraShort 20+ Year Treasury (TBT). 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 | TBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.91 | ||
| Sortino ratioReturn per unit of downside risk | +2.30 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.01 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | -0.07 | +3.86 |
| Martin ratioReturn relative to average drawdown | 11.86 | -0.13 | +11.99 |
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Drawdowns
YCS vs. TBT - Drawdown Comparison
The maximum YCS drawdown since its inception was -49.56%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for YCS and TBT.
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Drawdown Indicators
| YCS | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.56% | -94.99% | +45.43% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -14.89% | +6.59% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -33.83% | +10.78% |
Max Drawdown (5Y)Largest decline over 5 years | -27.32% | -33.83% | +6.51% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -65.09% | +37.77% |
Current DrawdownCurrent decline from peak | 0.00% | -85.85% | +85.85% |
Average DrawdownAverage peak-to-trough decline | -19.88% | -77.33% | +57.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 7.54% | -4.89% |
Volatility
YCS vs. TBT - Volatility Comparison
The current volatility for ProShares UltraShort Yen (YCS) is 2.22%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 4.56%. This indicates that YCS experiences smaller price fluctuations and is considered to be less risky than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCS | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.22% | 4.56% | -2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 12.19% | 13.51% | -1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.96% | 19.22% | -2.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.10% | 31.32% | -10.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.96% | 28.80% | -9.84% |
YCS vs. TBT - Expense Ratio Comparison
YCS has a 1.00% expense ratio, which is higher than TBT's 0.93% expense ratio.
Dividends
YCS vs. TBT - Dividend Comparison
YCS has not paid dividends to shareholders, while TBT's dividend yield for the trailing twelve months is around 2.94%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.94% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
YCS and TBT have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (4.56%) compared to YCS (2.22%). In terms of maximum drawdown, YCS dropped -49.56% vs TBT's -94.99%.
On 10-year performance, YCS leads with 13.63% vs 2.37% for TBT. On fees, TBT is cheaper at 0.93% per year. On volatility, YCS has been the lower-risk option at 2.22%. 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 13.63% return vs 2.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 1.00% for YCS.
TBT has the higher dividend yield at 2.94%, compared with 0.00% for YCS.
YCS is categorized as Leveraged Currency, while TBT is Inverse Bonds. YCS tracks USD/JPY Exchange Rate (-200%), while TBT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 1.00% for YCS and 0.93% for TBT.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.05), 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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