YCS vs. TLT
YCS (ProShares UltraShort Yen) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, YCS returned 13.76%/yr vs -2.38%/yr for TLT. Their -0.43 correlation means they have often moved in opposite directions in the past. YCS charges 1.00%/yr vs 0.15%/yr for TLT.
Performance
YCS vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, YCS achieves a 7.29% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, YCS has outperformed TLT with an annualized return of 13.76%, while TLT has yielded a comparatively lower -2.38% annualized return.
YCS
- 1D
- -0.84%
- 1M
- -2.27%
- 6M
- 9.33%
- YTD
- 7.29%
- 1Y
- 25.05%
- 3Y*
- 17.34%
- 5Y*
- 23.55%
- 10Y*
- 13.76%
- ALL TIME*
- 6.44%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.33B | $2.02B | $2.19B | |
| $1.53M | $2.43M | $1.42M |
YCS vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCS ProShares UltraShort Yen | 7.29% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between YCS and TLT is -0.35, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.35 |
Correlation (3Y) Balances recent behavior with more history. | -0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.41 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.44 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.43 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
YCS vs. TLT — Risk / Return Rank
YCS
TLT
YCS vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.28 | ||
| Sortino ratioReturn per unit of downside risk | +1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.99 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | -0.14 | +2.49 |
| Martin ratioReturn relative to average drawdown | 8.93 | -0.30 | +9.22 |
Loading charts...
Drawdowns
YCS vs. TLT - Drawdown Comparison
The maximum YCS drawdown since its inception was -49.56%, roughly equal to the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for YCS and TLT.
Loading charts...
Drawdown Indicators
| YCS | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.56% | -48.35% | -1.21% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -7.74% | -0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -14.79% | -8.26% |
Max Drawdown (5Y)Largest decline over 5 years | -27.32% | -43.70% | +16.38% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -48.35% | +21.03% |
Current DrawdownCurrent decline from peak | -5.68% | -42.36% | +36.68% |
Average DrawdownAverage peak-to-trough decline | -19.75% | -13.99% | -5.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 3.57% | -0.93% |
Volatility
YCS vs. TLT - Volatility Comparison
ProShares UltraShort Yen (YCS) has a higher volatility of 5.30% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that YCS's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| YCS | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 2.46% | +2.84% |
Volatility (6M)Calculated over the trailing 6-month period | 11.65% | 6.85% | +4.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.85% | 9.32% | +7.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.16% | 15.74% | +5.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 14.83% | +3.78% |
YCS vs. TLT - Expense Ratio Comparison
YCS has a 1.00% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
YCS vs. TLT - Dividend Comparison
YCS has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
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 TLT have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (5.30%) compared to TLT (2.46%). In terms of maximum drawdown, YCS dropped -49.56% vs TLT's -48.35%.
On 10-year performance, YCS leads with 13.76% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. 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 13.76% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 1.00% for YCS.
TLT has the higher dividend yield at 4.34%, compared with 0.00% for YCS.
YCS is categorized as Leveraged Currency, while TLT is Government Bonds. YCS tracks USD/JPY Exchange Rate (-200%), while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 1.00% for YCS and 0.15% for TLT.
YCS currently has the higher Sharpe Ratio (1.16 vs -0.11), 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.
Find the right allocation for YCS and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer