YCS vs. TSMX

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares UltraShort Yen (YCS) and Direxion Daily TSM Bull 2X Shares (TSMX).

YCS and TSMX 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. TSMX is an actively managed fund by Direxion. It was launched on Oct 3, 2024.

Performance

YCS vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Yen (YCS) and Direxion Daily TSM Bull 2X Shares (TSMX). The values are adjusted to include any dividend payments, if applicable.

YCS vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YCS ProShares UltraShort Yen	4.36%	9.04%	14.81%
TSMX Direxion Daily TSM Bull 2X Shares	18.76%	81.48%	14.76%

Returns By Period

In the year-to-date period, YCS achieves a 4.36% return, which is significantly lower than TSMX's 18.76% return.

YCS

• 1D: 0.26%
• 1M: 2.19%
• YTD: 4.36%
• 6M: 20.43%
• 1Y: 20.40%
• 3Y*: 23.79%
• 5Y*: 22.33%
• 10Y*: 10.93%

TSMX

• 1D: 2.24%
• 1M: -16.25%
• YTD: 18.76%
• 6M: 24.98%
• 1Y: 224.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

YCS vs. TSMX - Expense Ratio Comparison

YCS has a 1.00% expense ratio, which is lower than TSMX's 1.05% expense ratio.

TSMX

Direxion Daily TSM Bull 2X Shares

YCS

ProShares UltraShort Yen

Return for Risk

YCS vs. TSMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YCS

YCS Risk / Return Rank: 51
YCS Sharpe Ratio Rank: 52
YCS Sortino Ratio Rank: 50
YCS Omega Ratio Rank: 46
YCS Calmar Ratio Rank: 61
YCS Martin Ratio Rank: 45

TSMX

TSMX Risk / Return Rank: 95
TSMX Sharpe Ratio Rank: 97
TSMX Sortino Ratio Rank: 94
TSMX Omega Ratio Rank: 89
TSMX Calmar Ratio Rank: 98
TSMX Martin Ratio Rank: 97

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. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and Direxion Daily TSM Bull 2X Shares (TSMX). 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	TSMX	Difference
Sharpe ratio Return per unit of total volatility	0.98	2.92	-1.94
Sortino ratio Return per unit of downside risk	1.40	3.06	-1.66
Omega ratio Gain probability vs. loss probability	1.19	1.38	-0.20
Calmar ratio Return relative to maximum drawdown	1.65	6.72	-5.07
Martin ratio Return relative to average drawdown	4.48	20.73	-16.26
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. TSMX - Sharpe Ratio Comparison

The current YCS Sharpe Ratio is 0.98, which is lower than the TSMX Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of YCS and TSMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	YCS	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	2.92	-1.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.04	-0.72

Correlation

The correlation between YCS and TSMX is 0.09, 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. TSMX - Dividend Comparison

YCS has not paid dividends to shareholders, while TSMX's dividend yield for the trailing twelve months is around 6.95%.

	TTM	2025	2024
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%
TSMX Direxion Daily TSM Bull 2X Shares	6.95%	8.01%	0.53%

Drawdowns

YCS vs. TSMX - Drawdown Comparison

The maximum YCS drawdown since its inception was -49.56%, smaller than the maximum TSMX drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for YCS and TSMX.

Drawdown Indicators

	YCS	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-49.56%	-63.80%	+14.24%
Max Drawdown (1Y) Largest decline over 1 year	-12.07%	-34.93%	+22.86%
Max Drawdown (5Y) Largest decline over 5 years	-27.32%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-27.32%	—	—
Current Drawdown Current decline from peak	-1.61%	-24.28%	+22.67%
Average Drawdown Average peak-to-trough decline	-20.11%	-16.76%	-3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	11.32%	-6.87%

Volatility

YCS vs. TSMX - Volatility Comparison

The current volatility for ProShares UltraShort Yen (YCS) is 4.81%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 28.00%. This indicates that YCS experiences smaller price fluctuations and is considered to be less risky than TSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YCS	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	28.00%	-23.19%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	54.49%	-42.20%
Volatility (1Y) Calculated over the trailing 1-year period	20.83%	77.51%	-56.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.93%	81.16%	-60.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.23%	81.16%	-61.93%