YCS vs. UUP
YCS (ProShares UltraShort Yen) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, YCS returned 12.34%/yr vs 3.20%/yr for UUP. At a 0.47 correlation, their price movements are largely independent. YCS charges 1.00%/yr vs 0.75%/yr for UUP.
Performance
YCS vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, YCS achieves a 7.17% return, which is significantly higher than UUP's 3.07% return. Over the past 10 years, YCS has outperformed UUP with an annualized return of 12.34%, while UUP has yielded a comparatively lower 3.20% 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%
UUP
- 1D
- 0.36%
- 1M
- 1.38%
- YTD
- 3.07%
- 6M
- 2.71%
- 1Y
- 5.00%
- 3Y*
- 3.89%
- 5Y*
- 5.92%
- 10Y*
- 3.20%
YCS vs. UUP - 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% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.07% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between YCS and UUP is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.47 |
Over the past year, YCS and UUP have become more correlated (0.73) than their long-term average of 0.47, meaning their price movements have been converging.
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Return for Risk
YCS vs. UUP — Risk / Return Rank
YCS
UUP
YCS vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.09 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.15 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.97 | 1.38 | +2.59 |
| Martin ratioReturn relative to average drawdown | 12.40 | 3.65 | +8.74 |
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 | UUP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.92 | 0.83 | +1.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.12 | 0.82 | +0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | 0.46 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.20 | +0.13 |
Drawdowns
YCS vs. UUP - Drawdown Comparison
The maximum YCS drawdown since its inception was -49.56%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for YCS and UUP.
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Drawdown Indicators
| YCS | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.56% | -22.19% | -27.37% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -3.65% | -4.65% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -10.05% | -13.00% |
Max Drawdown (5Y)Largest decline over 5 years | -27.32% | -10.37% | -16.95% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -14.24% | -13.08% |
Current DrawdownCurrent decline from peak | 0.00% | -3.48% | +3.48% |
Average DrawdownAverage peak-to-trough decline | -19.93% | -8.92% | -11.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 1.37% | +1.29% |
Volatility
YCS vs. UUP - Volatility Comparison
ProShares UltraShort Yen (YCS) has a higher volatility of 2.75% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.26%. This indicates that YCS's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCS | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.75% | 1.26% | +1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 12.32% | 4.24% | +8.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.27% | 6.12% | +11.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.10% | 7.22% | +13.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.01% | 6.96% | +12.05% |
YCS vs. UUP - Expense Ratio Comparison
YCS has a 1.00% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
YCS vs. UUP - Dividend Comparison
YCS has not paid dividends to shareholders, while UUP's dividend yield for the trailing twelve months is around 3.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.33% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
YCS ProShares UltraShort Yen | 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 UUP have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.75%) compared to UUP (1.26%). In terms of maximum drawdown, YCS dropped -49.56% vs UUP's -22.19%.
On 10-year performance, YCS leads with 12.34% vs 3.20% for UUP. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.26%. 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 12.34% return vs 3.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 1.00% for YCS.
UUP has the higher dividend yield at 3.33%, compared with 0.00% for YCS.
YCS is categorized as Leveraged Currency, while UUP is Currency. YCS tracks USD/JPY Exchange Rate (-200%), while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 1.00% for YCS and 0.75% for UUP.
YCS currently has the higher Sharpe Ratio (1.92 vs 0.82), 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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