YCS vs. UVXY
YCS (ProShares UltraShort Yen) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, YCS returned 13.76%/yr vs -71.50%/yr for UVXY. Their -0.19 correlation means they have often moved in opposite directions in the past. YCS charges 1.00%/yr vs 0.95%/yr for UVXY.
Performance
YCS vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, YCS achieves a 7.29% return, which is significantly higher than UVXY's -35.24% return. Over the past 10 years, YCS has outperformed UVXY with an annualized return of 13.76%, while UVXY has yielded a comparatively lower -71.50% 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%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $190.03M | $191.90M | $239.87M | |
| $1.53M | $2.43M | $1.42M |
YCS vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.24% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between YCS and UVXY is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.14 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.19 |
The correlation between YCS and UVXY shifts across timeframes, from -0.19 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
YCS vs. UVXY — Risk / Return Rank
YCS
UVXY
YCS vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.97 | ||
| Sortino ratioReturn per unit of downside risk | +2.88 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.85 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | -0.95 | +3.30 |
| Martin ratioReturn relative to average drawdown | 8.93 | -1.35 | +10.28 |
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Drawdowns
YCS vs. UVXY - Drawdown Comparison
The maximum YCS drawdown since its inception was -49.56%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for YCS and UVXY.
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Drawdown Indicators
| YCS | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.56% | -100.00% | +50.44% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -73.88% | +65.58% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -95.42% | +72.37% |
Max Drawdown (5Y)Largest decline over 5 years | -27.32% | -99.68% | +72.36% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -100.00% | +72.68% |
Current DrawdownCurrent decline from peak | -5.68% | -100.00% | +94.32% |
Average DrawdownAverage peak-to-trough decline | -19.75% | -98.76% | +79.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 51.60% | -48.96% |
Volatility
YCS vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort Yen (YCS) is 5.30%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that YCS experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCS | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 22.30% | -17.00% |
Volatility (6M)Calculated over the trailing 6-month period | 11.65% | 65.55% | -53.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.85% | 87.28% | -70.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.16% | 103.39% | -82.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 112.09% | -93.48% |
YCS vs. UVXY - Expense Ratio Comparison
YCS has a 1.00% expense ratio, which is higher than UVXY's 0.95% expense ratio.
Dividends
YCS vs. UVXY - Dividend Comparison
Neither YCS nor UVXY has paid dividends to shareholders.
Frequently Asked Questions
YCS and UVXY have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to YCS (5.30%). In terms of maximum drawdown, YCS dropped -49.56% vs UVXY's -100.00%.
On 10-year performance, YCS leads with 13.76% vs -71.50% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, YCS has been the lower-risk option at 5.30%. 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 -71.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY is cheaper with a 0.95% expense ratio, compared with 1.00% for YCS.
YCS and UVXY have nearly identical dividend yields, around 0.00%.
YCS is categorized as Leveraged Currency, while UVXY is Volatility. YCS tracks USD/JPY Exchange Rate (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 1.00% for YCS and 0.95% for UVXY.
YCS currently has the higher Sharpe Ratio (1.16 vs -0.80), 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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