YCS vs. XTAP
YCS (ProShares UltraShort Yen) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both exchange-traded funds - YCS is a Leveraged Currency fund tracking the JPY/USD 4:00 p.m. ET Cross Rate, while XTAP is a Leveraged Equities fund actively managed by Innovator. YCS is passively managed, while XTAP is actively managed. Over the past 5 years, YCS returned 22.89%/yr vs 10.86%/yr for XTAP. Their -0.01 correlation means they have often moved in opposite directions in the past. YCS charges 0.95%/yr vs 0.79%/yr for XTAP.
Performance
YCS vs. XTAP - Performance Comparison
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Returns By Period
In the year-to-date period, YCS achieves a 5.40% return, which is significantly lower than XTAP's 13.57% return.
YCS
- 1D
- -0.02%
- 1M
- -4.94%
- 6M
- 4.42%
- YTD
- 5.40%
- 1Y
- 22.68%
- 3Y*
- 17.44%
- 5Y*
- 22.89%
- 10Y*
- 13.35%
- ALL TIME*
- 6.33%
XTAP
- 1D
- 0.06%
- 1M
- 1.56%
- 6M
- 12.99%
- YTD
- 13.57%
- 1Y
- 19.55%
- 3Y*
- 17.54%
- 5Y*
- 10.86%
- 10Y*
- —
- ALL TIME*
- 11.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.30K | $26.56K | $25.98K | |
| $2.59M | $2.15M | $1.60M |
YCS vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
YCS ProShares UltraShort Yen | 5.40% | 9.04% | 35.41% | 28.70% | 29.09% | 6.74% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 13.57% | 17.58% | 14.26% | 23.46% | -14.68% | 12.26% |
Correlation
The correlation between YCS and XTAP is -0.13, 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. | -0.13 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.01 |
The correlation between YCS and XTAP shifts across timeframes, from -0.13 (1 year) to -0.01 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
YCS vs. XTAP — Risk / Return Rank
YCS
XTAP
YCS vs. XTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). 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 | XTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -4.83 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 2.03 | -0.75 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 11.44 | -8.76 |
| Martin ratioReturn relative to average drawdown | 9.73 | 58.57 | -48.84 |
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Drawdowns
YCS vs. XTAP - Drawdown Comparison
The maximum YCS drawdown since its inception was -49.56%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for YCS and XTAP.
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Drawdown Indicators
| YCS | XTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.56% | -22.13% | -27.43% |
Max Drawdown (1Y)Largest decline over 1 year | -8.48% | -1.72% | -6.76% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -11.83% | -11.22% |
Max Drawdown (5Y)Largest decline over 5 years | -27.32% | -22.13% | -5.19% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | — | — |
Current DrawdownCurrent decline from peak | -7.34% | 0.00% | -7.34% |
Average DrawdownAverage peak-to-trough decline | -19.75% | -3.35% | -16.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 0.33% | +2.01% |
Volatility
YCS vs. XTAP - Volatility Comparison
ProShares UltraShort Yen (YCS) has a higher volatility of 5.95% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 1.64%. This indicates that YCS's price experiences larger fluctuations and is considered to be riskier than XTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCS | XTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.95% | 1.64% | +4.31% |
Volatility (6M)Calculated over the trailing 6-month period | 11.87% | 4.04% | +7.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.43% | 4.85% | +11.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.21% | 14.53% | +6.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 14.22% | +4.39% |
YCS vs. XTAP - Expense Ratio Comparison
YCS has a 0.95% expense ratio, which is higher than XTAP's 0.79% expense ratio.
Dividends
YCS vs. XTAP - Dividend Comparison
Neither YCS nor XTAP has paid dividends to shareholders.
Frequently Asked Questions
YCS and XTAP have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (5.95%) compared to XTAP (1.64%). In terms of maximum drawdown, YCS dropped -49.56% vs XTAP's -22.13%.
On 5-year performance, YCS leads with 22.89% vs 10.86% for XTAP. On fees, XTAP is cheaper at 0.79% per year. On volatility, XTAP has been the lower-risk option at 1.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, YCS has performed better with a 22.89% return vs 10.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTAP is cheaper with a 0.79% expense ratio, compared with 0.95% for YCS.
YCS and XTAP have nearly identical dividend yields, around 0.00%.
YCS is categorized as Leveraged Currency, while XTAP is Leveraged Equities. They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for YCS and 0.79% for XTAP.
XTAP currently has the higher Sharpe Ratio (4.06 vs 1.39), 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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