YCS vs. YCL
YCS (ProShares UltraShort Yen) and YCL (ProShares Ultra Yen) are both Leveraged Currency funds from ProShares tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, YCS returned 13.66%/yr vs -13.40%/yr for YCL. At a correlation of -0.92, they often move in opposite directions. YCS charges 1.00%/yr vs 0.95%/yr for YCL.
Performance
YCS vs. YCL - Performance Comparison
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Returns By Period
In the year-to-date period, YCS achieves a 10.06% return, which is significantly higher than YCL's -7.87% return. Over the past 10 years, YCS has outperformed YCL with an annualized return of 13.66%, while YCL has yielded a comparatively lower -13.40% annualized return.
YCS
- 1D
- 0.39%
- 1M
- 3.97%
- YTD
- 10.06%
- 6M
- 11.27%
- 1Y
- 34.18%
- 3Y*
- 18.53%
- 5Y*
- 23.65%
- 10Y*
- 13.66%
YCL
- 1D
- -0.34%
- 1M
- -3.30%
- YTD
- -7.87%
- 6M
- -9.20%
- 1Y
- -23.75%
- 3Y*
- -14.06%
- 5Y*
- -19.38%
- 10Y*
- -13.40%
YCS vs. YCL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YCS ProShares UltraShort Yen | 10.06% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
YCL ProShares Ultra Yen | -7.87% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
Correlation
The correlation between YCS and YCL is -0.95, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.93 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008 | -0.92 |
The correlation between YCS and YCL has been stable across timeframes, ranging from -0.97 to -0.92 - a consistent structural relationship.
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Return for Risk
YCS vs. YCL — Risk / Return Rank
YCS
YCL
YCS vs. YCL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) and ProShares Ultra Yen (YCL). 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 | YCL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.50 | ||
| Sortino ratioReturn per unit of downside risk | +4.84 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.76 | +0.62 |
| Calmar ratioReturn relative to maximum drawdown | 4.14 | -0.96 | +5.09 |
| Martin ratioReturn relative to average drawdown | 13.04 | -1.45 | +14.48 |
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Drawdowns
YCS vs. YCL - Drawdown Comparison
The maximum YCS drawdown since its inception was -49.56%, smaller than the maximum YCL drawdown of -88.40%. Use the drawdown chart below to compare losses from any high point for YCS and YCL.
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Drawdown Indicators
| YCS | YCL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.56% | -88.40% | +38.84% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -24.83% | +16.53% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -41.21% | +18.16% |
Max Drawdown (5Y)Largest decline over 5 years | -27.32% | -66.92% | +39.60% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -77.22% | +49.90% |
Current DrawdownCurrent decline from peak | 0.00% | -88.40% | +88.40% |
Average DrawdownAverage peak-to-trough decline | -19.87% | -53.21% | +33.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 16.46% | -13.83% |
Volatility
YCS vs. YCL - Volatility Comparison
ProShares UltraShort Yen (YCS) has a higher volatility of 2.25% compared to ProShares Ultra Yen (YCL) at 1.36%. This indicates that YCS's price experiences larger fluctuations and is considered to be riskier than YCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YCS | YCL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 1.36% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 11.91% | 10.96% | +0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.93% | 16.43% | +0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.10% | 20.51% | +0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.82% | 18.44% | +0.38% |
YCS vs. YCL - Expense Ratio Comparison
YCS has a 1.00% expense ratio, which is higher than YCL's 0.95% expense ratio.
Dividends
YCS vs. YCL - Dividend Comparison
Neither YCS nor YCL has paid dividends to shareholders.
Frequently Asked Questions
YCS and YCL have a correlation of -0.95, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.25%) compared to YCL (1.36%). In terms of maximum drawdown, YCS dropped -49.56% vs YCL's -88.40%.
On 10-year performance, YCS leads with 13.66% vs -13.40% for YCL. On fees, YCL is cheaper at 0.95% per year. On volatility, YCL has been the lower-risk option at 1.36%. 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 13.66% return vs -13.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YCL is cheaper with a 0.95% expense ratio, compared with 1.00% for YCS.
YCS and YCL have nearly identical dividend yields, around 0.00%.
Both ETFs track USD/JPY Exchange Rate (-200%). Their fees differ too: 1.00% for YCS and 0.95% for YCL.
YCS currently has the higher Sharpe Ratio (2.04 vs -1.46), 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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