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 12.34%/yr vs -12.52%/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 7.17% return, which is significantly higher than YCL's -5.93% return. Over the past 10 years, YCS has outperformed YCL with an annualized return of 12.34%, while YCL has yielded a comparatively lower -12.52% 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%
YCL
- 1D
- -0.11%
- 1M
- -4.01%
- YTD
- -5.93%
- 6M
- -8.29%
- 1Y
- -23.60%
- 3Y*
- -15.11%
- 5Y*
- -19.42%
- 10Y*
- -12.52%
YCS vs. YCL - 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% |
YCL ProShares Ultra Yen | -5.93% | -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 10, 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.
| YCS | YCL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.34 | ||
| Sortino ratioReturn per unit of downside risk | +4.64 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 0.77 | +0.58 |
| Calmar ratioReturn relative to maximum drawdown | 3.97 | -0.96 | +4.93 |
| Martin ratioReturn relative to average drawdown | 12.40 | -1.41 | +13.80 |
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 | YCL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.92 | -1.42 | +3.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.12 | -0.95 | +2.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | -0.67 | +1.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | -0.50 | +0.84 |
Drawdowns
YCS vs. YCL - Drawdown Comparison
The maximum YCS drawdown since its inception was -49.56%, smaller than the maximum YCL drawdown of -88.16%. 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% | -88.16% | +38.60% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -24.63% | +16.33% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -39.97% | +16.92% |
Max Drawdown (5Y)Largest decline over 5 years | -27.32% | -66.22% | +38.90% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -76.74% | +49.42% |
Current DrawdownCurrent decline from peak | 0.00% | -88.16% | +88.16% |
Average DrawdownAverage peak-to-trough decline | -19.93% | -53.11% | +33.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 16.81% | -14.15% |
Volatility
YCS vs. YCL - Volatility Comparison
ProShares UltraShort Yen (YCS) and ProShares Ultra Yen (YCL) have volatilities of 2.75% and 2.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 2.75% | 2.71% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 12.32% | 11.53% | +0.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.27% | 16.80% | +0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.10% | 20.52% | +0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.01% | 18.61% | +0.40% |
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 (2.75%) compared to YCL (2.71%). In terms of maximum drawdown, YCS dropped -49.56% vs YCL's -88.16%.
On 10-year performance, YCS leads with 12.34% vs -12.52% for YCL. On fees, YCL is cheaper at 0.95% per year. Their volatility is very similar. 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 -12.52%. 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 (1.92 vs -1.42), 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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