YSPY vs. YCS

Last updated Jun 24, 2026

YSPY (GraniteShares YieldBOOST SPY ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - YSPY is a Leveraged Equities fund actively managed by GraniteShares, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). YSPY is actively managed, while YCS is passively managed. Over the past year, YSPY returned 20.09% vs 31.27% for YCS. At a correlation of -0.01, they often move in opposite directions. YSPY charges 1.07%/yr vs 1.00%/yr for YCS.

Performance

YSPY vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares YieldBOOST SPY ETF (YSPY) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YSPY achieves a 2.65% return, which is significantly lower than YCS's 9.63% return.

YSPY

• 1D: -0.71%
• 1M: -2.24%
• YTD: 2.65%
• 6M: 0.20%
• 1Y: 20.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: -0.14%
• 1M: 3.57%
• YTD: 9.63%
• 6M: 10.44%
• 1Y: 31.27%
• 3Y*: 18.37%
• 5Y*: 23.52%
• 10Y*: 13.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

YSPY vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025
YSPY GraniteShares YieldBOOST SPY ETF	2.65%	8.36%
YCS ProShares UltraShort Yen	9.63%	17.66%

Correlation

The correlation between YSPY and YCS is -0.21, 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	-0.21
Correlation (All Time) Calculated using the full available price history since Feb 26, 2025	-0.01

Over the past year, the inverse relationship between YSPY and YCS has strengthened: their correlation has moved from -0.01 to -0.21, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

YSPY vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YSPY

YSPY Risk / Return Rank: 31
YSPY Sharpe Ratio Rank: 30
YSPY Sortino Ratio Rank: 26
YSPY Omega Ratio Rank: 36
YSPY Calmar Ratio Rank: 29
YSPY Martin Ratio Rank: 35

YCS

YCS Risk / Return Rank: 63
YCS Sharpe Ratio Rank: 58
YCS Sortino Ratio Rank: 51
YCS Omega Ratio Rank: 59
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

YSPY vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares YieldBOOST SPY ETF (YSPY) and ProShares UltraShort Yen (YCS). 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.

	YSPY	YCS	Difference
Sharpe ratio: Return per unit of total volatility	1.05	1.86	-0.81
Sortino ratio: Return per unit of downside risk	1.37	2.36	-0.99
Omega ratio: Gain probability vs. loss probability	1.23	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	1.38	3.78	-2.40
Martin ratio: Return relative to average drawdown	5.05	11.93	-6.88

YSPY vs. YCS - Sharpe Ratio Comparison

The current YSPY Sharpe Ratio is 1.05, which is lower than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of YSPY and YCS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

YSPY vs. YCS - Drawdown Comparison

The maximum YSPY drawdown since its inception was -18.74%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for YSPY and YCS.

Drawdown Indicators

	YSPY	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-18.74%	-49.56%	+30.82%
Max Drawdown (1Y) Largest decline over 1 year	-14.60%	-8.30%	-6.30%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-3.15%	-0.14%	-3.01%
Average Drawdown Average peak-to-trough decline	-4.90%	-19.87%	+14.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	2.65%	+1.34%

Volatility

YSPY vs. YCS - Volatility Comparison

GraniteShares YieldBOOST SPY ETF (YSPY) has a higher volatility of 3.13% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that YSPY's price experiences larger fluctuations and is considered to be riskier than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YSPY	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	2.25%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	14.00%	12.19%	+1.81%
Volatility (1Y) Calculated over the trailing 1-year period	19.23%	16.93%	+2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.01%	21.10%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.01%	18.82%	+2.19%

YSPY vs. YCS - Expense Ratio Comparison

YSPY has a 1.07% expense ratio, which is higher than YCS's 1.00% expense ratio.

Dividends

YSPY vs. YCS - Dividend Comparison

YSPY's dividend yield for the trailing twelve months is around 56.44%, while YCS has not paid dividends to shareholders.

Position	TTM	2025
YCS ProShares UltraShort Yen	0.00%	0.00%
YSPY GraniteShares YieldBOOST SPY ETF	56.44%	45.57%

Frequently Asked Questions

Can I hold both YSPY and YCS in my portfolio?

YSPY and YCS have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YSPY or YCS?

YSPY has higher volatility (3.13%) compared to YCS (2.25%). In terms of maximum drawdown, YSPY dropped -18.74% vs YCS's -49.56%.

Which ETF is better, YSPY or YCS?

On 1-year performance, YCS leads with 31.27% vs 20.09% for YSPY. On fees, YCS is cheaper at 1.00% per year. On volatility, YCS has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YSPY or YCS?

Over the 1-year period, YCS has performed better with a 31.27% return vs 20.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YSPY or YCS?

YCS is cheaper with a 1.00% expense ratio, compared with 1.07% for YSPY.

Which ETF pays a higher dividend yield, YSPY or YCS?

YSPY has the higher dividend yield at 56.44%, compared with 0.00% for YCS.

What is the main difference between YSPY and YCS?

YSPY is categorized as Leveraged Equities, while YCS is Leveraged Currency. They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.07% for YSPY and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 vs 1.05), 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.