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SVXY vs YCS

ProShares Short VIX Short-Term Futures ETF

SVXYBCboe

ProShares UltraShort Yen

YCSBNYSE Arca

Overlap

100%by weight

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

SVXY0.95%YCS0.95%

Avg volume · 30D

SVXY 64.0×the volume

SVXY1.49MYCS23.3K

10Y return · a year

YCS +14.5pt

SVXY−1.7%YCS+12.8%

SVXY vs YCS Performance

Oct 29, 2021 – Oct 30, 2026

+96.6%SVXY+166.0%YCS

Oct 29, 2021 to Oct 30, 2026. SVXY +96.6%. YCS +166.0%. Use the arrow keys to read each point.0%50%Oct 2021Apr 2024Oct 2026
Expense ratio
SVXY 0.95%
YCS 0.95%
Fund size
SVXY $201M
YCS $27M
1Y total return
SVXY +21.9%, better
YCS +11.7%
Holdings
SVXY 1
YCS 1
Avg volume (30D)
SVXY 1.49M sh, better
YCS 23.3K sh
NAV per share
SVXY $60.55
YCS $54.33
52W range

ETF.net Grade

SVXY: Cost 50, Risk 75, Mission not scored, Tradability 84, Holdings not scored, Durability 76. YCS: Cost 50, Risk 88, Mission not scored, Tradability 62, Holdings not scored, Durability 59.
Pillar letters and Scores for SVXY, YCS, with each pillar’s weight
PillarSVXYYCS
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightA75A88Higher
Tradability15% weightA84HigherB62
Holdings10% weightNot scoredNot scored
Durability5% weightA76HigherB59

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. SVXY and YCS are both graded against the same 53 Leveraged Inverse (2x & Other) funds, so their Grades compare head to head.

Leveraged Inverse (2x & Other)⁠

Category · 53 funds
See all 53 ›

SVXY ranks 1st and YCS 5th of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  3. Rank 3BPSQProShares Short QQQScore 64
  4. Rank 5BSJBProShares Short High YieldScore 62
  5. Rank 5BYCSProShares UltraShort YenScore 62
  6. Rank 7BEUOProShares UltraShort EuroScore 61

Our read on each fund

ETF.net Research

SVXYBProShares Short VIX Short-Term Futures ETF

YCSBProShares UltraShort Yen

In short

SVXY Short volatility, half dose. SVXY targets one-half the inverse of a VIX short-term futures index each day, a deliberately de-tuned take on the short-vol trade, and it has run that mandate since 2011.

YCS A 2008-vintage ProShares fund built for one job: expressing a bearish yen view at twice the daily move, in a brokerage account, without an FX platform or margin desk. Currency trading, ticker-sized.

Stated mandate

SVXY SVXY seeks daily results equal to one-half the inverse of the S&P 500 VIX Short-Term Futures Index. Its objective is measured daily, so returns over longer periods can differ from the stated daily target.

YCS YCS seeks daily results corresponding to -2 times the daily performance of the Japanese yen relative to the U.S. dollar, before fees and expenses.

Why people hold it

  • SVXY The half-strength design is the whole idea: a -0.5x daily target rather than full inverse, so a jump in VIX futures lands with half the force of a one-for-one short.proshares.com
  • 0.95% a year sits below the typical leveraged and inverse fund, and among that crowd this is one of the stronger implementations in its peer group.
  • Launched in 2011 and actively traded, so it has a long operating history and a working market for getting in and out.
  • YCS One of the few listed ways to short the yen with leverage: YCS targets -2x the daily move of the Japanese yen against the U.S. dollar, before fees, using currency forwards.proshares.com
  • It has been running since 2008, through multiple yen regimes. Longevity is rare in leveraged and inverse land, where products get closed when the theme goes quiet.investing.com
  • The 0.95% expense ratio sits below the typical leveraged or inverse fund, and ETF.net rates the overall build among the strongest in that peer group.

Worth knowing

  • SVXY The objective resets daily. Hold longer and compounding takes over, so results over weeks or months can look nothing like half the inverse of the index.proshares.com
  • It is a commodity pool holding VIX futures, not a basket of stocks. Reporting and tax treatment follow different rules than a standard equity ETF.proshares.com
  • Pure price vehicle with no distribution stream, and volatility spikes arrive fast, which is exactly what a short-vol position is on the wrong side of.
  • YCS The -2x target resets daily. Hold longer than a day and compounding takes over, so results can differ from -2x the yen's move over that stretch, especially in choppy currency markets.proshares.com
  • It is a commodity pool, not a 1940 Act fund. That means Schedule K-1 tax paperwork instead of a 1099, and none of the Investment Company Act protections.proshares.comproshares.com 2
  • Small and thinly traded, so bid-ask spreads carry more weight than in a mega-cap ETF. Limit orders are the standard tool here. ProShares also does not expect these funds to pay distributions.proshares.com

Full SVXY profile⁠

Full YCS profile⁠

SVXY vs YCS Holdings

How SVXY and YCS differ

Overlap by weight

100%

Shared holdings make up 100% of SVXY and 100% of YCS.

Level by level

  • Asset classAlternatives100%
  • Holdings0 in both100%

Sector

No Sector split for SVXY and YCS.

Country, concentration and asset class

Country by domicile

No country split for SVXY and YCS.

Concentration

Weight in the 10 largest Holdings

  • SVXY100.0%
  • YCS100.0%

Securities held

  • SVXY0
  • YCS0

Asset class

SVXY
Alternatives
YCS
Alternatives

Holdings

  • Only in SVXY0
  • In both0
  • Only in YCS0

Only in SVXY

0 securities, 0.0% of SVXY by weight

Only in YCS

0 securities, 0.0% of YCS by weight

Weight gaps

SVXY and YCS share no securities.

All 3 SVXY holdings⁠All 3 YCS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SVXY vs YCS Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SVXY 0.95%

    $17,869

  • YCS 0.95%

    $17,869

$10,000
30 years

Cost over time

  • SVXY 0.95%
  • YCS 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SVXY $17,869YCS $17,869

Year by year

YearSVXYYCS
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%SVXY
  • 0.95%YCS
  • Middle half of Leveraged Inverse (2x & Other) funds
  • Median 0.95%

SVXY 6th cheapest of 53 funds

YCS 6th cheapest of 53 funds

SVXY vs YCS Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
SVXY None
YCS None

Distribution history

SVXYAll SVXY payments⁠

No distribution history available.

YCSAll YCS payments⁠

No distribution history available.

SVXY vs YCS Risk

Fall from peak · 5 years

  • SVXY
  • YCS
Oct 29, 2021 to Oct 30, 2026. Worst fall: SVXY −46.4% · Apr 2025. Use the arrow keys to read each point.−50%−40%−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
SVXY 26.5%YCS 20.1%, better
Return per unit of riskSharpe ratio, 3 years
SVXY 0.42YCS 0.42Same figure. Both funds show the same value, so neither comes out ahead.
Worst fallMax drawdown, 5 years
SVXY −46.4%YCS −27.3%, better
Market sensitivityBeta, 5 years
SVXY 1.32YCS −0.39

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