There’s an interesting month long [back-to-back test of Yahoo Publisher Network and Adsense->http://www.jensense.com/archives/2005/08/womensfinanceco.html] detailed on JenSense that appears to confirm what other publishers in the YPN beta have been saying:

YPN is paying more per click than Adsense.

Whilst overall earnings from the two networks are fairly equal, with YPN being only slightly more profitable, the reason is YPN’s poorer ad relevancy and lower click-though rates.

Jen writes that the AdSense CTR was initially double that of YPN, but adds that Yahoo’s performance improved over the month.

Whilst the CTR can be expected to continue improving over the coming months, the question is whether the higher EPC will be maintained.

Jen thinks it might not, but with so many variables at play, we’ll probably just have to wait and see how things pan out once the program has been open to the general public for a few months.

In a [separate post->http://www.jensense.com/archives/2005/09/yahoo_publisher_1.html], Jen notes that the new YPN large rectangle ad unit which now shows four ads like Adsense instead of three, may also increase CTR.