ASHX vs. YANG

Last updated Jun 23, 2026

ASHX (Xtrackers MSCI China A Inclusion Equity ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - ASHX is a China Equities fund tracking the MSCI China A Inclusion Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. At a correlation of -0.55, they often move in opposite directions. ASHX charges 0.60%/yr vs 1.07%/yr for YANG.

Performance

ASHX vs. YANG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI China A Inclusion Equity ETF (ASHX) and Direxion Daily China 3x Bear Shares (YANG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ASHX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

YANG

• 1D: -1.11%
• 1M: 16.15%
• YTD: 38.80%
• 6M: 42.75%
• 1Y: 4.69%
• 3Y*: -44.66%
• 5Y*: -32.29%
• 10Y*: -38.13%

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

ASHX vs. YANG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.00%	0.00%	0.27%	-13.59%	-26.45%	2.64%	42.24%	35.03%	-27.51%	20.14%
YANG Direxion Daily China 3x Bear Shares	38.80%	-62.77%	-71.41%	11.95%	-41.34%	25.90%	-58.66%	-40.72%	13.14%	-64.93%

Correlation

The correlation between ASHX and YANG is -0.55, 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 (3Y) Calculated over the trailing 3-year period	-0.32
Correlation (5Y) Calculated over the trailing 5-year period	-0.51
Correlation (10Y) Calculated over the trailing 10-year period	-0.55
Correlation (All Time) Calculated using the full available price history since Oct 20, 2015	-0.55

The correlation between ASHX and YANG shifts across timeframes, from -0.55 (10 years) to -0.32 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ASHX vs. YANG — Risk / Return Rank

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

ASHX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

YANG

YANG Risk / Return Rank: 10
YANG Sharpe Ratio Rank: 9
YANG Sortino Ratio Rank: 12
YANG Omega Ratio Rank: 12
YANG Calmar Ratio Rank: 10
YANG Martin Ratio Rank: 9

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.

ASHX vs. YANG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI China A Inclusion Equity ETF (ASHX) and Direxion Daily China 3x Bear Shares (YANG). 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.

	ASHX	YANG	Difference
Sharpe ratio: Return per unit of total volatility	—	0.08	—
Sortino ratio: Return per unit of downside risk	—	0.54	—
Omega ratio: Gain probability vs. loss probability	—	1.06	—
Calmar ratio: Return relative to maximum drawdown	—	0.13	—
Martin ratio: Return relative to average drawdown	—	0.22	—

Drawdowns

Drawdown Indicators

	ASHX	YANG	Difference
Max Drawdown Largest peak-to-trough decline	—	-99.98%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-35.99%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-94.02%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.38%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.53%	—
Current Drawdown Current decline from peak	—	-99.97%	—
Average Drawdown Average peak-to-trough decline	—	-90.52%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	24.39%	—

Volatility

Volatility by Period

	ASHX	YANG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	43.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	58.95%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	94.54%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	82.10%	—

ASHX vs. YANG - Expense Ratio Comparison

ASHX has a 0.60% expense ratio, which is lower than YANG's 1.07% expense ratio.

Dividends

ASHX vs. YANG - Dividend Comparison

ASHX has not paid dividends to shareholders, while YANG's dividend yield for the trailing twelve months is around 2.94%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.00%	0.00%	0.00%	2.38%	1.76%	0.84%	0.80%	1.78%	1.07%	2.48%	19.46%	2.91%
YANG Direxion Daily China 3x Bear Shares	2.94%	4.03%	9.42%	3.66%	0.00%	0.00%	0.67%	1.54%	0.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ASHX and YANG in my portfolio?

ASHX and YANG have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ASHX or YANG?

On fees, ASHX is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ASHX or YANG?

ASHX is cheaper with a 0.60% expense ratio, compared with 1.07% for YANG.

Which ETF pays a higher dividend yield, ASHX or YANG?

YANG has the higher dividend yield at 2.94%, compared with 0.00% for ASHX.

What is the main difference between ASHX and YANG?

ASHX is categorized as China Equities, while YANG is Leveraged Equities. ASHX tracks MSCI China A Inclusion Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: Deutsche Bank and Direxion. Their fees differ too: 0.60% for ASHX and 1.07% for YANG.