CAS vs. YANG

Last updated Jun 5, 2026

CAS (Simplify China A Shares PLUS Income ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - CAS is a China Equities fund actively managed by Simplify, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). CAS is actively managed, while YANG is passively managed. At a correlation of -0.20, they often move in opposite directions. CAS charges 0.88%/yr vs 1.07%/yr for YANG.

Performance

CAS vs. YANG - Performance Comparison

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

Returns By Period

CAS

• 1D: 0.05%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

YANG

• 1D: 0.64%
• 1M: 6.83%
• YTD: 19.18%
• 6M: 25.26%
• 1Y: -7.77%
• 3Y*: -47.00%
• 5Y*: -33.67%
• 10Y*: -38.45%

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

CAS vs. YANG - Yearly Performance Comparison

	2026 (YTD)
CAS Simplify China A Shares PLUS Income ETF	-1.61%
YANG Direxion Daily China 3x Bear Shares	-4.50%

Correlation

The correlation between CAS and YANG is -0.20, 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 (All Time) Calculated using the full available price history since May 29, 2026	-0.20

Return for Risk

CAS vs. YANG — Risk / Return Rank

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

YANG

YANG Risk / Return Rank: 9
YANG Sharpe Ratio Rank: 8
YANG Sortino Ratio Rank: 10
YANG Omega Ratio Rank: 10
YANG Calmar Ratio Rank: 7
YANG Martin Ratio Rank: 8

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.

CAS vs. YANG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify China A Shares PLUS Income ETF (CAS) 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.

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

Sharpe Ratios by Period

	CAS	YANG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.13	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.36	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	-3.41	-0.49	-2.92

Drawdowns

CAS vs. YANG - Drawdown Comparison

The maximum CAS drawdown since its inception was -2.59%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for CAS and YANG.

Drawdown Indicators

	CAS	YANG	Difference
Max Drawdown Largest peak-to-trough decline	-2.59%	-99.98%	+97.39%
Max Drawdown (1Y) Largest decline over 1 year	—	-38.85%	—
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	-1.61%	-99.97%	+98.36%
Average Drawdown Average peak-to-trough decline	-1.70%	-90.52%	+88.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	24.39%	—

Volatility

Volatility by Period

	CAS	YANG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	21.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	42.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.33%	58.74%	-40.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.33%	94.43%	-76.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.33%	82.10%	-63.77%

CAS vs. YANG - Expense Ratio Comparison

CAS has a 0.88% expense ratio, which is lower than YANG's 1.07% expense ratio.

Dividends

CAS vs. YANG - Dividend Comparison

CAS has not paid dividends to shareholders, while YANG's dividend yield for the trailing twelve months is around 3.43%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CAS Simplify China A Shares PLUS Income ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
YANG Direxion Daily China 3x Bear Shares	3.43%	4.03%	9.42%	3.66%	0.00%	0.00%	0.67%	1.54%	0.56%

Frequently Asked Questions

Can I hold both CAS and YANG in my portfolio?

CAS and YANG have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAS or YANG?

On fees, CAS is cheaper at 0.88% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAS or YANG?

CAS is cheaper with a 0.88% expense ratio, compared with 1.07% for YANG.

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

YANG has the higher dividend yield at 3.43%, compared with 0.00% for CAS.

What is the main difference between CAS and YANG?

CAS is categorized as China Equities, while YANG is Leveraged Equities. They also come from different issuers: Simplify and Direxion. Their fees differ too: 0.88% for CAS and 1.07% for YANG.