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CNXT vs. YANG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CNXT vs. YANG

Last updated Jun 5, 2026

CNXT (VanEck Vectors ChinaAMC SME-ChiNext ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - CNXT is a China Equities fund tracking the SME-ChiNext 100 Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, CNXT returned 6.57%/yr vs -38.45%/yr for YANG. At a correlation of -0.58, they often move in opposite directions. CNXT charges 0.65%/yr vs 1.07%/yr for YANG.

Performance

CNXT vs. YANG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) and Direxion Daily China 3x Bear Shares (YANG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CNXT achieves a 32.68% return, which is significantly higher than YANG's 19.18% return. Over the past 10 years, CNXT has outperformed YANG with an annualized return of 6.57%, while YANG has yielded a comparatively lower -38.45% annualized return.

CNXT

1D
-0.62%
1M
9.11%
YTD
32.68%
6M
39.36%
1Y
114.61%
3Y*
26.75%
5Y*
3.96%
10Y*
6.57%

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)

CNXT vs. YANG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CNXT
VanEck Vectors ChinaAMC SME-ChiNext ETF		32.68%59.31%12.42%-21.47%-35.58%8.78%63.30%42.66%-39.48%20.19%
YANG
Direxion Daily China 3x Bear Shares		19.18%-62.77%-71.41%11.95%-41.34%25.90%-58.66%-40.72%13.14%-64.93%

Correlation

The correlation between CNXT and YANG is -0.56, 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

-0.56

Correlation (3Y)
Calculated over the trailing 3-year period

-0.61

Correlation (5Y)
Calculated over the trailing 5-year period

-0.59

Correlation (10Y)
Calculated over the trailing 10-year period

-0.61

Correlation (All Time)
Calculated using the full available price history since Jul 25, 2014

-0.58

The correlation between CNXT and YANG has been stable across timeframes, ranging from -0.61 to -0.56 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Vectors ChinaAMC SME-ChiNext ETF

Direxion Daily China 3x Bear Shares

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Often compared with YANG:
YANG vs. YINNYANG vs. CWEBYANG vs. FXPYANG vs. GLLYANG vs. TYOYANG vs. KLIPYANG vs. EDZ

Return for Risk

CNXT vs. YANG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CNXT
CNXT Risk / Return Rank: 9393
Overall Rank
CNXT Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
CNXT Sortino Ratio Rank: 9292
Sortino Ratio Rank
CNXT Omega Ratio Rank: 8989
Omega Ratio Rank
CNXT Calmar Ratio Rank: 9696
Calmar Ratio Rank
CNXT Martin Ratio Rank: 9595
Martin Ratio Rank
YANG
YANG Risk / Return Rank: 99
Overall Rank
YANG Sharpe Ratio Rank: 88
Sharpe Ratio Rank
YANG Sortino Ratio Rank: 1010
Sortino Ratio Rank
YANG Omega Ratio Rank: 1010
Omega Ratio Rank
YANG Calmar Ratio Rank: 77
Calmar Ratio Rank
YANG Martin Ratio Rank: 88
Martin Ratio Rank
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.

CNXT vs. YANG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) 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.

CNXTYANGDifference
Sharpe ratioReturn per unit of total volatility
3.75
-0.13

+3.89

Sortino ratioReturn per unit of downside risk
4.40
0.22

+4.18

Omega ratioGain probability vs. loss probability

1.55

1.03

+0.53

Calmar ratioReturn relative to maximum drawdown

9.44

-0.20

+9.64

Martin ratioReturn relative to average drawdown

28.91

-0.32

+29.23

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNXT vs. YANG - Sharpe Ratio Comparison

The current CNXT Sharpe Ratio is 3.75, which is higher than the YANG Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of CNXT and YANG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CNXTYANGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.75

-0.13

+3.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.11

-0.36

+0.47

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.21

-0.47

+0.68

Sharpe Ratio (All Time)

Calculated using the full available price history

0.22

-0.49

+0.71

Drawdowns

CNXT vs. YANG - Drawdown Comparison

The maximum CNXT drawdown since its inception was -68.98%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for CNXT and YANG.

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Drawdown Indicators

CNXTYANGDifference

Max Drawdown

Largest peak-to-trough decline

-68.98%

-99.98%

+31.00%

Max Drawdown (1Y)

Largest decline over 1 year

-12.21%

-38.85%

+26.64%

Max Drawdown (3Y)

Largest decline over 3 years

-48.60%

-94.02%

+45.42%

Max Drawdown (5Y)

Largest decline over 5 years

-61.21%

-97.38%

+36.17%

Max Drawdown (10Y)

Largest decline over 10 years

-63.30%

-99.53%

+36.23%

Current Drawdown

Current decline from peak

-2.76%

-99.97%

+97.21%

Average Drawdown

Average peak-to-trough decline

-42.93%

-90.52%

+47.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.98%

24.39%

-20.41%

Volatility

CNXT vs. YANG - Volatility Comparison

The current volatility for VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) is 10.30%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. This indicates that CNXT experiences smaller price fluctuations and is considered to be less risky than YANG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CNXTYANGDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.30%

21.22%

-10.92%

Volatility (6M)

Calculated over the trailing 6-month period

19.99%

42.61%

-22.62%

Volatility (1Y)

Calculated over the trailing 1-year period

30.73%

58.74%

-28.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.26%

94.43%

-59.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.64%

82.10%

-50.46%

CNXT vs. YANG - Expense Ratio Comparison

CNXT has a 0.65% expense ratio, which is lower than YANG's 1.07% expense ratio.

Dividends

CNXT vs. YANG - Dividend Comparison

CNXT's dividend yield for the trailing twelve months is around 0.14%, less than YANG's 3.43% yield.

PositionTTM202520242023202220212020201920182017
CNXT
VanEck Vectors ChinaAMC SME-ChiNext ETF		0.14%0.18%0.15%0.00%0.00%9.22%0.01%0.45%0.00%0.19%
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%0.00%

Frequently Asked Questions

CNXT and YANG have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

YANG has higher volatility (21.22%) compared to CNXT (10.30%). In terms of maximum drawdown, CNXT dropped -68.98% vs YANG's -99.98%.

On 10-year performance, CNXT leads with 6.57% vs -38.45% for YANG. On fees, CNXT is cheaper at 0.65% per year. On volatility, CNXT has been the lower-risk option at 10.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CNXT has performed better with a 6.57% return vs -38.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CNXT is cheaper with a 0.65% expense ratio, compared with 1.07% for YANG.

YANG has the higher dividend yield at 3.43%, compared with 0.14% for CNXT.

CNXT is categorized as China Equities, while YANG is Leveraged Equities. CNXT tracks SME-ChiNext 100 Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: VanEck and Direxion. Their fees differ too: 0.65% for CNXT and 1.07% for YANG.

CNXT currently has the higher Sharpe Ratio (3.75 vs -0.13), 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.

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