CNYA vs. YANG
CNYA (iShares MSCI China A ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - CNYA 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. Over the past 5 years, CNYA returned -1.13%/yr vs -33.67%/yr for YANG. At a correlation of -0.70, they often move in opposite directions. CNYA charges 0.60%/yr vs 1.07%/yr for YANG.
Performance
CNYA vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, CNYA achieves a 8.91% return, which is significantly lower than YANG's 19.18% return.
CNYA
- 1D
- -0.36%
- 1M
- 1.89%
- YTD
- 8.91%
- 6M
- 13.45%
- 1Y
- 36.38%
- 3Y*
- 11.15%
- 5Y*
- -1.13%
- 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%
CNYA vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CNYA iShares MSCI China A ETF | 8.91% | 26.48% | 10.78% | -13.76% | -26.51% | 3.53% | 41.54% | 35.95% | -26.56% | 30.99% |
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 CNYA and YANG is -0.64, 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 | -0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.70 |
Correlation (All Time) Calculated using the full available price history since Jun 16, 2016 | -0.70 |
The correlation between CNYA and YANG has been stable across timeframes, ranging from -0.70 to -0.64 - a consistent structural relationship.
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Return for Risk
CNYA vs. YANG — Risk / Return Rank
CNYA
YANG
CNYA vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China A ETF (CNYA) 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.
| CNYA | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.25 | ||
| Sortino ratioReturn per unit of downside risk | +2.70 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.03 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | -0.20 | +5.02 |
| Martin ratioReturn relative to average drawdown | 14.19 | -0.32 | +14.51 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CNYA | YANG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | -0.13 | +2.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.05 | -0.36 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.47 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | -0.49 | +0.76 |
Drawdowns
CNYA vs. YANG - Drawdown Comparison
The maximum CNYA drawdown since its inception was -49.49%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for CNYA and YANG.
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Drawdown Indicators
| CNYA | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.49% | -99.98% | +50.49% |
Max Drawdown (1Y)Largest decline over 1 year | -7.59% | -38.85% | +31.26% |
Max Drawdown (3Y)Largest decline over 3 years | -33.35% | -94.02% | +60.67% |
Max Drawdown (5Y)Largest decline over 5 years | -44.70% | -97.38% | +52.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.53% | — |
Current DrawdownCurrent decline from peak | -13.73% | -99.97% | +86.24% |
Average DrawdownAverage peak-to-trough decline | -20.68% | -90.52% | +69.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 24.39% | -21.82% |
Volatility
CNYA vs. YANG - Volatility Comparison
The current volatility for iShares MSCI China A ETF (CNYA) is 6.44%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. This indicates that CNYA 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
| CNYA | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.44% | 21.22% | -14.78% |
Volatility (6M)Calculated over the trailing 6-month period | 12.23% | 42.61% | -30.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.31% | 58.74% | -41.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.80% | 94.43% | -70.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.55% | 82.10% | -58.55% |
CNYA vs. YANG - Expense Ratio Comparison
CNYA has a 0.60% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
CNYA vs. YANG - Dividend Comparison
CNYA's dividend yield for the trailing twelve months is around 1.76%, less than YANG's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CNYA iShares MSCI China A ETF | 1.76% | 1.92% | 2.51% | 4.23% | 2.69% | 1.11% | 1.06% | 1.21% | 3.92% | 0.97% | 1.38% |
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% | 0.00% |
Frequently Asked Questions
CNYA and YANG have a correlation of -0.64, 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 CNYA (6.44%). In terms of maximum drawdown, CNYA dropped -49.49% vs YANG's -99.98%.
On 5-year performance, CNYA leads with -1.13% vs -33.67% for YANG. On fees, CNYA is cheaper at 0.60% per year. On volatility, CNYA has been the lower-risk option at 6.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CNYA has performed better with a -1.13% return vs -33.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CNYA is cheaper with a 0.60% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 3.43%, compared with 1.76% for CNYA.
CNYA is categorized as China Equities, while YANG is Leveraged Equities. CNYA tracks MSCI China A Inclusion Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.60% for CNYA and 1.07% for YANG.
CNYA currently has the higher Sharpe Ratio (2.11 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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