CXSE vs. YANG
CXSE (WisdomTree China ex-State-Owned Enterprises Fund) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - CXSE is a China Equities fund tracking the WisdomTree China ex-State-Owned Enterprises Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, CXSE returned 7.22%/yr vs -38.45%/yr for YANG. At a correlation of -0.83, they often move in opposite directions. CXSE charges 0.32%/yr vs 1.07%/yr for YANG.
Performance
CXSE vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, CXSE achieves a 0.56% return, which is significantly lower than YANG's 19.18% return. Over the past 10 years, CXSE has outperformed YANG with an annualized return of 7.22%, while YANG has yielded a comparatively lower -38.45% annualized return.
CXSE
- 1D
- -0.36%
- 1M
- 0.50%
- YTD
- 0.56%
- 6M
- -0.29%
- 1Y
- 21.07%
- 3Y*
- 11.14%
- 5Y*
- -8.14%
- 10Y*
- 7.22%
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%
CXSE vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CXSE WisdomTree China ex-State-Owned Enterprises Fund | 0.56% | 37.00% | 8.56% | -18.02% | -29.32% | -23.67% | 59.39% | 37.96% | -28.55% | 81.50% |
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 CXSE and YANG is -0.86, 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 | -0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.89 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2012 | -0.83 |
The correlation between CXSE and YANG shifts across timeframes, from -0.93 (5 years) to -0.83 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CXSE vs. YANG — Risk / Return Rank
CXSE
YANG
CXSE vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree China ex-State-Owned Enterprises Fund (CXSE) 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.
| CXSE | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.03 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.20 | -0.20 | +1.40 |
| Martin ratioReturn relative to average drawdown | 2.50 | -0.32 | +2.82 |
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
| CXSE | YANG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | -0.13 | +1.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.25 | -0.36 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.25 | -0.47 | +0.72 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | -0.49 | +0.68 |
Drawdowns
CXSE vs. YANG - Drawdown Comparison
The maximum CXSE drawdown since its inception was -70.01%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for CXSE and YANG.
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Drawdown Indicators
| CXSE | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.01% | -99.98% | +29.97% |
Max Drawdown (1Y)Largest decline over 1 year | -17.70% | -38.85% | +21.15% |
Max Drawdown (3Y)Largest decline over 3 years | -32.12% | -94.02% | +61.90% |
Max Drawdown (5Y)Largest decline over 5 years | -64.47% | -97.38% | +32.91% |
Max Drawdown (10Y)Largest decline over 10 years | -70.01% | -99.53% | +29.52% |
Current DrawdownCurrent decline from peak | -46.21% | -99.97% | +53.76% |
Average DrawdownAverage peak-to-trough decline | -27.84% | -90.52% | +62.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.45% | 24.39% | -15.94% |
Volatility
CXSE vs. YANG - Volatility Comparison
The current volatility for WisdomTree China ex-State-Owned Enterprises Fund (CXSE) is 7.30%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. This indicates that CXSE 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
| CXSE | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.30% | 21.22% | -13.92% |
Volatility (6M)Calculated over the trailing 6-month period | 14.52% | 42.61% | -28.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.39% | 58.74% | -37.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.29% | 94.43% | -62.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.69% | 82.10% | -53.41% |
CXSE vs. YANG - Expense Ratio Comparison
CXSE has a 0.32% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
CXSE vs. YANG - Dividend Comparison
CXSE's dividend yield for the trailing twelve months is around 1.99%, less than YANG's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CXSE WisdomTree China ex-State-Owned Enterprises Fund | 1.99% | 1.95% | 1.70% | 1.71% | 1.55% | 0.86% | 0.54% | 0.96% | 1.49% | 1.24% | 1.39% | 2.50% |
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% | 0.00% |
Frequently Asked Questions
CXSE and YANG have a correlation of -0.86, 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 CXSE (7.30%). In terms of maximum drawdown, CXSE dropped -70.01% vs YANG's -99.98%.
On 10-year performance, CXSE leads with 7.22% vs -38.45% for YANG. On fees, CXSE is cheaper at 0.32% per year. On volatility, CXSE has been the lower-risk option at 7.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CXSE has performed better with a 7.22% return vs -38.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CXSE is cheaper with a 0.32% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 3.43%, compared with 1.99% for CXSE.
CXSE is categorized as China Equities, while YANG is Leveraged Equities. CXSE tracks WisdomTree China ex-State-Owned Enterprises Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: WisdomTree and Direxion. Their fees differ too: 0.32% for CXSE and 1.07% for YANG.
CXSE currently has the higher Sharpe Ratio (0.99 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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