ECNS vs. YANG
ECNS (iShares MSCI China Small-Cap ETF) and YANG (Direxion Daily China 3x Bear Shares) are both China Equities funds - ECNS tracks the MSCI China Small Cap Index while YANG tracks the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, ECNS returned 0.73%/yr vs -36.40%/yr for YANG. At a correlation of -0.74, they often move in opposite directions. ECNS charges 0.59%/yr vs 1.07%/yr for YANG.
Performance
ECNS vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, ECNS achieves a -13.41% return, which is significantly lower than YANG's 38.12% return. Over the past 10 years, ECNS has outperformed YANG with an annualized return of 0.73%, while YANG has yielded a comparatively lower -36.40% annualized return.
ECNS
- 1D
- -2.61%
- 1M
- -7.53%
- 6M
- -18.85%
- YTD
- -13.41%
- 1Y
- -8.94%
- 3Y*
- 3.56%
- 5Y*
- -8.73%
- 10Y*
- 0.73%
YANG
- 1D
- 0.26%
- 1M
- 13.86%
- 6M
- 67.18%
- YTD
- 38.12%
- 1Y
- 12.80%
- 3Y*
- -41.50%
- 5Y*
- -33.31%
- 10Y*
- -36.40%
ECNS vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ECNS iShares MSCI China Small-Cap ETF | -13.41% | 36.49% | 5.64% | -23.05% | -24.58% | 2.11% | 25.42% | 7.84% | -18.27% | 27.55% |
YANG Direxion Daily China 3x Bear Shares | 38.12% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
Correlation
The correlation between ECNS and YANG is -0.71, 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 | -0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.79 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010 | -0.74 |
The correlation between ECNS and YANG shifts across timeframes, from -0.83 (5 years) to -0.71 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ECNS vs. YANG — Risk / Return Rank
ECNS
YANG
ECNS vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China Small-Cap ETF (ECNS) 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.
| ECNS | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.09 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.35 | 0.40 | -0.75 |
| Martin ratioReturn relative to average drawdown | -0.77 | 0.71 | -1.48 |
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Drawdowns
ECNS vs. YANG - Drawdown Comparison
The maximum ECNS drawdown since its inception was -63.43%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for ECNS and YANG.
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Drawdown Indicators
| ECNS | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.43% | -99.98% | +36.55% |
Max Drawdown (1Y)Largest decline over 1 year | -25.73% | -31.88% | +6.15% |
Max Drawdown (3Y)Largest decline over 3 years | -31.72% | -94.02% | +62.30% |
Max Drawdown (5Y)Largest decline over 5 years | -58.38% | -97.38% | +39.00% |
Max Drawdown (10Y)Largest decline over 10 years | -63.43% | -99.38% | +35.95% |
Current DrawdownCurrent decline from peak | -44.26% | -99.97% | +55.71% |
Average DrawdownAverage peak-to-trough decline | -29.46% | -90.56% | +61.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.64% | 19.64% | -8.00% |
Volatility
ECNS vs. YANG - Volatility Comparison
The current volatility for iShares MSCI China Small-Cap ETF (ECNS) is 6.17%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 18.33%. This indicates that ECNS 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
| ECNS | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.17% | 18.33% | -12.16% |
Volatility (6M)Calculated over the trailing 6-month period | 13.93% | 43.20% | -29.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.99% | 59.54% | -38.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.47% | 94.41% | -64.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.80% | 81.87% | -56.07% |
ECNS vs. YANG - Expense Ratio Comparison
ECNS has a 0.59% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
ECNS vs. YANG - Dividend Comparison
ECNS's dividend yield for the trailing twelve months is around 6.79%, more than YANG's 2.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ECNS iShares MSCI China Small-Cap ETF | 6.79% | 6.20% | 5.98% | 4.89% | 3.54% | 4.87% | 3.59% | 3.23% | 6.16% | 3.18% | 4.29% | 3.58% |
YANG Direxion Daily China 3x Bear Shares | 2.67% | 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
ECNS and YANG have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (18.33%) compared to ECNS (6.17%). In terms of maximum drawdown, ECNS dropped -63.43% vs YANG's -99.98%.
On 10-year performance, ECNS leads with 0.73% vs -36.40% for YANG. On fees, ECNS is cheaper at 0.59% per year. On volatility, ECNS has been the lower-risk option at 6.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ECNS has performed better with a 0.73% return vs -36.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ECNS is cheaper with a 0.59% expense ratio, compared with 1.07% for YANG.
ECNS has the higher dividend yield at 6.79%, compared with 2.67% for YANG.
ECNS tracks MSCI China Small Cap Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.59% for ECNS and 1.07% for YANG.
YANG currently has the higher Sharpe Ratio (0.22 vs -0.43), 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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