EDZ vs. YANG
EDZ (Direxion Daily Emerging Markets Bear 3X Shares) and YANG (Direxion Daily China 3x Bear Shares) are both Leveraged Equities funds from Direxion - EDZ tracks the MSCI Emerging Markets Index (-300%) while YANG tracks the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, EDZ returned -36.99%/yr vs -37.83%/yr for YANG. Their correlation of 0.83 suggests significant overlap in exposure. EDZ charges 1.08%/yr vs 1.07%/yr for YANG.
Performance
EDZ vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, EDZ achieves a -56.62% return, which is significantly lower than YANG's 45.69% return. Both investments have delivered pretty close results over the past 10 years, with EDZ having a -36.99% annualized return and YANG not far behind at -37.83%.
EDZ
- 1D
- 15.00%
- 1M
- -15.02%
- YTD
- -56.62%
- 6M
- -57.41%
- 1Y
- -73.55%
- 3Y*
- -48.31%
- 5Y*
- -25.46%
- 10Y*
- -36.99%
YANG
- 1D
- 4.97%
- 1M
- 21.92%
- YTD
- 45.69%
- 6M
- 48.59%
- 1Y
- 15.02%
- 3Y*
- -43.76%
- 5Y*
- -31.21%
- 10Y*
- -37.83%
EDZ vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EDZ Direxion Daily Emerging Markets Bear 3X Shares | -56.62% | -59.30% | -12.71% | -20.28% | 49.27% | -8.69% | -68.79% | -43.01% | 32.87% | -64.12% |
YANG Direxion Daily China 3x Bear Shares | 45.69% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
Correlation
The correlation between EDZ and YANG is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2009 | 0.83 |
The correlation between EDZ and YANG shifts across timeframes, from 0.66 (1 year) to 0.84 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
EDZ vs. YANG — Risk / Return Rank
EDZ
YANG
EDZ vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Emerging Markets Bear 3X Shares (EDZ) 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.
| EDZ | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -3.00 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.09 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 0.43 | -1.41 |
| Martin ratioReturn relative to average drawdown | -1.75 | 0.72 | -2.47 |
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Drawdowns
EDZ vs. YANG - Drawdown Comparison
The maximum EDZ drawdown since its inception was -99.99%, roughly equal to the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for EDZ and YANG.
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Drawdown Indicators
| EDZ | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -99.98% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -74.99% | -35.33% | -39.66% |
Max Drawdown (3Y)Largest decline over 3 years | -90.46% | -94.02% | +3.56% |
Max Drawdown (5Y)Largest decline over 5 years | -92.91% | -97.38% | +4.47% |
Max Drawdown (10Y)Largest decline over 10 years | -99.17% | -99.53% | +0.36% |
Current DrawdownCurrent decline from peak | -99.99% | -99.97% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -97.73% | -90.53% | -7.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.83% | 21.47% | +24.36% |
Volatility
EDZ vs. YANG - Volatility Comparison
Direxion Daily Emerging Markets Bear 3X Shares (EDZ) has a higher volatility of 36.28% compared to Direxion Daily China 3x Bear Shares (YANG) at 17.73%. This indicates that EDZ's price experiences larger fluctuations and is considered to be riskier 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
| EDZ | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 36.28% | 17.73% | +18.55% |
Volatility (6M)Calculated over the trailing 6-month period | 60.77% | 43.44% | +17.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.52% | 59.03% | +8.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.82% | 94.55% | -35.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.46% | 81.91% | -20.45% |
EDZ vs. YANG - Expense Ratio Comparison
EDZ has a 1.08% expense ratio, which is higher than YANG's 1.07% expense ratio.
Dividends
EDZ vs. YANG - Dividend Comparison
EDZ's dividend yield for the trailing twelve months is around 10.18%, more than YANG's 2.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EDZ Direxion Daily Emerging Markets Bear 3X Shares | 10.18% | 6.58% | 4.87% | 4.34% | 0.00% | 0.00% | 0.82% | 1.67% | 0.68% |
YANG Direxion Daily China 3x Bear Shares | 2.80% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% |
Frequently Asked Questions
EDZ and YANG have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EDZ has higher volatility (36.28%) compared to YANG (17.73%). In terms of maximum drawdown, EDZ dropped -99.99% vs YANG's -99.98%.
On 10-year performance, EDZ leads with -36.99% vs -37.83% for YANG. On fees, YANG is cheaper at 1.07% per year. On volatility, YANG has been the lower-risk option at 17.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EDZ has performed better with a -36.99% return vs -37.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YANG is cheaper with a 1.07% expense ratio, compared with 1.08% for EDZ.
EDZ has the higher dividend yield at 10.18%, compared with 2.80% for YANG.
EDZ tracks MSCI Emerging Markets Index (-300%), while YANG tracks FTSE China 50 Index (-300%). Their fees differ too: 1.08% for EDZ and 1.07% for YANG.
YANG currently has the higher Sharpe Ratio (0.26 vs -1.09), 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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