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FCA vs. YANG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FCA vs. YANG

Last updated Jun 5, 2026

FCA (First Trust China AlphaDEX Fund) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - FCA is a China Equities fund tracking the NASDAQ AlphaDEX China Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, FCA returned 9.67%/yr vs -38.45%/yr for YANG. At a correlation of -0.63, they often move in opposite directions. FCA charges 0.80%/yr vs 1.07%/yr for YANG.

Performance

FCA vs. YANG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust China AlphaDEX Fund (FCA) 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, FCA achieves a 10.95% return, which is significantly lower than YANG's 19.18% return. Over the past 10 years, FCA has outperformed YANG with an annualized return of 9.67%, while YANG has yielded a comparatively lower -38.45% annualized return.

FCA

1D
-0.93%
1M
-4.40%
YTD
10.95%
6M
9.35%
1Y
41.58%
3Y*
19.99%
5Y*
4.83%
10Y*
9.67%

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)

FCA vs. YANG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FCA
First Trust China AlphaDEX Fund		10.95%45.20%14.07%-8.28%-17.61%-0.65%11.80%18.72%-18.30%60.26%
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 FCA and YANG is -0.61, 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

-0.61

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

-0.68

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

-0.65

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

-0.66

Correlation (All Time)
Calculated using the full available price history since Apr 25, 2011

-0.63

The correlation between FCA and YANG has been stable across timeframes, ranging from -0.68 to -0.61 - 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.

First Trust China AlphaDEX Fund

Direxion Daily China 3x Bear Shares

Often compared with FCA:
FCA vs. KGRNFCA vs. KLIPFCA vs. SPYFCA vs. YINNFCA vs. SMINFCA vs. DIVOFCA vs. CNYA
Often compared with YANG:
YANG vs. YINNYANG vs. CWEBYANG vs. FXPYANG vs. GLLYANG vs. TYOYANG vs. KLIPYANG vs. EDZ

Return for Risk

FCA vs. YANG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FCA
FCA Risk / Return Rank: 5959
Overall Rank
FCA Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
FCA Sortino Ratio Rank: 5151
Sortino Ratio Rank
FCA Omega Ratio Rank: 5252
Omega Ratio Rank
FCA Calmar Ratio Rank: 7575
Calmar Ratio Rank
FCA Martin Ratio Rank: 6060
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.

FCA vs. YANG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust China AlphaDEX Fund (FCA) 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.

FCAYANGDifference
Sharpe ratioReturn per unit of total volatility
1.87
-0.13

+2.01

Sortino ratioReturn per unit of downside risk
2.43
0.22

+2.21

Omega ratioGain probability vs. loss probability

1.32

1.03

+0.29

Calmar ratioReturn relative to maximum drawdown

3.75

-0.20

+3.95

Martin ratioReturn relative to average drawdown

10.55

-0.32

+10.87

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

FCA vs. YANG - Sharpe Ratio Comparison

The current FCA Sharpe Ratio is 1.87, which is higher than the YANG Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of FCA 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

FCAYANGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.87

-0.13

+2.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.18

-0.36

+0.53

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.36

-0.47

+0.83

Sharpe Ratio (All Time)

Calculated using the full available price history

0.13

-0.49

+0.62

Drawdowns

FCA vs. YANG - Drawdown Comparison

The maximum FCA drawdown since its inception was -45.56%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for FCA and YANG.

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Drawdown Indicators

FCAYANGDifference

Max Drawdown

Largest peak-to-trough decline

-45.56%

-99.98%

+54.42%

Max Drawdown (1Y)

Largest decline over 1 year

-11.13%

-38.85%

+27.72%

Max Drawdown (3Y)

Largest decline over 3 years

-26.13%

-94.02%

+67.89%

Max Drawdown (5Y)

Largest decline over 5 years

-42.47%

-97.38%

+54.91%

Max Drawdown (10Y)

Largest decline over 10 years

-42.47%

-99.53%

+57.06%

Current Drawdown

Current decline from peak

-9.35%

-99.97%

+90.62%

Average Drawdown

Average peak-to-trough decline

-21.62%

-90.52%

+68.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.95%

24.39%

-20.44%

Volatility

FCA vs. YANG - Volatility Comparison

The current volatility for First Trust China AlphaDEX Fund (FCA) is 8.31%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. This indicates that FCA 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

FCAYANGDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.31%

21.22%

-12.91%

Volatility (6M)

Calculated over the trailing 6-month period

16.59%

42.61%

-26.02%

Volatility (1Y)

Calculated over the trailing 1-year period

22.31%

58.74%

-36.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.59%

94.43%

-66.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.62%

82.10%

-55.48%

FCA vs. YANG - Expense Ratio Comparison

FCA has a 0.80% expense ratio, which is lower than YANG's 1.07% expense ratio.

Dividends

FCA vs. YANG - Dividend Comparison

FCA's dividend yield for the trailing twelve months is around 2.32%, less than YANG's 3.43% yield.

PositionTTM20252024202320222021202020192018201720162015
FCA
First Trust China AlphaDEX Fund		2.32%2.67%5.17%5.70%6.00%4.91%4.12%3.73%3.10%2.30%2.51%4.13%
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

FCA and YANG have a correlation of -0.61, 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 FCA (8.31%). In terms of maximum drawdown, FCA dropped -45.56% vs YANG's -99.98%.

On 10-year performance, FCA leads with 9.67% vs -38.45% for YANG. On fees, FCA is cheaper at 0.80% per year. On volatility, FCA has been the lower-risk option at 8.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FCA has performed better with a 9.67% return vs -38.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FCA is cheaper with a 0.80% expense ratio, compared with 1.07% for YANG.

YANG has the higher dividend yield at 3.43%, compared with 2.32% for FCA.

FCA is categorized as China Equities, while YANG is Leveraged Equities. FCA tracks NASDAQ AlphaDEX China Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: First Trust and Direxion. Their fees differ too: 0.80% for FCA and 1.07% for YANG.

FCA currently has the higher Sharpe Ratio (1.87 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.

Portfolio Optimizer

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