FLCH vs. YANG
FLCH (Franklin FTSE China ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - FLCH is a China Equities fund tracking the FTSE China RIC Capped Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 5 years, FLCH returned -4.99%/yr vs -33.67%/yr for YANG. At a correlation of -0.96, they often move in opposite directions. FLCH charges 0.19%/yr vs 1.07%/yr for YANG.
Performance
FLCH vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, FLCH achieves a -6.60% return, which is significantly lower than YANG's 19.18% return.
FLCH
- 1D
- -0.31%
- 1M
- -2.97%
- YTD
- -6.60%
- 6M
- -7.51%
- 1Y
- 5.91%
- 3Y*
- 10.54%
- 5Y*
- -4.99%
- 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%
FLCH vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLCH Franklin FTSE China ETF | -6.60% | 32.55% | 18.00% | -11.21% | -22.74% | -20.87% | 30.09% | 24.32% | -19.52% | 0.91% |
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% | -6.16% |
Correlation
The correlation between FLCH and YANG is -0.95, 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 | -0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2017 | -0.96 |
The correlation between FLCH and YANG has been stable across timeframes, ranging from -0.97 to -0.95 - a consistent structural relationship.
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Return for Risk
FLCH vs. YANG — Risk / Return Rank
FLCH
YANG
FLCH vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE China ETF (FLCH) 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.
| FLCH | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.03 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | -0.20 | +0.58 |
| Martin ratioReturn relative to average drawdown | 0.80 | -0.32 | +1.12 |
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
| FLCH | YANG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.31 | -0.13 | +0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.17 | -0.36 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.47 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | -0.49 | +0.51 |
Drawdowns
FLCH vs. YANG - Drawdown Comparison
The maximum FLCH drawdown since its inception was -62.09%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for FLCH and YANG.
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Drawdown Indicators
| FLCH | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.09% | -99.98% | +37.89% |
Max Drawdown (1Y)Largest decline over 1 year | -15.52% | -38.85% | +23.33% |
Max Drawdown (3Y)Largest decline over 3 years | -25.43% | -94.02% | +68.59% |
Max Drawdown (5Y)Largest decline over 5 years | -55.78% | -97.38% | +41.60% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.53% | — |
Current DrawdownCurrent decline from peak | -34.16% | -99.97% | +65.81% |
Average DrawdownAverage peak-to-trough decline | -30.53% | -90.52% | +59.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.43% | 24.39% | -16.96% |
Volatility
FLCH vs. YANG - Volatility Comparison
The current volatility for Franklin FTSE China ETF (FLCH) is 6.59%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. This indicates that FLCH 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
| FLCH | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.59% | 21.22% | -14.63% |
Volatility (6M)Calculated over the trailing 6-month period | 13.67% | 42.61% | -28.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.20% | 58.74% | -39.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.59% | 94.43% | -64.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.91% | 82.10% | -54.19% |
FLCH vs. YANG - Expense Ratio Comparison
FLCH has a 0.19% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
FLCH vs. YANG - Dividend Comparison
FLCH's dividend yield for the trailing twelve months is around 2.53%, less than YANG's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLCH Franklin FTSE China ETF | 2.53% | 2.36% | 2.87% | 3.47% | 2.69% | 1.48% | 0.91% | 1.98% | 1.92% | 0.01% |
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% |
Frequently Asked Questions
FLCH and YANG have a correlation of -0.95, 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 FLCH (6.59%). In terms of maximum drawdown, FLCH dropped -62.09% vs YANG's -99.98%.
On 5-year performance, FLCH leads with -4.99% vs -33.67% for YANG. On fees, FLCH is cheaper at 0.19% per year. On volatility, FLCH has been the lower-risk option at 6.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLCH has performed better with a -4.99% return vs -33.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLCH is cheaper with a 0.19% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 3.43%, compared with 2.53% for FLCH.
FLCH is categorized as China Equities, while YANG is Leveraged Equities. FLCH tracks FTSE China RIC Capped Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: Franklin Templeton and Direxion. Their fees differ too: 0.19% for FLCH and 1.07% for YANG.
FLCH currently has the higher Sharpe Ratio (0.31 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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