FNGD vs. YANG
FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and YANG (Direxion Daily China 3x Bear Shares) are both Leveraged Equities funds - FNGD tracks the NYSE FANG+ Index (-300%) while YANG tracks the FTSE China 50 Index (-300%). Both are passively managed. Over the past 5 years, FNGD returned -62.47%/yr vs -31.21%/yr for YANG. A 0.51 correlation means they provide meaningful diversification when combined. FNGD charges 0.95%/yr vs 1.07%/yr for YANG.
Performance
FNGD vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, FNGD achieves a -27.13% return, which is significantly lower than YANG's 45.69% return.
FNGD
- 1D
- 7.44%
- 1M
- 2.40%
- YTD
- -27.13%
- 6M
- -23.35%
- 1Y
- -49.41%
- 3Y*
- -65.49%
- 5Y*
- -62.47%
- 10Y*
- —
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%
FNGD vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -27.13% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | -16.61% |
YANG Direxion Daily China 3x Bear Shares | 45.69% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 66.48% |
Correlation
The correlation between FNGD and YANG is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2018 | 0.51 |
The correlation between FNGD and YANG shifts across timeframes, from 0.30 (3 years) to 0.51 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FNGD vs. YANG — Risk / Return Rank
FNGD
YANG
FNGD vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) 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.
| FNGD | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.09 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 0.43 | -1.18 |
| Martin ratioReturn relative to average drawdown | -1.52 | 0.72 | -2.24 |
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Drawdowns
FNGD vs. YANG - Drawdown Comparison
The maximum FNGD drawdown since its inception was -100.00%, roughly equal to the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for FNGD and YANG.
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Drawdown Indicators
| FNGD | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.98% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -65.92% | -35.33% | -30.59% |
Max Drawdown (3Y)Largest decline over 3 years | -97.35% | -94.02% | -3.33% |
Max Drawdown (5Y)Largest decline over 5 years | -99.67% | -97.38% | -2.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.53% | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.97% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -87.30% | -90.53% | +3.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.15% | 21.47% | +12.68% |
Volatility
FNGD vs. YANG - Volatility Comparison
MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) has a higher volatility of 33.07% compared to Direxion Daily China 3x Bear Shares (YANG) at 17.73%. This indicates that FNGD'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
| FNGD | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.07% | 17.73% | +15.34% |
Volatility (6M)Calculated over the trailing 6-month period | 53.22% | 43.44% | +9.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.50% | 59.03% | +6.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.67% | 94.55% | -4.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 91.30% | 81.91% | +9.39% |
FNGD vs. YANG - Expense Ratio Comparison
FNGD has a 0.95% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
FNGD vs. YANG - Dividend Comparison
FNGD has not paid dividends to shareholders, while YANG's dividend yield for the trailing twelve months is around 2.80%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
FNGD and YANG have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNGD has higher volatility (33.07%) compared to YANG (17.73%). In terms of maximum drawdown, FNGD dropped -100.00% vs YANG's -99.98%.
On 5-year performance, YANG leads with -31.21% vs -62.47% for FNGD. On fees, FNGD is cheaper at 0.95% 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 5-year period, YANG has performed better with a -31.21% return vs -62.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNGD is cheaper with a 0.95% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 2.80%, compared with 0.00% for FNGD.
FNGD tracks NYSE FANG+ Index (-300%), while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for FNGD and 1.07% for YANG.
YANG currently has the higher Sharpe Ratio (0.26 vs -0.76), 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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