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FXI vs. YANG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXI vs. YANG

Last updated Jun 5, 2026

FXI (iShares China Large-Cap ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 25 Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, FXI returned 2.81%/yr vs -38.45%/yr for YANG. At a correlation of -0.97, they often move in opposite directions. FXI charges 0.74%/yr vs 1.07%/yr for YANG.

Performance

FXI vs. YANG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares China Large-Cap ETF (FXI) 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, FXI achieves a -7.36% return, which is significantly lower than YANG's 19.18% return. Over the past 10 years, FXI has outperformed YANG with an annualized return of 2.81%, while YANG has yielded a comparatively lower -38.45% annualized return.

FXI

1D
-0.20%
1M
-2.80%
YTD
-7.36%
6M
-8.79%
1Y
-0.03%
3Y*
11.71%
5Y*
-3.22%
10Y*
2.81%

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)

FXI vs. YANG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXI
iShares China Large-Cap ETF		-7.36%28.95%28.98%-12.42%-20.66%-20.06%8.92%14.90%-13.28%36.26%
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 FXI and YANG is -1.00, 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

-1.00

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

-1.00

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

-1.00

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

-1.00

Correlation (All Time)
Calculated using the full available price history since Dec 4, 2009

-0.97

The correlation between FXI and YANG has been stable across timeframes, ranging from -1.00 to -0.97 - 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.

iShares China Large-Cap ETF

Direxion Daily China 3x Bear Shares

Often compared with FXI:
FXI vs. MCHIFXI vs. KWEBFXI vs. CQQQFXI vs. ASHRFXI vs. EWHFXI vs. EEMFXI vs. GXC
Often compared with YANG:
YANG vs. YINNYANG vs. CWEBYANG vs. FXPYANG vs. GLLYANG vs. TYOYANG vs. KLIPYANG vs. EDZ

Return for Risk

FXI vs. YANG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXI
FXI Risk / Return Rank: 99
Overall Rank
FXI Sharpe Ratio Rank: 99
Sharpe Ratio Rank
FXI Sortino Ratio Rank: 99
Sortino Ratio Rank
FXI Omega Ratio Rank: 99
Omega Ratio Rank
FXI Calmar Ratio Rank: 99
Calmar Ratio Rank
FXI Martin Ratio Rank: 99
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.

FXI vs. YANG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) 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.

FXIYANGDifference
Sharpe ratioReturn per unit of total volatility
-0.00
-0.13

+0.13

Sortino ratioReturn per unit of downside risk
0.14
0.22

-0.08

Omega ratioGain probability vs. loss probability

1.02

1.03

-0.01

Calmar ratioReturn relative to maximum drawdown

-0.00

-0.20

+0.20

Martin ratioReturn relative to average drawdown

-0.00

-0.32

+0.32

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

FXI vs. YANG - Sharpe Ratio Comparison

The current FXI Sharpe Ratio is -0.00, which is higher than the YANG Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of FXI 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

FXIYANGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.00

-0.13

+0.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.10

-0.36

+0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.10

-0.47

+0.57

Sharpe Ratio (All Time)

Calculated using the full available price history

0.17

-0.49

+0.66

Drawdowns

FXI vs. YANG - Drawdown Comparison

The maximum FXI drawdown since its inception was -72.68%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for FXI and YANG.

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Drawdown Indicators

FXIYANGDifference

Max Drawdown

Largest peak-to-trough decline

-72.68%

-99.98%

+27.30%

Max Drawdown (1Y)

Largest decline over 1 year

-15.62%

-38.85%

+23.23%

Max Drawdown (3Y)

Largest decline over 3 years

-28.72%

-94.02%

+65.30%

Max Drawdown (5Y)

Largest decline over 5 years

-54.94%

-97.38%

+42.44%

Max Drawdown (10Y)

Largest decline over 10 years

-60.81%

-99.53%

+38.72%

Current Drawdown

Current decline from peak

-27.05%

-99.97%

+72.92%

Average Drawdown

Average peak-to-trough decline

-31.22%

-90.52%

+59.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.28%

24.39%

-17.11%

Volatility

FXI vs. YANG - Volatility Comparison

The current volatility for iShares China Large-Cap ETF (FXI) is 7.13%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. This indicates that FXI 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

FXIYANGDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.13%

21.22%

-14.09%

Volatility (6M)

Calculated over the trailing 6-month period

14.34%

42.61%

-28.27%

Volatility (1Y)

Calculated over the trailing 1-year period

19.91%

58.74%

-38.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.67%

94.43%

-62.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.66%

82.10%

-54.44%

FXI vs. YANG - Expense Ratio Comparison

FXI has a 0.74% expense ratio, which is lower than YANG's 1.07% expense ratio.

Dividends

FXI vs. YANG - Dividend Comparison

FXI's dividend yield for the trailing twelve months is around 2.61%, less than YANG's 3.43% yield.

PositionTTM20252024202320222021202020192018201720162015
FXI
iShares China Large-Cap ETF		2.61%2.42%1.76%3.17%2.61%1.60%2.19%2.74%2.69%2.31%2.69%2.90%
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

FXI and YANG have a correlation of -1.00, 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 FXI (7.13%). In terms of maximum drawdown, FXI dropped -72.68% vs YANG's -99.98%.

On 10-year performance, FXI leads with 2.81% vs -38.45% for YANG. On fees, FXI is cheaper at 0.74% per year. On volatility, FXI has been the lower-risk option at 7.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FXI has performed better with a 2.81% return vs -38.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FXI is cheaper with a 0.74% expense ratio, compared with 1.07% for YANG.

YANG has the higher dividend yield at 3.43%, compared with 2.61% for FXI.

FXI is categorized as China Equities, while YANG is Leveraged Equities. FXI tracks FTSE China 25 Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.74% for FXI and 1.07% for YANG.

FXI currently has the higher Sharpe Ratio (-0.00 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

Find the right allocation for FXI and YANG

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