FXI vs. YANG
FXI (iShares China Large-Cap ETF) and YANG (Direxion Daily China 3x Bear Shares) are both China Equities funds - FXI tracks the FTSE China 50 Index while YANG tracks the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, FXI returned 1.84%/yr vs -36.40%/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
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Returns By Period
In the year-to-date period, FXI achieves a -12.01% return, which is significantly lower than YANG's 38.12% return. Over the past 10 years, FXI has outperformed YANG with an annualized return of 1.84%, while YANG has yielded a comparatively lower -36.40% annualized return.
FXI
- 1D
- -0.12%
- 1M
- -4.53%
- 6M
- -17.10%
- YTD
- -12.01%
- 1Y
- -6.64%
- 3Y*
- 8.44%
- 5Y*
- -3.22%
- 10Y*
- 1.84%
YANG
- 1D
- 0.26%
- 1M
- 13.86%
- 6M
- 67.18%
- YTD
- 38.12%
- 1Y
- 12.80%
- 3Y*
- -41.50%
- 5Y*
- -33.31%
- 10Y*
- -36.40%
FXI vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | -12.01% | 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 | 38.12% | -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 3, 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.
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Return for Risk
FXI vs. YANG — Risk / Return Rank
FXI
YANG
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.
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.
| FXI | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -1.07 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.09 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 0.40 | -0.69 |
| Martin ratioReturn relative to average drawdown | -0.71 | 0.71 | -1.42 |
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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
| FXI | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.68% | -99.98% | +27.30% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -31.88% | +8.94% |
Max Drawdown (3Y)Largest decline over 3 years | -28.72% | -94.02% | +65.30% |
Max Drawdown (5Y)Largest decline over 5 years | -52.44% | -97.38% | +44.94% |
Max Drawdown (10Y)Largest decline over 10 years | -60.81% | -99.38% | +38.57% |
Current DrawdownCurrent decline from peak | -30.71% | -99.97% | +69.26% |
Average DrawdownAverage peak-to-trough decline | -31.22% | -90.56% | +59.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.41% | 19.64% | -10.23% |
Volatility
FXI vs. YANG - Volatility Comparison
The current volatility for iShares China Large-Cap ETF (FXI) is 6.08%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 18.33%. 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
| FXI | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.08% | 18.33% | -12.25% |
Volatility (6M)Calculated over the trailing 6-month period | 14.55% | 43.20% | -28.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.12% | 59.54% | -39.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.67% | 94.41% | -62.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.58% | 81.87% | -54.29% |
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 2.03%, less than YANG's 2.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | 2.03% | 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 | 2.67% | 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 (18.33%) compared to FXI (6.08%). In terms of maximum drawdown, FXI dropped -72.68% vs YANG's -99.98%.
On 10-year performance, FXI leads with 1.84% vs -36.40% for YANG. On fees, FXI is cheaper at 0.74% per year. On volatility, FXI has been the lower-risk option at 6.08%. 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 1.84% return vs -36.40%. 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 2.67%, compared with 2.03% for FXI.
FXI tracks FTSE China 50 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.
YANG currently has the higher Sharpe Ratio (0.22 vs -0.33), 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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