FXP vs. YANG
FXP (ProShares UltraShort FTSE China 50) and YANG (Direxion Daily China 3x Bear Shares) are both Leveraged Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while YANG tracks the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, FXP returned -23.04%/yr vs -38.75%/yr for YANG. With a 0.97 correlation, they move nearly in lockstep. FXP charges 0.95%/yr vs 1.07%/yr for YANG.
Performance
FXP vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 13.64% return, which is significantly lower than YANG's 18.42% return. Over the past 10 years, FXP has outperformed YANG with an annualized return of -23.04%, while YANG has yielded a comparatively lower -38.75% annualized return.
FXP
- 1D
- 4.65%
- 1M
- 5.53%
- YTD
- 13.64%
- 6M
- 16.82%
- 1Y
- -6.43%
- 3Y*
- -30.22%
- 5Y*
- -16.52%
- 10Y*
- -23.04%
YANG
- 1D
- 6.57%
- 1M
- 6.76%
- YTD
- 18.42%
- 6M
- 23.43%
- 1Y
- -12.94%
- 3Y*
- -47.01%
- 5Y*
- -33.76%
- 10Y*
- -38.75%
FXP vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 13.64% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
YANG Direxion Daily China 3x Bear Shares | 18.42% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
Correlation
The correlation between FXP and YANG is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
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 FXP and YANG has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.
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Return for Risk
FXP vs. YANG — Risk / Return Rank
FXP
YANG
FXP vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) 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.
| FXP | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.01 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | -0.33 | +0.10 |
| Martin ratioReturn relative to average drawdown | -0.40 | -0.53 | +0.13 |
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
| FXP | YANG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.16 | -0.22 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | -0.36 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.42 | -0.47 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | -0.49 | +0.05 |
Drawdowns
FXP vs. YANG - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, roughly equal to the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for FXP and YANG.
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Drawdown Indicators
| FXP | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -99.98% | +0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -27.21% | -38.85% | +11.64% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -94.02% | +11.68% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -97.38% | +9.53% |
Max Drawdown (10Y)Largest decline over 10 years | -94.71% | -99.53% | +4.82% |
Current DrawdownCurrent decline from peak | -99.92% | -99.97% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -90.52% | -3.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.66% | 26.12% | -8.46% |
Volatility
FXP vs. YANG - Volatility Comparison
The current volatility for ProShares UltraShort FTSE China 50 (FXP) is 15.06%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. This indicates that FXP 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
| FXP | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.06% | 21.22% | -6.16% |
Volatility (6M)Calculated over the trailing 6-month period | 28.87% | 42.63% | -13.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.29% | 58.83% | -19.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.12% | 94.44% | -31.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.91% | 82.12% | -27.21% |
FXP vs. YANG - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
FXP vs. YANG - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 4.12%, more than YANG's 3.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 4.12% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
YANG Direxion Daily China 3x Bear Shares | 3.45% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% |
Frequently Asked Questions
With a correlation of 0.99, FXP and YANG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
YANG has higher volatility (21.22%) compared to FXP (15.06%). In terms of maximum drawdown, FXP dropped -99.94% vs YANG's -99.98%.
On 10-year performance, FXP leads with -23.04% vs -38.75% for YANG. On fees, FXP is cheaper at 0.95% per year. On volatility, FXP has been the lower-risk option at 15.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXP has performed better with a -23.04% return vs -38.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXP is cheaper with a 0.95% expense ratio, compared with 1.07% for YANG.
FXP has the higher dividend yield at 4.12%, compared with 3.45% for YANG.
FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for FXP and 1.07% for YANG.
FXP currently has the higher Sharpe Ratio (-0.16 vs -0.22), 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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