FXP vs. YANG

Last updated Jun 4, 2026

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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort FTSE China 50 (FXP) and Direxion Daily China 3x Bear Shares (YANG). The values are adjusted to include any dividend payments, if applicable.

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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.

Return for Risk

FXP vs. YANG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXP

FXP Risk / Return Rank: 7
FXP Sharpe Ratio Rank: 7
FXP Sortino Ratio Rank: 8
FXP Omega Ratio Rank: 8
FXP Calmar Ratio Rank: 7
FXP Martin Ratio Rank: 7

YANG

YANG Risk / Return Rank: 7
YANG Sharpe Ratio Rank: 6
YANG Sortino Ratio Rank: 8
YANG Omega Ratio Rank: 8
YANG Calmar Ratio Rank: 6
YANG Martin Ratio Rank: 6

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.

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 ratio Return per unit of total volatility	-0.16	-0.22	+0.06
Sortino ratio Return per unit of downside risk	0.04	0.08	-0.04
Omega ratio Gain probability vs. loss probability	1.00	1.01	-0.01
Calmar ratio Return relative to maximum drawdown	-0.24	-0.33	+0.10
Martin ratio Return 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.

FXP vs. YANG - Sharpe Ratio Comparison

The current FXP Sharpe Ratio is -0.16, which is comparable to the YANG Sharpe Ratio of -0.22. The chart below compares the historical Sharpe Ratios of FXP 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.

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.

Drawdown Indicators

	FXP	YANG	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-99.92%	-99.97%	+0.05%
Average Drawdown Average peak-to-trough decline	-94.15%	-90.52%	-3.63%
Ulcer Index Depth 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.

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

Can I hold both FXP and YANG in my portfolio?

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.

Which is riskier, FXP or YANG?

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%.

Which ETF is better, FXP or YANG?

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.

Which ETF has performed better, FXP or YANG?

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.

Which ETF is cheaper, FXP or YANG?

FXP is cheaper with a 0.95% expense ratio, compared with 1.07% for YANG.

Which ETF pays a higher dividend yield, FXP or YANG?

FXP has the higher dividend yield at 4.12%, compared with 3.45% for YANG.

What is the main difference between FXP and 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.

Which has better risk-adjusted returns?

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.