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 -22.28%/yr vs -37.83%/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 30.56% return, which is significantly lower than YANG's 45.69% return. Over the past 10 years, FXP has outperformed YANG with an annualized return of -22.28%, while YANG has yielded a comparatively lower -37.83% annualized return.
FXP
- 1D
- 4.04%
- 1M
- 14.69%
- YTD
- 30.56%
- 6M
- 32.48%
- 1Y
- 12.48%
- 3Y*
- -27.51%
- 5Y*
- -14.41%
- 10Y*
- -22.28%
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%
FXP vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 30.56% | -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 | 45.69% | -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 3, 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.
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.
| FXP | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.09 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | 0.43 | +0.08 |
| Martin ratioReturn relative to average drawdown | 0.89 | 0.72 | +0.17 |
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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 | -24.73% | -35.33% | +10.60% |
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 | -99.91% | -99.97% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -90.53% | -3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.56% | 21.47% | -6.91% |
Volatility
FXP vs. YANG - Volatility Comparison
The current volatility for ProShares UltraShort FTSE China 50 (FXP) is 12.22%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 17.73%. 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 | 12.22% | 17.73% | -5.51% |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | 43.44% | -13.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.65% | 59.03% | -19.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.21% | 94.55% | -31.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 81.91% | -27.13% |
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 3.58%, more than YANG's 2.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.58% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
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
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 (17.73%) compared to FXP (12.22%). In terms of maximum drawdown, FXP dropped -99.94% vs YANG's -99.98%.
On 10-year performance, FXP leads with -22.28% vs -37.83% for YANG. On fees, FXP is cheaper at 0.95% per year. On volatility, FXP has been the lower-risk option at 12.22%. 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 -22.28% return vs -37.83%. 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 3.58%, compared with 2.80% 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 (0.32 vs 0.26), 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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