GXC vs. YANG
GXC (SPDR S&P China ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - GXC is a China Equities fund tracking the S&P China BMI Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, GXC returned 4.93%/yr vs -37.21%/yr for YANG. At a correlation of -0.94, they often move in opposite directions. GXC charges 0.59%/yr vs 1.07%/yr for YANG.
Performance
GXC vs. YANG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GXC achieves a -10.30% return, which is significantly lower than YANG's 62.59% return. Over the past 10 years, GXC has outperformed YANG with an annualized return of 4.93%, while YANG has yielded a comparatively lower -37.21% annualized return.
GXC
- 1D
- -1.11%
- 1M
- -7.56%
- YTD
- -10.30%
- 6M
- -11.66%
- 1Y
- 0.21%
- 3Y*
- 8.69%
- 5Y*
- -5.93%
- 10Y*
- 4.93%
YANG
- 1D
- 6.41%
- 1M
- 38.66%
- YTD
- 62.59%
- 6M
- 66.09%
- 1Y
- 39.58%
- 3Y*
- -41.30%
- 5Y*
- -28.83%
- 10Y*
- -37.21%
GXC vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GXC SPDR S&P China ETF | -10.30% | 30.84% | 14.60% | -9.93% | -22.12% | -19.70% | 28.31% | 23.07% | -19.39% | 51.66% |
YANG Direxion Daily China 3x Bear Shares | 62.59% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
Correlation
The correlation between GXC and YANG is -0.94, 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 | -0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2009 | -0.94 |
The correlation between GXC and YANG has been stable across timeframes, ranging from -0.97 to -0.94 - 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.
Return for Risk
GXC vs. YANG — Risk / Return Rank
GXC
YANG
GXC vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P China ETF (GXC) 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.
| GXC | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.16 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.01 | 1.13 | -1.11 |
| Martin ratioReturn relative to average drawdown | 0.03 | 1.90 | -1.87 |
Loading charts...
Drawdowns
GXC vs. YANG - Drawdown Comparison
The maximum GXC drawdown since its inception was -71.96%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for GXC and YANG.
Loading charts...
Drawdown Indicators
| GXC | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.96% | -99.98% | +28.02% |
Max Drawdown (1Y)Largest decline over 1 year | -17.50% | -35.33% | +17.83% |
Max Drawdown (3Y)Largest decline over 3 years | -25.54% | -94.02% | +68.48% |
Max Drawdown (5Y)Largest decline over 5 years | -53.99% | -97.38% | +43.39% |
Max Drawdown (10Y)Largest decline over 10 years | -60.23% | -99.49% | +39.26% |
Current DrawdownCurrent decline from peak | -36.61% | -99.96% | +63.35% |
Average DrawdownAverage peak-to-trough decline | -28.83% | -90.53% | +61.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.01% | 20.85% | -13.84% |
Volatility
GXC vs. YANG - Volatility Comparison
The current volatility for SPDR S&P China ETF (GXC) is 5.98%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 18.40%. This indicates that GXC 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.
Loading charts...
Volatility by Period
| GXC | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.98% | 18.40% | -12.42% |
Volatility (6M)Calculated over the trailing 6-month period | 14.11% | 43.95% | -29.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.96% | 58.77% | -39.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.01% | 94.57% | -65.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.05% | 81.92% | -55.87% |
GXC vs. YANG - Expense Ratio Comparison
GXC has a 0.59% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
GXC vs. YANG - Dividend Comparison
GXC's dividend yield for the trailing twelve months is around 2.31%, more than YANG's 2.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GXC SPDR S&P China ETF | 2.31% | 2.40% | 2.81% | 3.70% | 2.67% | 1.35% | 1.04% | 1.60% | 2.03% | 1.84% | 2.05% | 2.85% |
YANG Direxion Daily China 3x Bear Shares | 2.27% | 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
GXC and YANG have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (18.40%) compared to GXC (5.98%). In terms of maximum drawdown, GXC dropped -71.96% vs YANG's -99.98%.
On 10-year performance, GXC leads with 4.93% vs -37.21% for YANG. On fees, GXC is cheaper at 0.59% per year. On volatility, GXC has been the lower-risk option at 5.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GXC has performed better with a 4.93% return vs -37.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GXC is cheaper with a 0.59% expense ratio, compared with 1.07% for YANG.
GXC has the higher dividend yield at 2.31%, compared with 2.27% for YANG.
GXC is categorized as China Equities, while YANG is Leveraged Equities. GXC tracks S&P China BMI Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: State Street and Direxion. Their fees differ too: 0.59% for GXC and 1.07% for YANG.
YANG currently has the higher Sharpe Ratio (0.68 vs 0.01), 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.
Find the right allocation for GXC and YANG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer