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 5.12%/yr vs -38.45%/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
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Returns By Period
In the year-to-date period, GXC achieves a -3.76% return, which is significantly lower than YANG's 19.18% return. Over the past 10 years, GXC has outperformed YANG with an annualized return of 5.12%, while YANG has yielded a comparatively lower -38.45% annualized return.
GXC
- 1D
- 0.17%
- 1M
- -2.93%
- YTD
- -3.76%
- 6M
- -4.91%
- 1Y
- 10.40%
- 3Y*
- 10.91%
- 5Y*
- -4.51%
- 10Y*
- 5.12%
YANG
- 1D
- 0.64%
- 1M
- 6.83%
- YTD
- 19.18%
- 6M
- 25.26%
- 1Y
- -7.77%
- 3Y*
- -47.00%
- 5Y*
- -33.67%
- 10Y*
- -38.45%
GXC vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GXC SPDR S&P China ETF | -3.76% | 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 | 19.18% | -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 4, 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.
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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.
| GXC | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.03 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.76 | -0.20 | +0.96 |
| Martin ratioReturn relative to average drawdown | 1.70 | -0.32 | +2.02 |
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
| GXC | YANG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.56 | -0.13 | +0.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.16 | -0.36 | +0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.20 | -0.47 | +0.67 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | -0.49 | +0.65 |
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.
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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 | -13.73% | -38.85% | +25.12% |
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% | -99.53% | +39.30% |
Current DrawdownCurrent decline from peak | -31.99% | -99.97% | +67.98% |
Average DrawdownAverage peak-to-trough decline | -28.82% | -90.52% | +61.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.14% | 24.39% | -18.25% |
Volatility
GXC vs. YANG - Volatility Comparison
The current volatility for SPDR S&P China ETF (GXC) is 6.63%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. 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.
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Volatility by Period
| GXC | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.63% | 21.22% | -14.59% |
Volatility (6M)Calculated over the trailing 6-month period | 13.58% | 42.61% | -29.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.86% | 58.74% | -39.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.97% | 94.43% | -65.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.09% | 82.10% | -56.01% |
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 2.50%, less than YANG's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GXC SPDR S&P China ETF | 2.50% | 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 | 3.43% | 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 (21.22%) compared to GXC (6.63%). In terms of maximum drawdown, GXC dropped -71.96% vs YANG's -99.98%.
On 10-year performance, GXC leads with 5.12% vs -38.45% for YANG. On fees, GXC is cheaper at 0.59% per year. On volatility, GXC has been the lower-risk option at 6.63%. 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 5.12% return vs -38.45%. 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.
YANG has the higher dividend yield at 3.43%, compared with 2.50% for GXC.
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.
GXC currently has the higher Sharpe Ratio (0.56 vs -0.13), 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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