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KBA vs. YANG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KBA vs. YANG

Last updated Jun 5, 2026

KBA (KraneShares Bosera MSCI China A Share ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - KBA is a China Equities fund tracking the MSCI China A Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, KBA returned 10.02%/yr vs -38.45%/yr for YANG. At a correlation of -0.70, they often move in opposite directions. KBA charges 0.60%/yr vs 1.07%/yr for YANG.

Performance

KBA vs. YANG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Bosera MSCI China A Share ETF (KBA) and Direxion Daily China 3x Bear Shares (YANG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KBA achieves a 11.36% return, which is significantly lower than YANG's 19.18% return. Over the past 10 years, KBA has outperformed YANG with an annualized return of 10.02%, while YANG has yielded a comparatively lower -38.45% annualized return.

KBA

1D
-1.12%
1M
2.38%
YTD
11.36%
6M
15.30%
1Y
46.15%
3Y*
16.18%
5Y*
6.22%
10Y*
10.02%

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

KBA vs. YANG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KBA
KraneShares Bosera MSCI China A Share ETF		11.36%33.88%15.73%-16.77%-3.49%3.17%41.62%35.44%-26.28%30.69%
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 KBA and YANG is -0.63, 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

-0.63

Correlation (3Y)
Calculated over the trailing 3-year period

-0.72

Correlation (5Y)
Calculated over the trailing 5-year period

-0.72

Correlation (10Y)
Calculated over the trailing 10-year period

-0.73

Correlation (All Time)
Calculated using the full available price history since Mar 6, 2014

-0.70

The correlation between KBA and YANG has been stable across timeframes, ranging from -0.73 to -0.63 - 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.

KraneShares Bosera MSCI China A Share ETF

Direxion Daily China 3x Bear Shares

Often compared with KBA:
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Often compared with YANG:
YANG vs. YINNYANG vs. CWEBYANG vs. FXPYANG vs. GLLYANG vs. TYOYANG vs. KLIPYANG vs. EDZ

Return for Risk

KBA vs. YANG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KBA
KBA Risk / Return Rank: 8383
Overall Rank
KBA Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
KBA Sortino Ratio Rank: 8181
Sortino Ratio Rank
KBA Omega Ratio Rank: 8080
Omega Ratio Rank
KBA Calmar Ratio Rank: 9292
Calmar Ratio Rank
KBA Martin Ratio Rank: 8282
Martin Ratio Rank
YANG
YANG Risk / Return Rank: 99
Overall Rank
YANG Sharpe Ratio Rank: 88
Sharpe Ratio Rank
YANG Sortino Ratio Rank: 1010
Sortino Ratio Rank
YANG Omega Ratio Rank: 1010
Omega Ratio Rank
YANG Calmar Ratio Rank: 77
Calmar Ratio Rank
YANG Martin Ratio Rank: 88
Martin Ratio Rank
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.

KBA vs. YANG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Bosera MSCI China A Share ETF (KBA) 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.

KBAYANGDifference
Sharpe ratioReturn per unit of total volatility
2.62
-0.13

+2.76

Sortino ratioReturn per unit of downside risk
3.59
0.22

+3.38

Omega ratioGain probability vs. loss probability

1.47

1.03

+0.45

Calmar ratioReturn relative to maximum drawdown

6.06

-0.20

+6.26

Martin ratioReturn relative to average drawdown

16.23

-0.32

+16.55

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBA vs. YANG - Sharpe Ratio Comparison

The current KBA Sharpe Ratio is 2.62, which is higher than the YANG Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of KBA 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.

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Sharpe Ratios by Period

KBAYANGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.62

-0.13

+2.76

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.23

-0.36

+0.59

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.40

-0.47

+0.87

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

-0.49

+0.84

Drawdowns

KBA vs. YANG - Drawdown Comparison

The maximum KBA drawdown since its inception was -53.24%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for KBA and YANG.

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Drawdown Indicators

KBAYANGDifference

Max Drawdown

Largest peak-to-trough decline

-53.24%

-99.98%

+46.74%

Max Drawdown (1Y)

Largest decline over 1 year

-7.65%

-38.85%

+31.20%

Max Drawdown (3Y)

Largest decline over 3 years

-31.23%

-94.02%

+62.79%

Max Drawdown (5Y)

Largest decline over 5 years

-39.95%

-97.38%

+57.43%

Max Drawdown (10Y)

Largest decline over 10 years

-45.32%

-99.53%

+54.21%

Current Drawdown

Current decline from peak

-2.36%

-99.97%

+97.61%

Average Drawdown

Average peak-to-trough decline

-25.80%

-90.52%

+64.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.85%

24.39%

-21.54%

Volatility

KBA vs. YANG - Volatility Comparison

The current volatility for KraneShares Bosera MSCI China A Share ETF (KBA) is 7.38%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. This indicates that KBA 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

KBAYANGDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.38%

21.22%

-13.84%

Volatility (6M)

Calculated over the trailing 6-month period

12.49%

42.61%

-30.12%

Volatility (1Y)

Calculated over the trailing 1-year period

17.68%

58.74%

-41.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.20%

94.43%

-67.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.32%

82.10%

-56.78%

KBA vs. YANG - Expense Ratio Comparison

KBA has a 0.60% expense ratio, which is lower than YANG's 1.07% expense ratio.

Dividends

KBA vs. YANG - Dividend Comparison

KBA's dividend yield for the trailing twelve months is around 1.40%, less than YANG's 3.43% yield.

PositionTTM20252024202320222021202020192018201720162015
KBA
KraneShares Bosera MSCI China A Share ETF		1.40%1.56%2.18%2.34%49.05%9.07%0.65%1.53%3.77%1.46%6.62%29.08%
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

KBA and YANG have a correlation of -0.63, 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 KBA (7.38%). In terms of maximum drawdown, KBA dropped -53.24% vs YANG's -99.98%.

On 10-year performance, KBA leads with 10.02% vs -38.45% for YANG. On fees, KBA is cheaper at 0.60% per year. On volatility, KBA has been the lower-risk option at 7.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, KBA has performed better with a 10.02% return vs -38.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KBA is cheaper with a 0.60% expense ratio, compared with 1.07% for YANG.

YANG has the higher dividend yield at 3.43%, compared with 1.40% for KBA.

KBA is categorized as China Equities, while YANG is Leveraged Equities. KBA tracks MSCI China A Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: CICC and Direxion. Their fees differ too: 0.60% for KBA and 1.07% for YANG.

KBA currently has the higher Sharpe Ratio (2.62 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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