KBA vs. YANG
KBA (KraneShares Bosera MSCI China A Share ETF) and YANG (Direxion Daily China 3x Bear Shares) are both China Equities funds - KBA tracks the MSCI China A Index while YANG tracks the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, KBA returned 9.13%/yr vs -36.40%/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
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Returns By Period
In the year-to-date period, KBA achieves a 6.54% return, which is significantly lower than YANG's 38.12% return. Over the past 10 years, KBA has outperformed YANG with an annualized return of 9.13%, while YANG has yielded a comparatively lower -36.40% annualized return.
KBA
- 1D
- -1.26%
- 1M
- -2.80%
- 6M
- 3.29%
- YTD
- 6.54%
- 1Y
- 34.92%
- 3Y*
- 13.52%
- 5Y*
- 5.89%
- 10Y*
- 9.13%
YANG
- 1D
- 0.26%
- 1M
- 13.86%
- 6M
- 67.18%
- YTD
- 38.12%
- 1Y
- 12.80%
- 3Y*
- -41.50%
- 5Y*
- -33.31%
- 10Y*
- -36.40%
KBA vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBA KraneShares Bosera MSCI China A Share ETF | 6.54% | 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 | 38.12% | -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 -0.61, 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 | -0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2014 | -0.70 |
The correlation between KBA and YANG shifts across timeframes, from -0.73 (10 years) to -0.61 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
KBA vs. YANG — Risk / Return Rank
KBA
YANG
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.
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.
| KBA | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.09 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 4.58 | 0.40 | +4.18 |
| Martin ratioReturn relative to average drawdown | 10.82 | 0.71 | +10.11 |
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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
| KBA | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.24% | -99.98% | +46.74% |
Max Drawdown (1Y)Largest decline over 1 year | -7.65% | -31.88% | +24.23% |
Max Drawdown (3Y)Largest decline over 3 years | -31.23% | -94.02% | +62.79% |
Max Drawdown (5Y)Largest decline over 5 years | -39.76% | -97.38% | +57.62% |
Max Drawdown (10Y)Largest decline over 10 years | -45.32% | -99.38% | +54.06% |
Current DrawdownCurrent decline from peak | -7.01% | -99.97% | +92.96% |
Average DrawdownAverage peak-to-trough decline | -25.62% | -90.56% | +64.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.23% | 19.64% | -16.41% |
Volatility
KBA vs. YANG - Volatility Comparison
The current volatility for KraneShares Bosera MSCI China A Share ETF (KBA) is 9.07%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 18.33%. 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
| KBA | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 18.33% | -9.26% |
Volatility (6M)Calculated over the trailing 6-month period | 15.47% | 43.20% | -27.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.01% | 59.54% | -39.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.44% | 94.41% | -66.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.44% | 81.87% | -56.43% |
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 1.47%, less than YANG's 2.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBA KraneShares Bosera MSCI China A Share ETF | 1.47% | 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 | 2.67% | 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 -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (18.33%) compared to KBA (9.07%). In terms of maximum drawdown, KBA dropped -53.24% vs YANG's -99.98%.
On 10-year performance, KBA leads with 9.13% vs -36.40% for YANG. On fees, KBA is cheaper at 0.60% per year. On volatility, KBA has been the lower-risk option at 9.07%. 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 9.13% return vs -36.40%. 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 2.67%, compared with 1.47% for KBA.
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 (1.76 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.
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