KGRN vs. YANG
KGRN (KraneShares MSCI China Clean Technology Index ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - KGRN is a China Equities fund tracking the MSCI China IMI Environment 10/40 Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 5 years, KGRN returned -8.63%/yr vs -32.88%/yr for YANG. At a correlation of -0.69, they often move in opposite directions. KGRN charges 0.79%/yr vs 1.07%/yr for YANG.
Performance
KGRN vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, KGRN achieves a -4.17% return, which is significantly lower than YANG's 26.48% return.
KGRN
- 1D
- -4.20%
- 1M
- -10.66%
- YTD
- -4.17%
- 6M
- -7.54%
- 1Y
- 0.03%
- 3Y*
- 0.94%
- 5Y*
- -8.63%
- 10Y*
- —
YANG
- 1D
- 6.13%
- 1M
- 23.26%
- YTD
- 26.48%
- 6M
- 38.96%
- 1Y
- 0.16%
- 3Y*
- -44.64%
- 5Y*
- -32.88%
- 10Y*
- -37.87%
KGRN vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KGRN KraneShares MSCI China Clean Technology Index ETF | -4.17% | 21.45% | -1.11% | -14.75% | -40.45% | 5.91% | 138.49% | 12.12% | -29.32% | -0.37% |
YANG Direxion Daily China 3x Bear Shares | 26.48% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -8.20% |
Correlation
The correlation between KGRN and YANG is -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2017 | -0.69 |
The correlation between KGRN and YANG has been stable across timeframes, ranging from -0.77 to -0.69 - a consistent structural relationship.
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Return for Risk
KGRN vs. YANG — Risk / Return Rank
KGRN
YANG
KGRN vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI China Clean Technology Index ETF (KGRN) 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.
| KGRN | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.05 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.00 | 0.00 | 0.00 |
| Martin ratioReturn relative to average drawdown | 0.00 | 0.01 | 0.00 |
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
| KGRN | YANG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.00 | 0.00 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.25 | -0.35 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.46 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | -0.49 | +0.54 |
Drawdowns
KGRN vs. YANG - Drawdown Comparison
The maximum KGRN drawdown since its inception was -66.24%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for KGRN and YANG.
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Drawdown Indicators
| KGRN | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.24% | -99.98% | +33.74% |
Max Drawdown (1Y)Largest decline over 1 year | -19.78% | -38.85% | +19.07% |
Max Drawdown (3Y)Largest decline over 3 years | -42.19% | -94.02% | +51.83% |
Max Drawdown (5Y)Largest decline over 5 years | -63.60% | -97.38% | +33.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.53% | — |
Current DrawdownCurrent decline from peak | -49.82% | -99.97% | +50.15% |
Average DrawdownAverage peak-to-trough decline | -33.96% | -90.52% | +56.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.21% | 24.38% | -14.17% |
Volatility
KGRN vs. YANG - Volatility Comparison
The current volatility for KraneShares MSCI China Clean Technology Index ETF (KGRN) is 8.29%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 19.86%. This indicates that KGRN 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
| KGRN | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.29% | 19.86% | -11.57% |
Volatility (6M)Calculated over the trailing 6-month period | 15.69% | 42.96% | -27.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.41% | 58.84% | -35.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.78% | 94.44% | -59.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.88% | 82.12% | -49.24% |
KGRN vs. YANG - Expense Ratio Comparison
KGRN has a 0.79% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
KGRN vs. YANG - Dividend Comparison
KGRN's dividend yield for the trailing twelve months is around 0.89%, less than YANG's 3.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KGRN KraneShares MSCI China Clean Technology Index ETF | 0.89% | 0.85% | 1.49% | 0.74% | 1.98% | 0.41% | 0.01% | 5.88% | 2.04% |
YANG Direxion Daily China 3x Bear Shares | 3.23% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% |
Frequently Asked Questions
KGRN and YANG have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (19.86%) compared to KGRN (8.29%). In terms of maximum drawdown, KGRN dropped -66.24% vs YANG's -99.98%.
On 5-year performance, KGRN leads with -8.63% vs -32.88% for YANG. On fees, KGRN is cheaper at 0.79% per year. On volatility, KGRN has been the lower-risk option at 8.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KGRN has performed better with a -8.63% return vs -32.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KGRN is cheaper with a 0.79% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 3.23%, compared with 0.89% for KGRN.
KGRN is categorized as China Equities, while YANG is Leveraged Equities. KGRN tracks MSCI China IMI Environment 10/40 Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: CICC and Direxion. Their fees differ too: 0.79% for KGRN and 1.07% for YANG.
YANG currently has the higher Sharpe Ratio (0.00 vs 0.00), 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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