KGRN vs. YANG
KGRN (KraneShares MSCI China Clean Technology Index ETF) and YANG (Direxion Daily China 3x Bear Shares) are both China Equities funds - KGRN tracks the MSCI China IMI Environment 10/40 Index while YANG tracks the FTSE China 50 Index (-300%). Both are passively managed. Over the past 5 years, KGRN returned -12.00%/yr vs -33.31%/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
Loading charts...
Returns By Period
In the year-to-date period, KGRN achieves a -14.41% return, which is significantly lower than YANG's 38.12% return.
KGRN
- 1D
- -1.95%
- 1M
- -9.42%
- 6M
- -18.98%
- YTD
- -14.41%
- 1Y
- -13.47%
- 3Y*
- -5.13%
- 5Y*
- -12.00%
- 10Y*
- —
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%
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 | -14.41% | 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 | 38.12% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -10.42% |
Correlation
The correlation between KGRN and YANG is -0.74, 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 | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2017 | -0.69 |
The correlation between KGRN and YANG has been stable across timeframes, ranging from -0.76 to -0.69 - 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
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.
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.
| KGRN | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.09 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 0.40 | -0.88 |
| Martin ratioReturn relative to average drawdown | -1.06 | 0.71 | -1.77 |
Loading charts...
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.
Loading charts...
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 | -28.36% | -31.88% | +3.52% |
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 | — | -99.38% | — |
Current DrawdownCurrent decline from peak | -55.18% | -99.97% | +44.79% |
Average DrawdownAverage peak-to-trough decline | -34.15% | -90.56% | +56.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.76% | 19.64% | -6.88% |
Volatility
KGRN vs. YANG - Volatility Comparison
The current volatility for KraneShares MSCI China Clean Technology Index ETF (KGRN) is 5.59%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 18.33%. 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.
Loading charts...
Volatility by Period
| KGRN | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.59% | 18.33% | -12.74% |
Volatility (6M)Calculated over the trailing 6-month period | 15.57% | 43.20% | -27.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.68% | 59.54% | -35.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.64% | 94.41% | -59.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.76% | 81.87% | -49.11% |
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 1.00%, less than YANG's 2.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KGRN KraneShares MSCI China Clean Technology Index ETF | 1.00% | 0.85% | 1.49% | 0.74% | 1.98% | 0.41% | 0.01% | 5.88% | 2.04% |
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% |
Frequently Asked Questions
KGRN and YANG have a correlation of -0.74, 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 KGRN (5.59%). In terms of maximum drawdown, KGRN dropped -66.24% vs YANG's -99.98%.
On 5-year performance, KGRN leads with -12.00% vs -33.31% for YANG. On fees, KGRN is cheaper at 0.79% per year. On volatility, KGRN has been the lower-risk option at 5.59%. 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 -12.00% return vs -33.31%. 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 2.67%, compared with 1.00% for KGRN.
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 (0.22 vs -0.57), 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 KGRN 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