KLIP vs. YANG
KLIP (KraneShares China Internet and Covered Call Strategy ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - KLIP is a Options Trading fund managed by CICC, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Over the past 3 years, KLIP returned 6.07%/yr vs -44.66%/yr for YANG. At a correlation of -0.85, they often move in opposite directions. KLIP charges 0.95%/yr vs 1.07%/yr for YANG.
Performance
KLIP vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, KLIP achieves a -12.64% return, which is significantly lower than YANG's 38.80% return.
KLIP
- 1D
- -0.80%
- 1M
- -3.96%
- YTD
- -12.64%
- 6M
- -14.80%
- 1Y
- -5.67%
- 3Y*
- 6.07%
- 5Y*
- —
- 10Y*
- —
YANG
- 1D
- -1.11%
- 1M
- 16.15%
- YTD
- 38.80%
- 6M
- 42.75%
- 1Y
- 4.69%
- 3Y*
- -44.66%
- 5Y*
- -32.29%
- 10Y*
- -38.13%
KLIP vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
KLIP KraneShares China Internet and Covered Call Strategy ETF | -12.64% | 16.92% | 3.37% | 11.11% |
YANG Direxion Daily China 3x Bear Shares | 38.80% | -62.77% | -71.41% | 65.56% |
Correlation
The correlation between KLIP and YANG is -0.81, 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 | -0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023 | -0.85 |
The correlation between KLIP and YANG has been stable across timeframes, ranging from -0.85 to -0.81 - a consistent structural relationship.
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Return for Risk
KLIP vs. YANG — Risk / Return Rank
KLIP
YANG
KLIP vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares China Internet and Covered Call Strategy ETF (KLIP) 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.
| KLIP | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.06 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 0.13 | -0.45 |
| Martin ratioReturn relative to average drawdown | -0.76 | 0.22 | -0.98 |
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Drawdowns
KLIP vs. YANG - Drawdown Comparison
The maximum KLIP drawdown since its inception was -18.61%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for KLIP and YANG.
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Drawdown Indicators
| KLIP | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -99.98% | +81.37% |
Max Drawdown (1Y)Largest decline over 1 year | -17.65% | -35.99% | +18.34% |
Max Drawdown (3Y)Largest decline over 3 years | -18.61% | -94.02% | +75.41% |
Max Drawdown (5Y)Largest decline over 5 years | — | -97.38% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.53% | — |
Current DrawdownCurrent decline from peak | -17.65% | -99.97% | +82.32% |
Average DrawdownAverage peak-to-trough decline | -3.95% | -90.52% | +86.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.49% | 24.39% | -16.90% |
Volatility
KLIP vs. YANG - Volatility Comparison
The current volatility for KraneShares China Internet and Covered Call Strategy ETF (KLIP) is 5.80%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 17.42%. This indicates that KLIP 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
| KLIP | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.80% | 17.42% | -11.62% |
Volatility (6M)Calculated over the trailing 6-month period | 13.09% | 43.29% | -30.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.12% | 58.95% | -42.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.10% | 94.54% | -76.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.10% | 82.10% | -64.00% |
KLIP vs. YANG - Expense Ratio Comparison
KLIP has a 0.95% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
KLIP vs. YANG - Dividend Comparison
KLIP's dividend yield for the trailing twelve months is around 29.68%, more than YANG's 2.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KLIP KraneShares China Internet and Covered Call Strategy ETF | 29.68% | 25.14% | 54.26% | 61.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
YANG Direxion Daily China 3x Bear Shares | 2.94% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% |
Frequently Asked Questions
KLIP and YANG have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (17.42%) compared to KLIP (5.80%). In terms of maximum drawdown, KLIP dropped -18.61% vs YANG's -99.98%.
On 3-year performance, KLIP leads with 6.07% vs -44.66% for YANG. On fees, KLIP is cheaper at 0.95% per year. On volatility, KLIP has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, KLIP has performed better with a 6.07% return vs -44.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KLIP is cheaper with a 0.95% expense ratio, compared with 1.07% for YANG.
KLIP has the higher dividend yield at 29.68%, compared with 2.94% for YANG.
KLIP is categorized as Options Trading, while YANG is Leveraged Equities. They also come from different issuers: CICC and Direxion. Their fees differ too: 0.95% for KLIP and 1.07% for YANG.
YANG currently has the higher Sharpe Ratio (0.08 vs -0.35), 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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