KLIP vs. YANG
KLIP (KraneShares China Internet and Covered Call Strategy ETF) and YANG (Direxion Daily China 3x Bear Shares) are both China Equities funds. KLIP is actively managed, while YANG is passively managed. Over the past 3 years, KLIP returned 6.19%/yr vs -43.40%/yr for YANG. Their -0.85 correlation means they have often moved in opposite directions in the past. 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 -7.10% return, which is significantly lower than YANG's 5.40% return.
KLIP
- 1D
- 0.31%
- 1M
- 6.50%
- 6M
- -11.47%
- YTD
- -7.10%
- 1Y
- -3.45%
- 3Y*
- 6.19%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.43%
YANG
- 1D
- -0.08%
- 1M
- -34.03%
- 6M
- 19.25%
- YTD
- 5.40%
- 1Y
- -11.44%
- 3Y*
- -43.40%
- 5Y*
- -39.47%
- 10Y*
- -38.18%
- ALL TIME*
- -38.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $623.83K | $609.30K | $993.79K | |
| $20.61M | $22.59M | $28.35M |
KLIP vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
KLIP KraneShares China Internet and Covered Call Strategy ETF | -7.10% | 16.92% | 3.37% | 11.11% |
YANG Direxion Daily China 3x Bear Shares | 5.40% | -62.77% | -71.41% | 65.56% |
Correlation
The correlation between KLIP and YANG is -0.82, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.82 |
Correlation (3Y) Balances recent behavior with more history. | -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 -0.82 - 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 | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.03 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | -0.20 | 0.00 |
| Martin ratioReturn relative to average drawdown | -0.46 | -0.37 | -0.09 |
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Drawdowns
KLIP vs. YANG - Drawdown Comparison
The maximum KLIP drawdown since its inception was -21.48%, 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 | -21.48% | -99.98% | +78.50% |
Max Drawdown (1Y)Largest decline over 1 year | -21.48% | -35.83% | +14.35% |
Max Drawdown (3Y)Largest decline over 3 years | -21.48% | -94.02% | +72.54% |
Max Drawdown (5Y)Largest decline over 5 years | — | -97.38% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.35% | — |
Current DrawdownCurrent decline from peak | -12.44% | -99.98% | +87.54% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -90.59% | +86.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.19% | 19.03% | -9.84% |
Volatility
KLIP vs. YANG - Volatility Comparison
The current volatility for KraneShares China Internet and Covered Call Strategy ETF (KLIP) is 2.40%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 15.88%. 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 | 2.40% | 15.88% | -13.48% |
Volatility (6M)Calculated over the trailing 6-month period | 13.02% | 43.30% | -30.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.59% | 60.16% | -43.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.99% | 93.73% | -75.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.99% | 81.91% | -63.92% |
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 27.63%, more than YANG's 3.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KLIP KraneShares China Internet and Covered Call Strategy ETF | 27.63% | 25.14% | 54.26% | 61.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
YANG Direxion Daily China 3x Bear Shares | 3.50% | 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 -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (15.88%) compared to KLIP (2.40%). In terms of maximum drawdown, KLIP dropped -21.48% vs YANG's -99.98%.
On 3-year performance, KLIP leads with 6.19% vs -43.40% for YANG. On fees, KLIP is cheaper at 0.95% per year. On volatility, KLIP has been the lower-risk option at 2.40%. 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 6.19% return vs -43.40%. 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 27.63%, compared with 3.50% for YANG.
They also come from different issuers: KraneShares and Direxion. Their fees differ too: 0.95% for KLIP and 1.07% for YANG.
YANG currently has the higher Sharpe Ratio (-0.12 vs -0.26), 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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