KSTR vs. YANG
KSTR (KraneShares SSE STAR Market 50 Index ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - KSTR is a China Equities fund tracking the SSE Science and Technology Innovation Board 50 Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 5 years, KSTR returned -0.21%/yr vs -33.76%/yr for YANG. At a correlation of -0.48, they often move in opposite directions. KSTR charges 0.89%/yr vs 1.07%/yr for YANG.
Performance
KSTR vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, KSTR achieves a 32.94% return, which is significantly higher than YANG's 18.42% return.
KSTR
- 1D
- 1.39%
- 1M
- 7.01%
- YTD
- 32.94%
- 6M
- 38.23%
- 1Y
- 83.76%
- 3Y*
- 16.36%
- 5Y*
- -0.21%
- 10Y*
- —
YANG
- 1D
- 6.57%
- 1M
- 6.76%
- YTD
- 18.42%
- 6M
- 23.43%
- 1Y
- -12.94%
- 3Y*
- -47.01%
- 5Y*
- -33.76%
- 10Y*
- -38.75%
KSTR vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
KSTR KraneShares SSE STAR Market 50 Index ETF | 32.94% | 42.82% | 6.12% | -17.93% | -38.51% | -1.70% |
YANG Direxion Daily China 3x Bear Shares | 18.42% | -62.77% | -71.41% | 11.95% | -41.34% | 69.20% |
Correlation
The correlation between KSTR and YANG is -0.50, 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 | -0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.48 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2021 | -0.48 |
The correlation between KSTR and YANG has been stable across timeframes, ranging from -0.52 to -0.47 - a consistent structural relationship.
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Return for Risk
KSTR vs. YANG — Risk / Return Rank
KSTR
YANG
KSTR vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares SSE STAR Market 50 Index ETF (KSTR) 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.
| KSTR | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.59 | ||
| Sortino ratioReturn per unit of downside risk | +2.94 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.01 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 4.76 | -0.33 | +5.09 |
| Martin ratioReturn relative to average drawdown | 12.06 | -0.53 | +12.59 |
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
| KSTR | YANG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | -0.22 | +2.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | -0.36 | +0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.47 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | -0.49 | +0.49 |
Drawdowns
KSTR vs. YANG - Drawdown Comparison
The maximum KSTR drawdown since its inception was -66.46%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for KSTR and YANG.
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Drawdown Indicators
| KSTR | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.46% | -99.98% | +33.52% |
Max Drawdown (1Y)Largest decline over 1 year | -17.70% | -38.85% | +21.15% |
Max Drawdown (3Y)Largest decline over 3 years | -41.55% | -94.02% | +52.47% |
Max Drawdown (5Y)Largest decline over 5 years | -66.46% | -97.38% | +30.92% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.53% | — |
Current DrawdownCurrent decline from peak | -10.98% | -99.97% | +88.99% |
Average DrawdownAverage peak-to-trough decline | -38.77% | -90.52% | +51.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.97% | 26.12% | -19.15% |
Volatility
KSTR vs. YANG - Volatility Comparison
The current volatility for KraneShares SSE STAR Market 50 Index ETF (KSTR) is 15.14%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. This indicates that KSTR 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
| KSTR | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.14% | 21.22% | -6.08% |
Volatility (6M)Calculated over the trailing 6-month period | 26.21% | 42.63% | -16.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.48% | 58.83% | -23.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.31% | 94.44% | -56.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.68% | 82.12% | -44.44% |
KSTR vs. YANG - Expense Ratio Comparison
KSTR has a 0.89% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
KSTR vs. YANG - Dividend Comparison
KSTR has not paid dividends to shareholders, while YANG's dividend yield for the trailing twelve months is around 3.45%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KSTR KraneShares SSE STAR Market 50 Index ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
YANG Direxion Daily China 3x Bear Shares | 3.45% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% |
Frequently Asked Questions
KSTR and YANG have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (21.22%) compared to KSTR (15.14%). In terms of maximum drawdown, KSTR dropped -66.46% vs YANG's -99.98%.
On 5-year performance, KSTR leads with -0.21% vs -33.76% for YANG. On fees, KSTR is cheaper at 0.89% per year. On volatility, KSTR has been the lower-risk option at 15.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KSTR has performed better with a -0.21% return vs -33.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KSTR is cheaper with a 0.89% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 3.45%, compared with 0.00% for KSTR.
KSTR is categorized as China Equities, while YANG is Leveraged Equities. KSTR tracks SSE Science and Technology Innovation Board 50 Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: KraneShares and Direxion. Their fees differ too: 0.89% for KSTR and 1.07% for YANG.
KSTR currently has the higher Sharpe Ratio (2.37 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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