KSTR vs. YANG
KSTR (KraneShares SSE STAR Market 50 Index ETF) and YANG (Direxion Daily China 3x Bear Shares) are both China Equities funds - KSTR tracks the SSE Science and Technology Innovation Board 50 Index while YANG tracks the FTSE China 50 Index (-300%). Both are passively managed. Over the past 5 years, KSTR returned -2.88%/yr vs -39.47%/yr for YANG. Their -0.46 correlation means they have often moved in opposite directions in the past. 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 26.49% return, which is significantly higher than YANG's 5.40% return.
KSTR
- 1D
- -1.30%
- 1M
- -16.50%
- 6M
- 12.10%
- YTD
- 26.49%
- 1Y
- 66.48%
- 3Y*
- 18.43%
- 5Y*
- -2.88%
- 10Y*
- —
- ALL TIME*
- -0.96%
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) |
|---|---|---|---|
| $27.29M | $25.28M | $18.73M | |
| $20.61M | $22.59M | $28.35M |
KSTR vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
KSTR KraneShares SSE STAR Market 50 Index ETF | 26.49% | 42.82% | 6.12% | -17.93% | -38.51% | -2.01% |
YANG Direxion Daily China 3x Bear Shares | 5.40% | -62.77% | -71.41% | 11.95% | -41.34% | 86.99% |
Correlation
The correlation between KSTR and YANG is -0.39, 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. | -0.39 |
Correlation (3Y) Balances recent behavior with more history. | -0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.46 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | -0.46 |
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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.
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.
| KSTR | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.59 | ||
| Sortino ratioReturn per unit of downside risk | +1.85 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.03 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | -0.20 | +2.58 |
| Martin ratioReturn relative to average drawdown | 7.25 | -0.37 | +7.62 |
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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 | -27.23% | -35.83% | +8.60% |
Max Drawdown (3Y)Largest decline over 3 years | -41.55% | -94.02% | +52.47% |
Max Drawdown (5Y)Largest decline over 5 years | -65.99% | -97.38% | +31.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.35% | — |
Current DrawdownCurrent decline from peak | -27.23% | -99.98% | +72.75% |
Average DrawdownAverage peak-to-trough decline | -37.98% | -90.59% | +52.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.93% | 19.03% | -10.10% |
Volatility
KSTR vs. YANG - Volatility Comparison
KraneShares SSE STAR Market 50 Index ETF (KSTR) has a higher volatility of 21.43% compared to Direxion Daily China 3x Bear Shares (YANG) at 15.88%. This indicates that KSTR's price experiences larger fluctuations and is considered to be riskier 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 | 21.43% | 15.88% | +5.55% |
Volatility (6M)Calculated over the trailing 6-month period | 36.10% | 43.30% | -7.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.94% | 60.16% | -16.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.83% | 93.73% | -53.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.86% | 81.91% | -43.05% |
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 3.50%.
| 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 | 3.50% | 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 -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KSTR has higher volatility (21.43%) compared to YANG (15.88%). In terms of maximum drawdown, KSTR dropped -66.46% vs YANG's -99.98%.
On 5-year performance, KSTR leads with -2.88% vs -39.47% for YANG. On fees, KSTR is cheaper at 0.89% per year. On volatility, YANG has been the lower-risk option at 15.88%. 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 -2.88% return vs -39.47%. 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 3.50%, compared with 0.00% for KSTR.
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 (1.48 vs -0.12), 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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