KURE vs. YANG
KURE (KraneShares MSCI All China Health Care Index ETF) and YANG (Direxion Daily China 3x Bear Shares) are both China Equities funds - KURE tracks the MSCI China All Shares Health Care 10/40 Index while YANG tracks the FTSE China 50 Index (-300%). Both are passively managed. Over the past 5 years, KURE returned -12.93%/yr vs -34.43%/yr for YANG. At a correlation of -0.62, they often move in opposite directions. KURE charges 0.65%/yr vs 1.07%/yr for YANG.
Performance
KURE vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, KURE achieves a 4.58% return, which is significantly lower than YANG's 25.47% return.
KURE
- 1D
- -0.49%
- 1M
- 19.80%
- 6M
- -6.46%
- YTD
- 4.58%
- 1Y
- 2.10%
- 3Y*
- 1.22%
- 5Y*
- -12.93%
- 10Y*
- —
YANG
- 1D
- -2.17%
- 1M
- -0.55%
- 6M
- 45.29%
- YTD
- 25.47%
- 1Y
- 11.02%
- 3Y*
- -43.66%
- 5Y*
- -34.43%
- 10Y*
- -36.84%
KURE vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
KURE KraneShares MSCI All China Health Care Index ETF | 4.58% | 24.87% | -17.83% | -17.70% | -25.43% | -16.01% | 68.97% | 34.30% | -30.01% |
YANG Direxion Daily China 3x Bear Shares | 25.47% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 72.03% |
Correlation
The correlation between KURE and YANG is -0.53, 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 | -0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2018 | -0.62 |
The correlation between KURE and YANG has been stable across timeframes, ranging from -0.63 to -0.53 - a consistent structural relationship.
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Return for Risk
KURE vs. YANG — Risk / Return Rank
KURE
YANG
KURE vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI All China Health Care Index ETF (KURE) 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.
| KURE | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.08 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.07 | 0.35 | -0.28 |
| Martin ratioReturn relative to average drawdown | 0.13 | 0.61 | -0.47 |
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Drawdowns
KURE vs. YANG - Drawdown Comparison
The maximum KURE drawdown since its inception was -68.53%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for KURE and YANG.
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Drawdown Indicators
| KURE | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.53% | -99.98% | +31.45% |
Max Drawdown (1Y)Largest decline over 1 year | -30.88% | -31.88% | +1.00% |
Max Drawdown (3Y)Largest decline over 3 years | -34.05% | -94.02% | +59.97% |
Max Drawdown (5Y)Largest decline over 5 years | -66.18% | -97.38% | +31.20% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.38% | — |
Current DrawdownCurrent decline from peak | -54.46% | -99.97% | +45.51% |
Average DrawdownAverage peak-to-trough decline | -38.35% | -90.56% | +52.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.66% | 18.13% | -2.47% |
Volatility
KURE vs. YANG - Volatility Comparison
The current volatility for KraneShares MSCI All China Health Care Index ETF (KURE) is 10.98%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 19.01%. This indicates that KURE 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
| KURE | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.98% | 19.01% | -8.03% |
Volatility (6M)Calculated over the trailing 6-month period | 20.06% | 42.31% | -22.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.98% | 59.33% | -31.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.94% | 94.43% | -62.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.43% | 81.86% | -49.43% |
KURE vs. YANG - Expense Ratio Comparison
KURE has a 0.65% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
KURE vs. YANG - Dividend Comparison
KURE's dividend yield for the trailing twelve months is around 4.01%, more than YANG's 2.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KURE KraneShares MSCI All China Health Care Index ETF | 4.01% | 4.19% | 1.29% | 0.65% | 0.05% | 14.12% | 0.00% | 0.25% | 0.21% |
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
KURE and YANG have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (19.01%) compared to KURE (10.98%). In terms of maximum drawdown, KURE dropped -68.53% vs YANG's -99.98%.
On 5-year performance, KURE leads with -12.93% vs -34.43% for YANG. On fees, KURE is cheaper at 0.65% per year. On volatility, KURE has been the lower-risk option at 10.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KURE has performed better with a -12.93% return vs -34.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KURE is cheaper with a 0.65% expense ratio, compared with 1.07% for YANG.
KURE has the higher dividend yield at 4.01%, compared with 2.94% for YANG.
KURE tracks MSCI China All Shares Health Care 10/40 Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: CICC and Direxion. Their fees differ too: 0.65% for KURE and 1.07% for YANG.
YANG currently has the higher Sharpe Ratio (0.19 vs 0.08), 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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