KURE vs. YANG
KURE (KraneShares MSCI All China Health Care Index ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - KURE is a China Equities fund tracking the MSCI China All Shares Health Care 10/40 Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 5 years, KURE returned -16.32%/yr vs -33.67%/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 -10.62% return, which is significantly lower than YANG's 19.18% return.
KURE
- 1D
- 0.07%
- 1M
- -12.32%
- YTD
- -10.62%
- 6M
- -16.24%
- 1Y
- -7.27%
- 3Y*
- -6.01%
- 5Y*
- -16.32%
- 10Y*
- —
YANG
- 1D
- 0.64%
- 1M
- 6.83%
- YTD
- 19.18%
- 6M
- 25.26%
- 1Y
- -7.77%
- 3Y*
- -47.00%
- 5Y*
- -33.67%
- 10Y*
- -38.45%
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 | -10.62% | 24.87% | -17.83% | -17.70% | -25.43% | -16.01% | 68.97% | 34.30% | -30.07% |
YANG Direxion Daily China 3x Bear Shares | 19.18% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 65.66% |
Correlation
The correlation between KURE and YANG is -0.52, 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 | -0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2018 | -0.62 |
The correlation between KURE and YANG shifts across timeframes, from -0.63 (5 years) to -0.52 (1 year), reflecting how their relationship changes across market environments.
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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.
| KURE | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.03 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.27 | -0.20 | -0.06 |
| Martin ratioReturn relative to average drawdown | -0.55 | -0.32 | -0.23 |
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
| KURE | YANG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.28 | -0.13 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | -0.36 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.47 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.11 | -0.49 | +0.38 |
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 | -27.53% | -38.85% | +11.32% |
Max Drawdown (3Y)Largest decline over 3 years | -34.05% | -94.02% | +59.97% |
Max Drawdown (5Y)Largest decline over 5 years | -67.94% | -97.38% | +29.44% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.53% | — |
Current DrawdownCurrent decline from peak | -61.08% | -99.97% | +38.89% |
Average DrawdownAverage peak-to-trough decline | -38.08% | -90.52% | +52.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.24% | 24.39% | -11.15% |
Volatility
KURE vs. YANG - Volatility Comparison
The current volatility for KraneShares MSCI All China Health Care Index ETF (KURE) is 7.22%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. 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 | 7.22% | 21.22% | -14.00% |
Volatility (6M)Calculated over the trailing 6-month period | 17.62% | 42.61% | -24.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.44% | 58.74% | -32.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.85% | 94.43% | -62.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.38% | 82.10% | -49.72% |
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 4.69%, more than YANG's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KURE KraneShares MSCI All China Health Care Index ETF | 4.69% | 4.19% | 1.29% | 0.65% | 0.05% | 14.12% | 0.00% | 0.25% | 0.21% |
YANG Direxion Daily China 3x Bear Shares | 3.43% | 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 -0.52, 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 KURE (7.22%). In terms of maximum drawdown, KURE dropped -68.53% vs YANG's -99.98%.
On 5-year performance, KURE leads with -16.32% vs -33.67% for YANG. On fees, KURE is cheaper at 0.65% per year. On volatility, KURE has been the lower-risk option at 7.22%. 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 -16.32% return vs -33.67%. 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 4.69%, compared with 3.43% for YANG.
KURE is categorized as China Equities, while YANG is Leveraged Equities. 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 (-0.13 vs -0.28), 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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