KWEB vs. YANG
KWEB (KraneShares CSI China Internet ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - KWEB is a China Equities fund tracking the CSI Overseas China Internet Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, KWEB returned -0.63%/yr vs -37.21%/yr for YANG. At a correlation of -0.81, they often move in opposite directions. KWEB charges 0.70%/yr vs 1.07%/yr for YANG.
Performance
KWEB vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, KWEB achieves a -30.60% return, which is significantly lower than YANG's 62.59% return. Over the past 10 years, KWEB has outperformed YANG with an annualized return of -0.63%, while YANG has yielded a comparatively lower -37.21% annualized return.
KWEB
- 1D
- -2.76%
- 1M
- -13.32%
- YTD
- -30.60%
- 6M
- -31.53%
- 1Y
- -27.19%
- 3Y*
- -0.64%
- 5Y*
- -16.73%
- 10Y*
- -0.63%
YANG
- 1D
- 6.41%
- 1M
- 38.66%
- YTD
- 62.59%
- 6M
- 66.09%
- 1Y
- 39.58%
- 3Y*
- -41.30%
- 5Y*
- -28.83%
- 10Y*
- -37.21%
KWEB vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KWEB KraneShares CSI China Internet ETF | -30.60% | 23.55% | 12.01% | -9.06% | -17.24% | -49.01% | 58.23% | 29.92% | -33.80% | 69.73% |
YANG Direxion Daily China 3x Bear Shares | 62.59% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
Correlation
The correlation between KWEB and YANG is -0.90, 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 | -0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.86 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2013 | -0.81 |
The correlation between KWEB and YANG shifts across timeframes, from -0.93 (5 years) to -0.81 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KWEB vs. YANG — Risk / Return Rank
KWEB
YANG
KWEB vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB) 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.
| KWEB | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -2.71 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.16 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 1.13 | -1.78 |
| Martin ratioReturn relative to average drawdown | -1.43 | 1.90 | -3.33 |
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Drawdowns
KWEB vs. YANG - Drawdown Comparison
The maximum KWEB drawdown since its inception was -80.92%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for KWEB and YANG.
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Drawdown Indicators
| KWEB | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.92% | -99.98% | +19.06% |
Max Drawdown (1Y)Largest decline over 1 year | -41.62% | -35.33% | -6.29% |
Max Drawdown (3Y)Largest decline over 3 years | -41.62% | -94.02% | +52.40% |
Max Drawdown (5Y)Largest decline over 5 years | -72.17% | -97.38% | +25.21% |
Max Drawdown (10Y)Largest decline over 10 years | -80.92% | -99.49% | +18.57% |
Current DrawdownCurrent decline from peak | -72.67% | -99.96% | +27.29% |
Average DrawdownAverage peak-to-trough decline | -35.39% | -90.53% | +55.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.04% | 20.85% | -1.81% |
Volatility
KWEB vs. YANG - Volatility Comparison
The current volatility for KraneShares CSI China Internet ETF (KWEB) is 8.14%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 18.40%. This indicates that KWEB 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
| KWEB | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.14% | 18.40% | -10.26% |
Volatility (6M)Calculated over the trailing 6-month period | 20.56% | 43.95% | -23.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.10% | 58.77% | -31.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.70% | 94.57% | -46.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.00% | 81.92% | -41.92% |
KWEB vs. YANG - Expense Ratio Comparison
KWEB has a 0.70% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
KWEB vs. YANG - Dividend Comparison
KWEB's dividend yield for the trailing twelve months is around 8.87%, more than YANG's 2.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KWEB KraneShares CSI China Internet ETF | 8.87% | 6.16% | 3.51% | 1.71% | 0.00% | 7.07% | 0.29% | 0.08% | 3.40% | 0.58% | 1.19% | 0.46% |
YANG Direxion Daily China 3x Bear Shares | 2.27% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KWEB and YANG have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (18.40%) compared to KWEB (8.14%). In terms of maximum drawdown, KWEB dropped -80.92% vs YANG's -99.98%.
On 10-year performance, KWEB leads with -0.63% vs -37.21% for YANG. On fees, KWEB is cheaper at 0.70% per year. On volatility, KWEB has been the lower-risk option at 8.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KWEB has performed better with a -0.63% return vs -37.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KWEB is cheaper with a 0.70% expense ratio, compared with 1.07% for YANG.
KWEB has the higher dividend yield at 8.87%, compared with 2.27% for YANG.
KWEB is categorized as China Equities, while YANG is Leveraged Equities. KWEB tracks CSI Overseas China Internet Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: KraneShares and Direxion. Their fees differ too: 0.70% for KWEB and 1.07% for YANG.
YANG currently has the higher Sharpe Ratio (0.68 vs -1.01), 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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