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KWEB vs. YANG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KWEB vs. YANG

Last updated Jun 5, 2026

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 -0.18%/yr vs -38.45%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares CSI China Internet ETF (KWEB) and Direxion Daily China 3x Bear Shares (YANG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KWEB achieves a -20.32% return, which is significantly lower than YANG's 19.18% return. Over the past 10 years, KWEB has outperformed YANG with an annualized return of -0.18%, while YANG has yielded a comparatively lower -38.45% annualized return.

KWEB

1D
-0.33%
1M
-4.91%
YTD
-20.32%
6M
-22.46%
1Y
-15.17%
3Y*
4.22%
5Y*
-14.33%
10Y*
-0.18%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KWEB vs. YANG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KWEB
KraneShares CSI China Internet ETF		-20.32%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		19.18%-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 2, 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.

Compare stocks, funds, or ETFs

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KraneShares CSI China Internet ETF

Direxion Daily China 3x Bear Shares

Often compared with KWEB:
KWEB vs. CQQQKWEB vs. FXIKWEB vs. MCHIKWEB vs. KTECKWEB vs. CWEBKWEB vs. KLIPKWEB vs. YINN
Often compared with YANG:
YANG vs. YINNYANG vs. CWEBYANG vs. FXPYANG vs. GLLYANG vs. TYOYANG vs. KLIPYANG vs. EDZ

Return for Risk

KWEB vs. YANG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KWEB
KWEB Risk / Return Rank: 55
Overall Rank
KWEB Sharpe Ratio Rank: 44
Sharpe Ratio Rank
KWEB Sortino Ratio Rank: 44
Sortino Ratio Rank
KWEB Omega Ratio Rank: 44
Omega Ratio Rank
KWEB Calmar Ratio Rank: 55
Calmar Ratio Rank
KWEB Martin Ratio Rank: 55
Martin Ratio Rank
YANG
YANG Risk / Return Rank: 99
Overall Rank
YANG Sharpe Ratio Rank: 88
Sharpe Ratio Rank
YANG Sortino Ratio Rank: 1010
Sortino Ratio Rank
YANG Omega Ratio Rank: 1010
Omega Ratio Rank
YANG Calmar Ratio Rank: 77
Calmar Ratio Rank
YANG Martin Ratio Rank: 88
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

KWEBYANGDifference
Sharpe ratioReturn per unit of total volatility
-0.56
-0.13

-0.43

Sortino ratioReturn per unit of downside risk
-0.67
0.22

-0.89

Omega ratioGain probability vs. loss probability

0.92

1.03

-0.10

Calmar ratioReturn relative to maximum drawdown

-0.45

-0.20

-0.25

Martin ratioReturn relative to average drawdown

-0.90

-0.32

-0.58

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KWEB vs. YANG - Sharpe Ratio Comparison

The current KWEB Sharpe Ratio is -0.56, which is lower than the YANG Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of KWEB and YANG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

KWEBYANGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.56

-0.13

-0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.30

-0.36

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.00

-0.47

+0.46

Sharpe Ratio (All Time)

Calculated using the full available price history

0.06

-0.49

+0.55

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

KWEBYANGDifference

Max Drawdown

Largest peak-to-trough decline

-80.92%

-99.98%

+19.06%

Max Drawdown (1Y)

Largest decline over 1 year

-34.13%

-38.85%

+4.72%

Max Drawdown (3Y)

Largest decline over 3 years

-34.13%

-94.02%

+59.89%

Max Drawdown (5Y)

Largest decline over 5 years

-72.17%

-97.38%

+25.21%

Max Drawdown (10Y)

Largest decline over 10 years

-80.92%

-99.53%

+18.61%

Current Drawdown

Current decline from peak

-68.62%

-99.97%

+31.35%

Average Drawdown

Average peak-to-trough decline

-35.25%

-90.52%

+55.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

16.97%

24.39%

-7.42%

Volatility

KWEB vs. YANG - Volatility Comparison

The current volatility for KraneShares CSI China Internet ETF (KWEB) is 11.53%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. 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

KWEBYANGDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.53%

21.22%

-9.69%

Volatility (6M)

Calculated over the trailing 6-month period

20.09%

42.61%

-22.52%

Volatility (1Y)

Calculated over the trailing 1-year period

27.25%

58.74%

-31.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

47.67%

94.43%

-46.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

39.98%

82.10%

-42.12%

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 7.73%, more than YANG's 3.43% yield.

PositionTTM20252024202320222021202020192018201720162015
KWEB
KraneShares CSI China Internet ETF		7.73%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		3.43%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 (21.22%) compared to KWEB (11.53%). In terms of maximum drawdown, KWEB dropped -80.92% vs YANG's -99.98%.

On 10-year performance, KWEB leads with -0.18% vs -38.45% for YANG. On fees, KWEB is cheaper at 0.70% per year. On volatility, KWEB has been the lower-risk option at 11.53%. 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 -0.18% return vs -38.45%. 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 7.73%, compared with 3.43% 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 (-0.13 vs -0.56), 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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