MCH vs. YANG
MCH (Matthews China Active ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - MCH is a China Equities fund actively managed by Matthews, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). MCH is actively managed, while YANG is passively managed. Over the past 3 years, MCH returned 13.41%/yr vs -47.00%/yr for YANG. At a correlation of -0.93, they often move in opposite directions. MCH charges 0.79%/yr vs 1.07%/yr for YANG.
Performance
MCH vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, MCH achieves a 4.00% return, which is significantly lower than YANG's 19.18% return.
MCH
- 1D
- 0.02%
- 1M
- 4.52%
- YTD
- 4.00%
- 6M
- 3.43%
- 1Y
- 25.25%
- 3Y*
- 13.41%
- 5Y*
- —
- 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%
MCH vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MCH Matthews China Active ETF | 4.00% | 30.20% | 17.32% | -19.91% | -3.12% |
YANG Direxion Daily China 3x Bear Shares | 19.18% | -62.77% | -71.41% | 11.95% | -13.34% |
Correlation
The correlation between MCH and YANG is -0.88, 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 | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.93 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2022 | -0.93 |
The correlation between MCH and YANG has been stable across timeframes, ranging from -0.93 to -0.88 - a consistent structural relationship.
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Return for Risk
MCH vs. YANG — Risk / Return Rank
MCH
YANG
MCH vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews China Active ETF (MCH) 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.
| MCH | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.03 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | -0.20 | +1.89 |
| Martin ratioReturn relative to average drawdown | 4.53 | -0.32 | +4.85 |
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
| MCH | YANG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | -0.13 | +1.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.36 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.47 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | -0.49 | +0.68 |
Drawdowns
MCH vs. YANG - Drawdown Comparison
The maximum MCH drawdown since its inception was -40.53%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for MCH and YANG.
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Drawdown Indicators
| MCH | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.53% | -99.98% | +59.45% |
Max Drawdown (1Y)Largest decline over 1 year | -15.05% | -38.85% | +23.80% |
Max Drawdown (3Y)Largest decline over 3 years | -30.57% | -94.02% | +63.45% |
Max Drawdown (5Y)Largest decline over 5 years | — | -97.38% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.53% | — |
Current DrawdownCurrent decline from peak | -3.39% | -99.97% | +96.58% |
Average DrawdownAverage peak-to-trough decline | -18.49% | -90.52% | +72.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.58% | 24.39% | -18.81% |
Volatility
MCH vs. YANG - Volatility Comparison
The current volatility for Matthews China Active ETF (MCH) is 6.72%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. This indicates that MCH 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
| MCH | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.72% | 21.22% | -14.50% |
Volatility (6M)Calculated over the trailing 6-month period | 14.44% | 42.61% | -28.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.18% | 58.74% | -38.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.51% | 94.43% | -64.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.51% | 82.10% | -52.59% |
MCH vs. YANG - Expense Ratio Comparison
MCH has a 0.79% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
MCH vs. YANG - Dividend Comparison
MCH's dividend yield for the trailing twelve months is around 1.69%, less than YANG's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MCH Matthews China Active ETF | 1.69% | 1.76% | 1.31% | 1.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
MCH and YANG have a correlation of -0.88, 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 MCH (6.72%). In terms of maximum drawdown, MCH dropped -40.53% vs YANG's -99.98%.
On 3-year performance, MCH leads with 13.41% vs -47.00% for YANG. On fees, MCH is cheaper at 0.79% per year. On volatility, MCH has been the lower-risk option at 6.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MCH has performed better with a 13.41% return vs -47.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MCH is cheaper with a 0.79% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 3.43%, compared with 1.69% for MCH.
MCH is categorized as China Equities, while YANG is Leveraged Equities. They also come from different issuers: Matthews and Direxion. Their fees differ too: 0.79% for MCH and 1.07% for YANG.
MCH currently has the higher Sharpe Ratio (1.27 vs -0.13), 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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