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MCHI vs. YANG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MCHI vs. YANG

Last updated Jun 5, 2026

MCHI (iShares MSCI China ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, MCHI returned 4.49%/yr vs -38.45%/yr for YANG. At a correlation of -0.94, they often move in opposite directions. MCHI charges 0.59%/yr vs 1.07%/yr for YANG.

Performance

MCHI vs. YANG - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, MCHI achieves a -7.22% return, which is significantly lower than YANG's 19.18% return. Over the past 10 years, MCHI has outperformed YANG with an annualized return of 4.49%, while YANG has yielded a comparatively lower -38.45% annualized return.

MCHI

1D
-0.45%
1M
-2.60%
YTD
-7.22%
6M
-8.98%
1Y
3.98%
3Y*
9.73%
5Y*
-5.76%
10Y*
4.49%

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)

MCHI vs. YANG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MCHI
iShares MSCI China ETF		-7.22%31.04%17.73%-11.94%-23.01%-21.74%27.78%23.72%-19.79%54.67%
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 MCHI and YANG is -0.97, 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

-0.97

Correlation (3Y)
Calculated over the trailing 3-year period

-0.98

Correlation (5Y)
Calculated over the trailing 5-year period

-0.98

Correlation (10Y)
Calculated over the trailing 10-year period

-0.97

Correlation (All Time)
Calculated using the full available price history since Apr 1, 2011

-0.94

The correlation between MCHI and YANG has been stable across timeframes, ranging from -0.98 to -0.94 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI China ETF

Direxion Daily China 3x Bear Shares

Often compared with MCHI:
MCHI vs. FXIMCHI vs. KWEBMCHI vs. CQQQMCHI vs. GXCMCHI vs. ASHRMCHI vs. FLCHMCHI vs. CNYA
Often compared with YANG:
YANG vs. YINNYANG vs. CWEBYANG vs. FXPYANG vs. GLLYANG vs. TYOYANG vs. KLIPYANG vs. EDZ

Return for Risk

MCHI vs. YANG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MCHI
MCHI Risk / Return Rank: 1212
Overall Rank
MCHI Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
MCHI Sortino Ratio Rank: 1212
Sortino Ratio Rank
MCHI Omega Ratio Rank: 1212
Omega Ratio Rank
MCHI Calmar Ratio Rank: 1212
Calmar Ratio Rank
MCHI Martin Ratio Rank: 1111
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.

MCHI vs. YANG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) 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.

MCHIYANGDifference
Sharpe ratioReturn per unit of total volatility
0.20
-0.13

+0.33

Sortino ratioReturn per unit of downside risk
0.42
0.22

+0.21

Omega ratioGain probability vs. loss probability

1.05

1.03

+0.02

Calmar ratioReturn relative to maximum drawdown

0.23

-0.20

+0.43

Martin ratioReturn relative to average drawdown

0.48

-0.32

+0.80

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

MCHI vs. YANG - Sharpe Ratio Comparison

The current MCHI Sharpe Ratio is 0.20, which is higher than the YANG Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of MCHI 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

MCHIYANGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.20

-0.13

+0.33

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.19

-0.36

+0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

-0.47

+0.63

Sharpe Ratio (All Time)

Calculated using the full available price history

0.09

-0.49

+0.58

Drawdowns

MCHI vs. YANG - Drawdown Comparison

The maximum MCHI drawdown since its inception was -62.95%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for MCHI and YANG.

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Drawdown Indicators

MCHIYANGDifference

Max Drawdown

Largest peak-to-trough decline

-62.95%

-99.98%

+37.03%

Max Drawdown (1Y)

Largest decline over 1 year

-17.17%

-38.85%

+21.68%

Max Drawdown (3Y)

Largest decline over 3 years

-25.85%

-94.02%

+68.17%

Max Drawdown (5Y)

Largest decline over 5 years

-56.98%

-97.38%

+40.40%

Max Drawdown (10Y)

Largest decline over 10 years

-62.95%

-99.53%

+36.58%

Current Drawdown

Current decline from peak

-36.74%

-99.97%

+63.23%

Average Drawdown

Average peak-to-trough decline

-24.53%

-90.52%

+65.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.36%

24.39%

-16.03%

Volatility

MCHI vs. YANG - Volatility Comparison

The current volatility for iShares MSCI China ETF (MCHI) is 7.27%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. This indicates that MCHI 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

MCHIYANGDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.27%

21.22%

-13.95%

Volatility (6M)

Calculated over the trailing 6-month period

14.51%

42.61%

-28.10%

Volatility (1Y)

Calculated over the trailing 1-year period

20.16%

58.74%

-38.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.71%

94.43%

-63.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.39%

82.10%

-54.71%

MCHI vs. YANG - Expense Ratio Comparison

MCHI has a 0.59% expense ratio, which is lower than YANG's 1.07% expense ratio.

Dividends

MCHI vs. YANG - Dividend Comparison

MCHI's dividend yield for the trailing twelve months is around 2.28%, less than YANG's 3.43% yield.

PositionTTM20252024202320222021202020192018201720162015
MCHI
iShares MSCI China ETF		2.28%2.12%2.31%2.66%1.78%1.04%1.04%1.45%1.60%1.56%1.66%2.76%
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

MCHI and YANG have a correlation of -0.97, 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 MCHI (7.27%). In terms of maximum drawdown, MCHI dropped -62.95% vs YANG's -99.98%.

On 10-year performance, MCHI leads with 4.49% vs -38.45% for YANG. On fees, MCHI is cheaper at 0.59% per year. On volatility, MCHI has been the lower-risk option at 7.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MCHI has performed better with a 4.49% return vs -38.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MCHI is cheaper with a 0.59% expense ratio, compared with 1.07% for YANG.

YANG has the higher dividend yield at 3.43%, compared with 2.28% for MCHI.

MCHI is categorized as China Equities, while YANG is Leveraged Equities. MCHI tracks MSCI China Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.59% for MCHI and 1.07% for YANG.

MCHI currently has the higher Sharpe Ratio (0.20 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.

Portfolio Optimizer

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