MCHS vs. YANG

Last updated Jul 14, 2026

MCHS (Matthews China Discovery Active ETF) and YANG (Direxion Daily China 3x Bear Shares) are both China Equities funds. MCHS is actively managed, while YANG is passively managed. Over the past year, MCHS returned 57.44% vs 12.80% for YANG. At a correlation of -0.62, they often move in opposite directions. MCHS charges 0.89%/yr vs 1.07%/yr for YANG.

Performance

MCHS vs. YANG - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with MCHS having a 38.84% return and YANG slightly lower at 38.12%.

MCHS

• 1D: -4.85%
• 1M: 1.25%
• 6M: 30.55%
• YTD: 38.84%
• 1Y: 57.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YANG

• 1D: 0.26%
• 1M: 13.86%
• 6M: 67.18%
• YTD: 38.12%
• 1Y: 12.80%
• 3Y*: -41.50%
• 5Y*: -33.31%
• 10Y*: -36.40%

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

MCHS vs. YANG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MCHS Matthews China Discovery Active ETF	38.84%	31.19%	6.53%
YANG Direxion Daily China 3x Bear Shares	38.12%	-62.77%	-76.39%

Correlation

The correlation between MCHS and YANG is -0.42, 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	-0.42
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	-0.62

Over the past year, the inverse relationship between MCHS and YANG has weakened: their correlation has moved from -0.62 to -0.42, meaning they move in opposite directions less often than they have historically.

Return for Risk

MCHS vs. YANG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MCHS

MCHS Risk / Return Rank: 81
MCHS Sharpe Ratio Rank: 82
MCHS Sortino Ratio Rank: 72
MCHS Omega Ratio Rank: 79
MCHS Calmar Ratio Rank: 88
MCHS Martin Ratio Rank: 82

YANG

YANG Risk / Return Rank: 15
YANG Sharpe Ratio Rank: 13
YANG Sortino Ratio Rank: 16
YANG Omega Ratio Rank: 16
YANG Calmar Ratio Rank: 15
YANG Martin Ratio Rank: 13

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.

MCHS vs. YANG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews China Discovery Active ETF (MCHS) 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.

	MCHS	YANG	Difference
Sharpe ratio: Return per unit of total volatility	2.06	0.22	+1.85
Sortino ratio: Return per unit of downside risk	2.60	0.73	+1.87
Omega ratio: Gain probability vs. loss probability	1.37	1.09	+0.28
Calmar ratio: Return relative to maximum drawdown	4.03	0.40	+3.63
Martin ratio: Return relative to average drawdown	12.66	0.71	+11.95

MCHS vs. YANG - Sharpe Ratio Comparison

The current MCHS Sharpe Ratio is 2.06, which is higher than the YANG Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of MCHS 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.

Drawdowns

MCHS vs. YANG - Drawdown Comparison

The maximum MCHS drawdown since its inception was -23.75%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for MCHS and YANG.

Drawdown Indicators

	MCHS	YANG	Difference
Max Drawdown Largest peak-to-trough decline	-23.75%	-99.98%	+76.23%
Max Drawdown (1Y) Largest decline over 1 year	-14.32%	-31.88%	+17.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-94.02%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.38%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.38%	—
Current Drawdown Current decline from peak	-14.32%	-99.97%	+85.65%
Average Drawdown Average peak-to-trough decline	-7.51%	-90.56%	+83.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.55%	19.64%	-15.09%

Volatility

MCHS vs. YANG - Volatility Comparison

The current volatility for Matthews China Discovery Active ETF (MCHS) is 16.37%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 18.33%. This indicates that MCHS 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.

Volatility by Period

	MCHS	YANG	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.37%	18.33%	-1.96%
Volatility (6M) Calculated over the trailing 6-month period	24.99%	43.20%	-18.21%
Volatility (1Y) Calculated over the trailing 1-year period	28.02%	59.54%	-31.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.75%	94.41%	-64.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.75%	81.87%	-52.12%

MCHS vs. YANG - Expense Ratio Comparison

MCHS has a 0.89% expense ratio, which is lower than YANG's 1.07% expense ratio.

Dividends

MCHS vs. YANG - Dividend Comparison

MCHS's dividend yield for the trailing twelve months is around 2.57%, less than YANG's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MCHS Matthews China Discovery Active ETF	2.57%	3.56%	5.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
YANG Direxion Daily China 3x Bear Shares	2.67%	4.03%	9.42%	3.66%	0.00%	0.00%	0.67%	1.54%	0.56%

Frequently Asked Questions

Can I hold both MCHS and YANG in my portfolio?

MCHS and YANG have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCHS or YANG?

YANG has higher volatility (18.33%) compared to MCHS (16.37%). In terms of maximum drawdown, MCHS dropped -23.75% vs YANG's -99.98%.

Which ETF is better, MCHS or YANG?

On 1-year performance, MCHS leads with 57.44% vs 12.80% for YANG. On fees, MCHS is cheaper at 0.89% per year. On volatility, MCHS has been the lower-risk option at 16.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MCHS or YANG?

Over the 1-year period, MCHS has performed better with a 57.44% return vs 12.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MCHS or YANG?

MCHS is cheaper with a 0.89% expense ratio, compared with 1.07% for YANG.

Which ETF pays a higher dividend yield, MCHS or YANG?

YANG has the higher dividend yield at 2.67%, compared with 2.57% for MCHS.

What is the main difference between MCHS and YANG?

They also come from different issuers: Matthews and Direxion. Their fees differ too: 0.89% for MCHS and 1.07% for YANG.

Which has better risk-adjusted returns?

MCHS currently has the higher Sharpe Ratio (2.06 vs 0.22), 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.