PCCE vs. YANG

Last updated Jun 5, 2026

PCCE (Polen Capital China Growth ETF) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - PCCE is a China Equities fund actively managed by Polen, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). PCCE is actively managed, while YANG is passively managed. Over the past year, PCCE returned 4.95% vs -7.77% for YANG. At a correlation of -0.90, they often move in opposite directions. PCCE charges 1.00%/yr vs 1.07%/yr for YANG.

Performance

PCCE vs. YANG - Performance Comparison

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

Returns By Period

In the year-to-date period, PCCE achieves a -1.49% return, which is significantly lower than YANG's 19.18% return.

PCCE

• 1D: -0.49%
• 1M: -0.31%
• YTD: -1.49%
• 6M: -1.95%
• 1Y: 4.95%
• 3Y*: —
• 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%

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

PCCE vs. YANG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PCCE Polen Capital China Growth ETF	-1.49%	23.07%	11.85%
YANG Direxion Daily China 3x Bear Shares	19.18%	-62.77%	-68.89%

Correlation

The correlation between PCCE 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 (All Time) Calculated using the full available price history since Mar 18, 2024	-0.90

The correlation between PCCE and YANG has been stable across timeframes, ranging from -0.90 to -0.88 - a consistent structural relationship.

Return for Risk

PCCE vs. YANG — Risk / Return Rank

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

PCCE

PCCE Risk / Return Rank: 13
PCCE Sharpe Ratio Rank: 13
PCCE Sortino Ratio Rank: 13
PCCE Omega Ratio Rank: 13
PCCE Calmar Ratio Rank: 12
PCCE Martin Ratio Rank: 12

YANG

YANG Risk / Return Rank: 9
YANG Sharpe Ratio Rank: 8
YANG Sortino Ratio Rank: 10
YANG Omega Ratio Rank: 10
YANG Calmar Ratio Rank: 7
YANG Martin Ratio Rank: 8

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.

PCCE vs. YANG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polen Capital China Growth ETF (PCCE) 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.

	PCCE	YANG	Difference
Sharpe ratio: Return per unit of total volatility	0.26	-0.13	+0.40
Sortino ratio: Return per unit of downside risk	0.51	0.22	+0.29
Omega ratio: Gain probability vs. loss probability	1.06	1.03	+0.03
Calmar ratio: Return relative to maximum drawdown	0.30	-0.20	+0.50
Martin ratio: Return relative to average drawdown	0.68	-0.32	+1.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCCE vs. YANG - Sharpe Ratio Comparison

The current PCCE Sharpe Ratio is 0.26, which is higher than the YANG Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of PCCE 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.

Sharpe Ratios by Period

	PCCE	YANG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.26	-0.13	+0.40
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	0.57	-0.49	+1.05

Drawdowns

PCCE vs. YANG - Drawdown Comparison

The maximum PCCE drawdown since its inception was -26.38%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for PCCE and YANG.

Drawdown Indicators

	PCCE	YANG	Difference
Max Drawdown Largest peak-to-trough decline	-26.38%	-99.98%	+73.60%
Max Drawdown (1Y) Largest decline over 1 year	-16.59%	-38.85%	+22.26%
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	—	-99.53%	—
Current Drawdown Current decline from peak	-10.10%	-99.97%	+89.87%
Average Drawdown Average peak-to-trough decline	-9.93%	-90.52%	+80.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.33%	24.39%	-17.06%

Volatility

PCCE vs. YANG - Volatility Comparison

The current volatility for Polen Capital China Growth ETF (PCCE) is 7.84%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 21.22%. This indicates that PCCE 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

	PCCE	YANG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.84%	21.22%	-13.38%
Volatility (6M) Calculated over the trailing 6-month period	14.22%	42.61%	-28.39%
Volatility (1Y) Calculated over the trailing 1-year period	18.92%	58.74%	-39.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.19%	94.43%	-68.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.19%	82.10%	-55.91%

PCCE vs. YANG - Expense Ratio Comparison

PCCE has a 1.00% expense ratio, which is lower than YANG's 1.07% expense ratio.

Dividends

PCCE vs. YANG - Dividend Comparison

PCCE's dividend yield for the trailing twelve months is around 2.32%, less than YANG's 3.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PCCE Polen Capital China Growth ETF	2.32%	2.29%	1.95%	0.00%	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

Can I hold both PCCE and YANG in my portfolio?

PCCE 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.

Which is riskier, PCCE or YANG?

YANG has higher volatility (21.22%) compared to PCCE (7.84%). In terms of maximum drawdown, PCCE dropped -26.38% vs YANG's -99.98%.

Which ETF is better, PCCE or YANG?

On 1-year performance, PCCE leads with 4.95% vs -7.77% for YANG. On fees, PCCE is cheaper at 1.00% per year. On volatility, PCCE has been the lower-risk option at 7.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCCE or YANG?

Over the 1-year period, PCCE has performed better with a 4.95% return vs -7.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCCE or YANG?

PCCE is cheaper with a 1.00% expense ratio, compared with 1.07% for YANG.

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

YANG has the higher dividend yield at 3.43%, compared with 2.32% for PCCE.

What is the main difference between PCCE and YANG?

PCCE is categorized as China Equities, while YANG is Leveraged Equities. They also come from different issuers: Polen and Direxion. Their fees differ too: 1.00% for PCCE and 1.07% for YANG.

Which has better risk-adjusted returns?

PCCE currently has the higher Sharpe Ratio (0.26 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.