SMHC vs. YANG

Last updated Jul 18, 2026

SMHC (VanEck China Semiconductor ETF) and YANG (Direxion Daily China 3x Bear Shares) are both China Equities funds - SMHC tracks the MarketVector China Semiconductor 25 Index while YANG tracks the FTSE China 50 Index (-300%). Both are passively managed. At a 0.12 correlation, their price movements are largely independent. SMHC charges 0.65%/yr vs 1.07%/yr for YANG.

Performance

SMHC vs. YANG - Performance Comparison

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

Returns By Period

SMHC

• 1D: -6.17%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

YANG

• 1D: 3.41%
• 1M: -7.57%
• 6M: 42.31%
• YTD: 29.74%
• 1Y: 20.23%
• 3Y*: -44.24%
• 5Y*: -33.99%
• 10Y*: -36.97%

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

SMHC vs. YANG - Yearly Performance Comparison

	2026 (YTD)
SMHC VanEck China Semiconductor ETF	-15.04%
YANG Direxion Daily China 3x Bear Shares	-11.37%

Correlation

The correlation between SMHC and YANG is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 24, 2026	0.12

Return for Risk

SMHC vs. YANG — Risk / Return Rank

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

SMHC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

YANG

YANG Risk / Return Rank: 16
YANG Sharpe Ratio Rank: 14
YANG Sortino Ratio Rank: 18
YANG Omega Ratio Rank: 18
YANG Calmar Ratio Rank: 17
YANG Martin Ratio Rank: 15

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.

SMHC vs. YANG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck China Semiconductor ETF (SMHC) 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.

	SMHC	YANG	Difference
Sharpe ratio: Return per unit of total volatility	—	0.27	—
Sortino ratio: Return per unit of downside risk	—	0.80	—
Omega ratio: Gain probability vs. loss probability	—	1.10	—
Calmar ratio: Return relative to maximum drawdown	—	0.50	—
Martin ratio: Return relative to average drawdown	—	0.88	—

Drawdowns

SMHC vs. YANG - Drawdown Comparison

The maximum SMHC drawdown since its inception was -24.16%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for SMHC and YANG.

Drawdown Indicators

	SMHC	YANG	Difference
Max Drawdown Largest peak-to-trough decline	-24.16%	-99.98%	+75.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-31.88%	—
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	—	-99.37%	—
Current Drawdown Current decline from peak	-24.16%	-99.97%	+75.81%
Average Drawdown Average peak-to-trough decline	-9.02%	-90.57%	+81.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	18.17%	—

Volatility

Volatility by Period

	SMHC	YANG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	18.72%	—
Volatility (6M) Calculated over the trailing 6-month period	—	42.40%	—
Volatility (1Y) Calculated over the trailing 1-year period	80.83%	59.41%	+21.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.83%	94.41%	-13.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.83%	81.86%	-1.03%

SMHC vs. YANG - Expense Ratio Comparison

SMHC has a 0.65% expense ratio, which is lower than YANG's 1.07% expense ratio.

Dividends

SMHC vs. YANG - Dividend Comparison

SMHC has not paid dividends to shareholders, while YANG's dividend yield for the trailing twelve months is around 2.84%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SMHC VanEck China Semiconductor ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
YANG Direxion Daily China 3x Bear Shares	2.84%	4.03%	9.42%	3.66%	0.00%	0.00%	0.67%	1.54%	0.56%

Frequently Asked Questions

Can I hold both SMHC and YANG in my portfolio?

SMHC and YANG have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMHC or YANG?

On fees, SMHC is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMHC or YANG?

SMHC is cheaper with a 0.65% expense ratio, compared with 1.07% for YANG.

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

YANG has the higher dividend yield at 2.84%, compared with 0.00% for SMHC.

What is the main difference between SMHC and YANG?

SMHC tracks MarketVector China Semiconductor 25 Index, while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: VanEck and Direxion. Their fees differ too: 0.65% for SMHC and 1.07% for YANG.