TYO vs. YANG
TYO (Direxion Daily 7-10 Year Treasury Bear 3X) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - TYO is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index, while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, TYO returned 2.13%/yr vs -37.83%/yr for YANG. At a correlation of -0.17, they often move in opposite directions. TYO charges 1.08%/yr vs 1.07%/yr for YANG.
Performance
TYO vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, TYO achieves a 7.50% return, which is significantly lower than YANG's 45.69% return. Over the past 10 years, TYO has outperformed YANG with an annualized return of 2.13%, while YANG has yielded a comparatively lower -37.83% annualized return.
TYO
- 1D
- -0.95%
- 1M
- -1.40%
- YTD
- 7.50%
- 6M
- 7.74%
- 1Y
- 5.39%
- 3Y*
- 7.07%
- 5Y*
- 12.78%
- 10Y*
- 2.13%
YANG
- 1D
- 4.97%
- 1M
- 21.92%
- YTD
- 45.69%
- 6M
- 48.59%
- 1Y
- 15.02%
- 3Y*
- -43.76%
- 5Y*
- -31.21%
- 10Y*
- -37.83%
TYO vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 7.50% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
YANG Direxion Daily China 3x Bear Shares | 45.69% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
Correlation
The correlation between TYO and YANG is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2009 | -0.17 |
The correlation between TYO and YANG shifts across timeframes, from -0.17 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TYO vs. YANG — Risk / Return Rank
TYO
YANG
TYO vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) 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.
| TYO | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.09 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | 0.43 | +0.11 |
| Martin ratioReturn relative to average drawdown | 1.00 | 0.72 | +0.27 |
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Drawdowns
TYO vs. YANG - Drawdown Comparison
The maximum TYO drawdown since its inception was -89.25%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for TYO and YANG.
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Drawdown Indicators
| TYO | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.25% | -99.98% | +10.73% |
Max Drawdown (1Y)Largest decline over 1 year | -10.00% | -35.33% | +25.33% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -94.02% | +69.62% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -97.38% | +72.98% |
Max Drawdown (10Y)Largest decline over 10 years | -52.21% | -99.53% | +47.32% |
Current DrawdownCurrent decline from peak | -77.30% | -99.97% | +22.67% |
Average DrawdownAverage peak-to-trough decline | -71.10% | -90.53% | +19.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.42% | 21.47% | -16.05% |
Volatility
TYO vs. YANG - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) is 4.29%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 17.73%. This indicates that TYO 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
| TYO | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.29% | 17.73% | -13.44% |
Volatility (6M)Calculated over the trailing 6-month period | 10.61% | 43.44% | -32.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.36% | 59.03% | -44.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.23% | 94.55% | -71.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.17% | 81.91% | -61.74% |
TYO vs. YANG - Expense Ratio Comparison
TYO has a 1.08% expense ratio, which is higher than YANG's 1.07% expense ratio.
Dividends
TYO vs. YANG - Dividend Comparison
TYO's dividend yield for the trailing twelve months is around 2.83%, more than YANG's 2.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.83% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% |
YANG Direxion Daily China 3x Bear Shares | 2.80% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% |
Frequently Asked Questions
TYO and YANG have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (17.73%) compared to TYO (4.29%). In terms of maximum drawdown, TYO dropped -89.25% vs YANG's -99.98%.
On 10-year performance, TYO leads with 2.13% vs -37.83% for YANG. On fees, YANG is cheaper at 1.07% per year. On volatility, TYO has been the lower-risk option at 4.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYO has performed better with a 2.13% return vs -37.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YANG is cheaper with a 1.07% expense ratio, compared with 1.08% for TYO.
TYO has the higher dividend yield at 2.83%, compared with 2.80% for YANG.
TYO is categorized as Leveraged Bonds, while YANG is Leveraged Equities. TYO tracks NYSE 7-10 Year Treasury Bond Index, while YANG tracks FTSE China 50 Index (-300%). Their fees differ too: 1.08% for TYO and 1.07% for YANG.
TYO currently has the higher Sharpe Ratio (0.38 vs 0.26), 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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