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 China Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, TYO returned 2.74%/yr vs -38.18%/yr for YANG. Their -0.17 correlation means they have often moved in opposite directions in the past. 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 13.00% return, which is significantly higher than YANG's 5.40% return. Over the past 10 years, TYO has outperformed YANG with an annualized return of 2.74%, while YANG has yielded a comparatively lower -38.18% annualized return.
TYO
- 1D
- 1.13%
- 1M
- 4.90%
- 6M
- 11.24%
- YTD
- 13.00%
- 1Y
- 13.40%
- 3Y*
- 6.55%
- 5Y*
- 15.57%
- 10Y*
- 2.74%
- ALL TIME*
- -6.54%
YANG
- 1D
- -0.08%
- 1M
- -34.03%
- 6M
- 19.25%
- YTD
- 5.40%
- 1Y
- -11.44%
- 3Y*
- -43.40%
- 5Y*
- -39.47%
- 10Y*
- -38.18%
- ALL TIME*
- -38.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $187.18K | $201.48K | $266.73K | |
| $20.61M | $22.59M | $28.35M |
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 | 13.00% | -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 | 5.40% | -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 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | 0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.05 |
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 0.15 (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 | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.03 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | -0.20 | +1.60 |
| Martin ratioReturn relative to average drawdown | 2.88 | -0.37 | +3.25 |
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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 | -6.90% | -35.83% | +28.93% |
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% | -99.35% | +47.14% |
Current DrawdownCurrent decline from peak | -76.14% | -99.98% | +23.84% |
Average DrawdownAverage peak-to-trough decline | -71.13% | -90.59% | +19.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 19.03% | -15.12% |
Volatility
TYO vs. YANG - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) is 3.79%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 15.88%. 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 | 3.79% | 15.88% | -12.09% |
Volatility (6M)Calculated over the trailing 6-month period | 11.04% | 43.30% | -32.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.19% | 60.16% | -45.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.17% | 93.73% | -70.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.15% | 81.91% | -61.76% |
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 2.47%, less than YANG's 3.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.47% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% |
YANG Direxion Daily China 3x Bear Shares | 3.50% | 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 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (15.88%) compared to TYO (3.79%). In terms of maximum drawdown, TYO dropped -89.25% vs YANG's -99.98%.
On 10-year performance, TYO leads with 2.74% vs -38.18% for YANG. On fees, YANG is cheaper at 1.07% per year. On volatility, TYO has been the lower-risk option at 3.79%. 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 2.74% return vs -38.18%. 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.
YANG has the higher dividend yield at 3.50%, compared with 2.47% for TYO.
TYO is categorized as Leveraged Bonds, while YANG is China 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 (0.68 vs -0.12), 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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