XPP vs. YANG
XPP (ProShares Ultra FTSE China 50) and YANG (Direxion Daily China 3x Bear Shares) are both China Equities funds - XPP tracks the FTSE/Xinhua China 25 Index (200%) while YANG tracks the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, XPP returned -7.40%/yr vs -36.40%/yr for YANG. At a correlation of -0.97, they often move in opposite directions. XPP charges 0.95%/yr vs 1.07%/yr for YANG.
Performance
XPP vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, XPP achieves a -26.96% return, which is significantly lower than YANG's 38.12% return. Over the past 10 years, XPP has outperformed YANG with an annualized return of -7.40%, while YANG has yielded a comparatively lower -36.40% annualized return.
XPP
- 1D
- -0.25%
- 1M
- -9.77%
- 6M
- -34.75%
- YTD
- -26.96%
- 1Y
- -21.29%
- 3Y*
- 1.14%
- 5Y*
- -20.34%
- 10Y*
- -7.40%
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%
XPP vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XPP ProShares Ultra FTSE China 50 | -26.96% | 45.84% | 38.18% | -34.77% | -50.06% | -40.45% | 7.07% | 24.88% | -31.36% | 80.21% |
YANG Direxion Daily China 3x Bear Shares | 38.12% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
Correlation
The correlation between XPP and YANG is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2009 | -0.97 |
The correlation between XPP and YANG has been stable across timeframes, ranging from -0.99 to -0.97 - a consistent structural relationship.
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Return for Risk
XPP vs. YANG — Risk / Return Rank
XPP
YANG
XPP vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.
| XPP | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -1.29 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.09 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 0.40 | -0.88 |
| Martin ratioReturn relative to average drawdown | -1.06 | 0.71 | -1.77 |
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Drawdowns
XPP vs. YANG - Drawdown Comparison
The maximum XPP drawdown since its inception was -89.90%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for XPP and YANG.
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Drawdown Indicators
| XPP | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.90% | -99.98% | +10.08% |
Max Drawdown (1Y)Largest decline over 1 year | -44.78% | -31.88% | -12.90% |
Max Drawdown (3Y)Largest decline over 3 years | -52.95% | -94.02% | +41.07% |
Max Drawdown (5Y)Largest decline over 5 years | -83.51% | -97.38% | +13.87% |
Max Drawdown (10Y)Largest decline over 10 years | -89.90% | -99.38% | +9.48% |
Current DrawdownCurrent decline from peak | -80.67% | -99.97% | +19.30% |
Average DrawdownAverage peak-to-trough decline | -48.01% | -90.56% | +42.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.17% | 19.64% | +0.53% |
Volatility
XPP vs. YANG - Volatility Comparison
The current volatility for ProShares Ultra FTSE China 50 (XPP) is 12.70%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 18.33%. This indicates that XPP 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
| XPP | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.70% | 18.33% | -5.63% |
Volatility (6M)Calculated over the trailing 6-month period | 29.45% | 43.20% | -13.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.94% | 59.54% | -19.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.76% | 94.41% | -31.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.77% | 81.87% | -27.10% |
XPP vs. YANG - Expense Ratio Comparison
XPP has a 0.95% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
XPP vs. YANG - Dividend Comparison
XPP's dividend yield for the trailing twelve months is around 2.86%, more than YANG's 2.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
XPP ProShares Ultra FTSE China 50 | 2.86% | 2.32% | 2.96% | 2.87% | 0.00% | 0.00% | 0.00% | 3.81% | 1.47% |
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
XPP and YANG have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (18.33%) compared to XPP (12.70%). In terms of maximum drawdown, XPP dropped -89.90% vs YANG's -99.98%.
On 10-year performance, XPP leads with -7.40% vs -36.40% for YANG. On fees, XPP is cheaper at 0.95% per year. On volatility, XPP has been the lower-risk option at 12.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XPP has performed better with a -7.40% return vs -36.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XPP is cheaper with a 0.95% expense ratio, compared with 1.07% for YANG.
XPP has the higher dividend yield at 2.86%, compared with 2.67% for YANG.
XPP tracks FTSE/Xinhua China 25 Index (200%), while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for XPP and 1.07% for YANG.
YANG currently has the higher Sharpe Ratio (0.22 vs -0.54), 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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