XPP vs. YINN

Last updated Jun 5, 2026

XPP (ProShares Ultra FTSE China 50) and YINN (Direxion Daily China 3x Bull Shares) are both Leveraged Equities funds - XPP tracks the FTSE/Xinhua China 25 Index (200%) while YINN tracks the FTSE China 50 Index (300%). Both are passively managed. Over the past 10 years, XPP returned -5.58%/yr vs -19.13%/yr for YINN. With a 0.97 correlation, they move nearly in lockstep. XPP charges 0.95%/yr vs 1.52%/yr for YINN.

Performance

XPP vs. YINN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) and Direxion Daily China 3x Bull Shares (YINN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPP achieves a -17.88% return, which is significantly higher than YINN's -28.25% return. Over the past 10 years, XPP has outperformed YINN with an annualized return of -5.58%, while YINN has yielded a comparatively lower -19.13% annualized return.

XPP

• 1D: -0.24%
• 1M: -6.29%
• YTD: -17.88%
• 6M: -20.50%
• 1Y: -9.29%
• 3Y*: 7.29%
• 5Y*: -20.16%
• 10Y*: -5.58%

YINN

• 1D: -0.52%
• 1M: -10.06%
• YTD: -28.25%
• 6M: -32.42%
• 1Y: -20.61%
• 3Y*: -2.89%
• 5Y*: -38.69%
• 10Y*: -19.13%

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

XPP vs. YINN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPP ProShares Ultra FTSE China 50	-17.88%	45.84%	38.18%	-34.77%	-50.06%	-40.45%	7.07%	24.88%	-31.36%	80.21%
YINN Direxion Daily China 3x Bull Shares	-28.25%	54.21%	36.06%	-53.08%	-71.97%	-58.56%	-7.75%	28.92%	-48.47%	129.79%

Correlation

The correlation between XPP and YINN is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	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	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Dec 4, 2009	0.97

The correlation between XPP and YINN has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.

XPP vs. YINN - Sectors Allocation Comparison

Sectors	XPP	YINN
Financial Services	42.1%	34.7%
Basic Materials	-	4.2%
Communication Services	-	15.7%
Consumer Cyclical	-	27.4%
Consumer Defensive	-	0.9%
Energy	-	5.6%
Healthcare	-	2.3%
Industrials	-	2.4%
Real Estate	-	1.0%
Technology	-	5.5%
Utilities	-	0.4%

Return for Risk

XPP vs. YINN — Risk / Return Rank

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

XPP

XPP Risk / Return Rank: 7
XPP Sharpe Ratio Rank: 7
XPP Sortino Ratio Rank: 7
XPP Omega Ratio Rank: 7
XPP Calmar Ratio Rank: 7
XPP Martin Ratio Rank: 6

YINN

YINN Risk / Return Rank: 6
YINN Sharpe Ratio Rank: 6
YINN Sortino Ratio Rank: 7
YINN Omega Ratio Rank: 7
YINN Calmar Ratio Rank: 5
YINN Martin Ratio Rank: 5

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.

XPP vs. YINN - 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 Bull Shares (YINN). 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.

	XPP	YINN	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	-0.35	+0.11
Sortino ratio: Return per unit of downside risk	-0.08	-0.15	+0.07
Omega ratio: Gain probability vs. loss probability	0.99	0.98	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.29	-0.43	+0.15
Martin ratio: Return relative to average drawdown	-0.58	-0.85	+0.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XPP vs. YINN - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.24, which is higher than the YINN Sharpe Ratio of -0.35. The chart below compares the historical Sharpe Ratios of XPP and YINN, 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

	XPP	YINN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.24	-0.35	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	-0.41	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	-0.23	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	-0.22	+0.12

Drawdowns

XPP vs. YINN - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, smaller than the maximum YINN drawdown of -98.87%. Use the drawdown chart below to compare losses from any high point for XPP and YINN.

Drawdown Indicators

	XPP	YINN	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-98.87%	+8.97%
Max Drawdown (1Y) Largest decline over 1 year	-32.60%	-47.74%	+15.14%
Max Drawdown (3Y) Largest decline over 3 years	-52.95%	-69.08%	+16.13%
Max Drawdown (5Y) Largest decline over 5 years	-85.24%	-96.28%	+11.04%
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	-98.59%	+8.69%
Current Drawdown Current decline from peak	-78.27%	-97.46%	+19.19%
Average Drawdown Average peak-to-trough decline	-47.83%	-68.48%	+20.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.07%	24.39%	-8.32%

Volatility

XPP vs. YINN - Volatility Comparison

The current volatility for ProShares Ultra FTSE China 50 (XPP) is 14.45%, while Direxion Daily China 3x Bull Shares (YINN) has a volatility of 21.19%. This indicates that XPP experiences smaller price fluctuations and is considered to be less risky than YINN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPP	YINN	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.45%	21.19%	-6.74%
Volatility (6M) Calculated over the trailing 6-month period	28.79%	42.60%	-13.81%
Volatility (1Y) Calculated over the trailing 1-year period	39.21%	58.73%	-19.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.75%	94.19%	-31.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.90%	81.78%	-26.88%

XPP vs. YINN - Expense Ratio Comparison

XPP has a 0.95% expense ratio, which is lower than YINN's 1.52% expense ratio.

Dividends

XPP vs. YINN - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.64%, more than YINN's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPP ProShares Ultra FTSE China 50	2.64%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%	0.00%
YINN Direxion Daily China 3x Bull Shares	1.39%	1.12%	1.81%	4.17%	1.16%	0.73%	0.76%	1.38%	1.02%	1.11%

Frequently Asked Questions

Can I hold both XPP and YINN in my portfolio?

With a correlation of 0.99, XPP and YINN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XPP or YINN?

YINN has higher volatility (21.19%) compared to XPP (14.45%). In terms of maximum drawdown, XPP dropped -89.90% vs YINN's -98.87%.

Which ETF is better, XPP or YINN?

On 10-year performance, XPP leads with -5.58% vs -19.13% for YINN. On fees, XPP is cheaper at 0.95% per year. On volatility, XPP has been the lower-risk option at 14.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or YINN?

Over the 10-year period, XPP has performed better with a -5.58% return vs -19.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or YINN?

XPP is cheaper with a 0.95% expense ratio, compared with 1.52% for YINN.

Which ETF pays a higher dividend yield, XPP or YINN?

XPP has the higher dividend yield at 2.64%, compared with 1.39% for YINN.

What is the main difference between XPP and YINN?

XPP tracks FTSE/Xinhua China 25 Index (200%), while YINN tracks FTSE China 50 Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for XPP and 1.52% for YINN.

Which has better risk-adjusted returns?

XPP currently has the higher Sharpe Ratio (-0.24 vs -0.35), 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.