YANG vs. CN

Last updated Jul 18, 2026

YANG (Direxion Daily China 3x Bear Shares) and CN (Xtrackers MSCI All China Equity ETF) are both China Equities funds - YANG tracks the FTSE China 50 Index (-300%) while CN tracks the MSCI China All Shares. Both are passively managed. At a correlation of -0.77, they often move in opposite directions. YANG charges 1.07%/yr vs 0.50%/yr for CN.

Performance

YANG vs. CN - Performance Comparison

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

Returns By Period

YANG

• 1D: 3.41%
• 1M: -4.71%
• 6M: 42.31%
• YTD: 29.74%
• 1Y: 16.00%
• 3Y*: -44.24%
• 5Y*: -33.99%
• 10Y*: -36.97%

CN

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

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

YANG vs. CN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
YANG Direxion Daily China 3x Bear Shares	29.74%	-62.77%	-71.41%	11.95%	-41.34%	25.90%	-58.66%	-40.72%	13.14%	-64.93%
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%

Correlation

The correlation between YANG and CN is -0.77, 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 (3Y) Calculated over the trailing 3-year period	-0.44
Correlation (5Y) Calculated over the trailing 5-year period	-0.71
Correlation (10Y) Calculated over the trailing 10-year period	-0.79
Correlation (All Time) Calculated using the full available price history since Apr 30, 2014	-0.77

The correlation between YANG and CN shifts across timeframes, from -0.79 (10 years) to -0.44 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

YANG vs. CN — Risk / Return Rank

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

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

CN

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

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.

YANG vs. CN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and Xtrackers MSCI All China Equity ETF (CN). 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.

	YANG	CN	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

Drawdown Indicators

	YANG	CN	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	—	—
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	-99.97%	—	—
Average Drawdown Average peak-to-trough decline	-90.57%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	18.17%	—	—

Volatility

Volatility by Period

	YANG	CN	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	59.41%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.41%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.86%	—	—

YANG vs. CN - Expense Ratio Comparison

YANG has a 1.07% expense ratio, which is higher than CN's 0.50% expense ratio.

Dividends

YANG vs. CN - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both YANG and CN in my portfolio?

YANG and CN have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, YANG or CN?

On fees, CN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, YANG or CN?

CN is cheaper with a 0.50% expense ratio, compared with 1.07% for YANG.

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

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

What is the main difference between YANG and CN?

YANG tracks FTSE China 50 Index (-300%), while CN tracks MSCI China All Shares. They also come from different issuers: Direxion and Deutsche Bank. Their fees differ too: 1.07% for YANG and 0.50% for CN.