YANG vs. CXSE
YANG (Direxion Daily China 3x Bear Shares) and CXSE (WisdomTree China ex-State-Owned Enterprises Fund) are both China Equities funds - YANG tracks the FTSE China 50 Index (-300%) while CXSE tracks the WisdomTree China ex-State-Owned Enterprises Index. Both are passively managed. Over the past 10 years, YANG returned -36.97%/yr vs 6.31%/yr for CXSE. At a correlation of -0.83, they often move in opposite directions. YANG charges 1.07%/yr vs 0.32%/yr for CXSE.
Performance
YANG vs. CXSE - Performance Comparison
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Returns By Period
In the year-to-date period, YANG achieves a 29.74% return, which is significantly higher than CXSE's -6.60% return. Over the past 10 years, YANG has underperformed CXSE with an annualized return of -36.97%, while CXSE has yielded a comparatively higher 6.31% annualized return.
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%
CXSE
- 1D
- -3.30%
- 1M
- -3.84%
- 6M
- -10.24%
- YTD
- -6.60%
- 1Y
- 4.03%
- 3Y*
- 7.62%
- 5Y*
- -8.56%
- 10Y*
- 6.31%
YANG vs. CXSE - 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% |
CXSE WisdomTree China ex-State-Owned Enterprises Fund | -6.60% | 37.00% | 8.56% | -18.02% | -29.32% | -23.67% | 59.39% | 37.96% | -28.55% | 81.50% |
Correlation
The correlation between YANG and CXSE is -0.82, 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 | -0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.88 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2012 | -0.83 |
The correlation between YANG and CXSE shifts across timeframes, from -0.92 (5 years) to -0.82 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
YANG vs. CXSE — Risk / Return Rank
YANG
CXSE
YANG vs. CXSE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). 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 | CXSE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.05 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | 0.23 | +0.28 |
| Martin ratioReturn relative to average drawdown | 0.88 | 0.42 | +0.47 |
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Drawdowns
YANG vs. CXSE - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, which is greater than CXSE's maximum drawdown of -70.01%. Use the drawdown chart below to compare losses from any high point for YANG and CXSE.
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Drawdown Indicators
| YANG | CXSE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -70.01% | -29.97% |
Max Drawdown (1Y)Largest decline over 1 year | -31.88% | -17.70% | -14.18% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -32.12% | -61.90% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -61.65% | -35.73% |
Max Drawdown (10Y)Largest decline over 10 years | -99.37% | -70.01% | -29.36% |
Current DrawdownCurrent decline from peak | -99.97% | -50.04% | -49.93% |
Average DrawdownAverage peak-to-trough decline | -90.57% | -28.00% | -62.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.17% | 9.67% | +8.50% |
Volatility
YANG vs. CXSE - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 18.72% compared to WisdomTree China ex-State-Owned Enterprises Fund (CXSE) at 7.66%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than CXSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | CXSE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.72% | 7.66% | +11.06% |
Volatility (6M)Calculated over the trailing 6-month period | 42.40% | 15.99% | +26.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.41% | 22.44% | +36.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.41% | 32.37% | +62.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.86% | 28.77% | +53.09% |
YANG vs. CXSE - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than CXSE's 0.32% expense ratio.
Dividends
YANG vs. CXSE - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 2.84%, more than CXSE's 1.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CXSE WisdomTree China ex-State-Owned Enterprises Fund | 1.55% | 1.95% | 1.70% | 1.71% | 1.55% | 0.86% | 0.54% | 0.96% | 1.49% | 1.24% | 1.39% | 2.50% |
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
YANG and CXSE have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (18.72%) compared to CXSE (7.66%). In terms of maximum drawdown, YANG dropped -99.98% vs CXSE's -70.01%.
On 10-year performance, CXSE leads with 6.31% vs -36.97% for YANG. On fees, CXSE is cheaper at 0.32% per year. On volatility, CXSE has been the lower-risk option at 7.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CXSE has performed better with a 6.31% return vs -36.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CXSE is cheaper with a 0.32% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 2.84%, compared with 1.55% for CXSE.
YANG tracks FTSE China 50 Index (-300%), while CXSE tracks WisdomTree China ex-State-Owned Enterprises Index. They also come from different issuers: Direxion and WisdomTree. Their fees differ too: 1.07% for YANG and 0.32% for CXSE.
YANG currently has the higher Sharpe Ratio (0.27 vs 0.18), 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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