YANG vs. DLLL

Last updated Jun 4, 2026

YANG (Direxion Daily China 3x Bear Shares) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds - YANG tracks the FTSE China 50 Index (-300%) while DLLL tracks the Dell Technologies Inc. (DELL). Both are passively managed. Over the past year, YANG returned -12.94% vs 850.63% for DLLL. At a correlation of -0.26, they often move in opposite directions. YANG charges 1.07%/yr vs 1.50%/yr for DLLL.

Performance

YANG vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily China 3x Bear Shares (YANG) and GraniteShares 2x Long DELL Daily ETF (DLLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YANG achieves a 18.42% return, which is significantly lower than DLLL's 757.76% return.

YANG

• 1D: 6.57%
• 1M: 6.76%
• YTD: 18.42%
• 6M: 23.43%
• 1Y: -12.94%
• 3Y*: -47.01%
• 5Y*: -33.76%
• 10Y*: -38.75%

DLLL

• 1D: -6.45%
• 1M: 245.92%
• YTD: 757.76%
• 6M: 648.38%
• 1Y: 850.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YANG vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
YANG Direxion Daily China 3x Bear Shares	18.42%	-45.92%
DLLL GraniteShares 2x Long DELL Daily ETF	757.76%	-3.72%

Correlation

The correlation between YANG and DLLL is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	-0.26

Return for Risk

YANG vs. DLLL — Risk / Return Rank

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

YANG

YANG Risk / Return Rank: 7
YANG Sharpe Ratio Rank: 6
YANG Sortino Ratio Rank: 8
YANG Omega Ratio Rank: 8
YANG Calmar Ratio Rank: 6
YANG Martin Ratio Rank: 6

DLLL

DLLL Risk / Return Rank: 95
DLLL Sharpe Ratio Rank: 99
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 91
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

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. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and GraniteShares 2x Long DELL Daily ETF (DLLL). 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.

	YANG	DLLL	Difference
Sharpe ratio Return per unit of total volatility	-0.22	6.65	-6.87
Sortino ratio Return per unit of downside risk	0.08	4.81	-4.73
Omega ratio Gain probability vs. loss probability	1.01	1.60	-0.59
Calmar ratio Return relative to maximum drawdown	-0.33	15.02	-15.36
Martin ratio Return relative to average drawdown	-0.53	31.34	-31.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YANG vs. DLLL - Sharpe Ratio Comparison

The current YANG Sharpe Ratio is -0.22, which is lower than the DLLL Sharpe Ratio of 6.65. The chart below compares the historical Sharpe Ratios of YANG and DLLL, 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

	YANG	DLLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.22	6.65	-6.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	3.16	-3.64

Drawdowns

YANG vs. DLLL - Drawdown Comparison

The maximum YANG drawdown since its inception was -99.98%, which is greater than DLLL's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for YANG and DLLL.

Drawdown Indicators

	YANG	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-68.58%	-31.40%
Max Drawdown (1Y) Largest decline over 1 year	-38.85%	-57.19%	+18.34%
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	-99.53%	—	—
Current Drawdown Current decline from peak	-99.97%	-18.86%	-81.11%
Average Drawdown Average peak-to-trough decline	-90.52%	-25.91%	-64.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.12%	27.36%	-1.24%

Volatility

YANG vs. DLLL - Volatility Comparison

The current volatility for Direxion Daily China 3x Bear Shares (YANG) is 21.22%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 69.39%. This indicates that YANG experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YANG	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.22%	69.39%	-48.17%
Volatility (6M) Calculated over the trailing 6-month period	42.63%	102.08%	-59.45%
Volatility (1Y) Calculated over the trailing 1-year period	58.83%	129.28%	-70.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.44%	130.55%	-36.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.12%	130.55%	-48.43%

YANG vs. DLLL - Expense Ratio Comparison

YANG has a 1.07% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

YANG vs. DLLL - Dividend Comparison

YANG's dividend yield for the trailing twelve months is around 3.45%, while DLLL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DLLL GraniteShares 2x Long DELL Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
YANG Direxion Daily China 3x Bear Shares	3.45%	4.03%	9.42%	3.66%	0.00%	0.00%	0.67%	1.54%	0.56%

Frequently Asked Questions

Can I hold both YANG and DLLL in my portfolio?

YANG and DLLL have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YANG or DLLL?

DLLL has higher volatility (69.39%) compared to YANG (21.22%). In terms of maximum drawdown, YANG dropped -99.98% vs DLLL's -68.58%.

Which ETF is better, YANG or DLLL?

On 1-year performance, DLLL leads with 850.63% vs -12.94% for YANG. On fees, YANG is cheaper at 1.07% per year. On volatility, YANG has been the lower-risk option at 21.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YANG or DLLL?

Over the 1-year period, DLLL has performed better with a 850.63% return vs -12.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YANG or DLLL?

YANG is cheaper with a 1.07% expense ratio, compared with 1.50% for DLLL.

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

YANG has the higher dividend yield at 3.45%, compared with 0.00% for DLLL.

What is the main difference between YANG and DLLL?

YANG tracks FTSE China 50 Index (-300%), while DLLL tracks Dell Technologies Inc. (DELL). They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.07% for YANG and 1.50% for DLLL.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (6.65 vs -0.22), 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.