YANG vs. EDZ
YANG (Direxion Daily China 3x Bear Shares) and EDZ (Direxion Daily Emerging Markets Bear 3X Shares) are both exchange-traded funds - YANG is a China Equities fund tracking the FTSE China 50 Index (-300%), while EDZ is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (-300%). Both are passively managed. Over the past 10 years, YANG returned -38.18%/yr vs -34.27%/yr for EDZ. Their correlation of 0.83 means they have usually moved in the same direction. YANG charges 1.07%/yr vs 1.08%/yr for EDZ.
Performance
YANG vs. EDZ - Performance Comparison
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Returns By Period
In the year-to-date period, YANG achieves a 5.40% return, which is significantly higher than EDZ's -51.36% return. Over the past 10 years, YANG has underperformed EDZ with an annualized return of -38.18%, while EDZ has yielded a comparatively higher -34.27% annualized return.
YANG
- 1D
- -0.08%
- 1M
- -34.03%
- 6M
- 19.25%
- YTD
- 5.40%
- 1Y
- -11.44%
- 3Y*
- -43.40%
- 5Y*
- -39.47%
- 10Y*
- -38.18%
- ALL TIME*
- -38.42%
EDZ
- 1D
- -2.59%
- 1M
- 4.19%
- 6M
- -38.26%
- YTD
- -51.36%
- 1Y
- -67.69%
- 3Y*
- -43.25%
- 5Y*
- -26.30%
- 10Y*
- -34.27%
- ALL TIME*
- -40.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.00M | $3.72M | $4.38M | |
| $20.61M | $22.59M | $28.35M |
YANG vs. EDZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 5.40% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
EDZ Direxion Daily Emerging Markets Bear 3X Shares | -51.36% | -59.30% | -12.71% | -20.28% | 49.27% | -8.69% | -68.79% | -43.01% | 32.87% | -64.12% |
Correlation
The correlation between YANG and EDZ is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.83 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2009 | 0.83 |
Over the past year, the correlation between YANG and EDZ has dropped to 0.59 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.
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Return for Risk
YANG vs. EDZ — Risk / Return Rank
YANG
EDZ
YANG vs. EDZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and Direxion Daily Emerging Markets Bear 3X Shares (EDZ). 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 | EDZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.81 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | -0.89 | +0.70 |
| Martin ratioReturn relative to average drawdown | -0.37 | -1.41 | +1.04 |
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Drawdowns
YANG vs. EDZ - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, roughly equal to the maximum EDZ drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for YANG and EDZ.
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Drawdown Indicators
| YANG | EDZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -99.99% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -35.83% | -74.94% | +39.11% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -90.46% | -3.56% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -92.91% | -4.47% |
Max Drawdown (10Y)Largest decline over 10 years | -99.35% | -98.90% | -0.45% |
Current DrawdownCurrent decline from peak | -99.98% | -99.99% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -90.59% | -97.74% | +7.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.03% | 47.58% | -28.55% |
Volatility
YANG vs. EDZ - Volatility Comparison
The current volatility for Direxion Daily China 3x Bear Shares (YANG) is 15.88%, while Direxion Daily Emerging Markets Bear 3X Shares (EDZ) has a volatility of 27.48%. This indicates that YANG experiences smaller price fluctuations and is considered to be less risky than EDZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | EDZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.88% | 27.48% | -11.60% |
Volatility (6M)Calculated over the trailing 6-month period | 43.30% | 66.43% | -23.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.16% | 72.99% | -12.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 93.73% | 59.75% | +33.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.91% | 61.90% | +20.01% |
YANG vs. EDZ - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is lower than EDZ's 1.08% expense ratio.
Dividends
YANG vs. EDZ - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 3.50%, less than EDZ's 6.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EDZ Direxion Daily Emerging Markets Bear 3X Shares | 6.88% | 6.58% | 4.87% | 4.34% | 0.00% | 0.00% | 0.82% | 1.67% | 0.68% |
YANG Direxion Daily China 3x Bear Shares | 3.50% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% |
Frequently Asked Questions
YANG and EDZ have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EDZ has higher volatility (27.48%) compared to YANG (15.88%). In terms of maximum drawdown, YANG dropped -99.98% vs EDZ's -99.99%.
On 10-year performance, EDZ leads with -34.27% vs -38.18% for YANG. On fees, YANG is cheaper at 1.07% per year. On volatility, YANG has been the lower-risk option at 15.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EDZ has performed better with a -34.27% return vs -38.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YANG is cheaper with a 1.07% expense ratio, compared with 1.08% for EDZ.
EDZ has the higher dividend yield at 6.88%, compared with 3.50% for YANG.
YANG is categorized as China Equities, while EDZ is Leveraged Equities. YANG tracks FTSE China 50 Index (-300%), while EDZ tracks MSCI Emerging Markets Index (-300%). Their fees differ too: 1.07% for YANG and 1.08% for EDZ.
YANG currently has the higher Sharpe Ratio (-0.12 vs -0.92), 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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