YANG vs. EDZ
YANG (Direxion Daily China 3x Bear Shares) and EDZ (Direxion Daily Emerging Markets Bear 3X Shares) are both Leveraged Equities funds from Direxion - YANG tracks the FTSE China 50 Index (-300%) while EDZ tracks the MSCI Emerging Markets Index (-300%). Both are passively managed. Over the past 10 years, YANG returned -39.14%/yr vs -37.06%/yr for EDZ. Their correlation of 0.84 suggests significant overlap in exposure. 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 11.12% return, which is significantly higher than EDZ's -59.22% return. Over the past 10 years, YANG has underperformed EDZ with an annualized return of -39.14%, while EDZ has yielded a comparatively higher -37.06% annualized return.
YANG
- 1D
- -8.70%
- 1M
- 2.29%
- YTD
- 11.12%
- 6M
- 18.25%
- 1Y
- -21.07%
- 3Y*
- -48.12%
- 5Y*
- -35.00%
- 10Y*
- -39.14%
EDZ
- 1D
- -3.22%
- 1M
- -28.02%
- YTD
- -59.22%
- 6M
- -61.62%
- 1Y
- -77.08%
- 3Y*
- -49.18%
- 5Y*
- -26.22%
- 10Y*
- -37.06%
YANG vs. EDZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 11.12% | -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 | -59.22% | -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 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2009 | 0.84 |
The correlation between YANG and EDZ shifts across timeframes, from 0.69 (1 year) to 0.84 (10 years), reflecting how their relationship changes across market environments.
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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.
| YANG | EDZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.36 | -1.30 | +0.94 |
Sortino ratioReturn per unit of downside risk | -0.16 | -2.84 | +2.68 |
Omega ratioGain probability vs. loss probability | 0.98 | 0.68 | +0.30 |
Calmar ratioReturn relative to maximum drawdown | -0.56 | -1.00 | +0.45 |
Martin ratioReturn relative to average drawdown | -0.83 | -1.67 | +0.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| YANG | EDZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.36 | -1.30 | +0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | -0.46 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.61 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | -0.61 | +0.12 |
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 | -40.39% | -76.94% | +36.55% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -89.69% | -4.33% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -92.33% | -5.05% |
Max Drawdown (10Y)Largest decline over 10 years | -99.53% | -99.11% | -0.42% |
Current DrawdownCurrent decline from peak | -99.98% | -99.99% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -90.52% | -97.73% | +7.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.39% | 46.23% | -17.84% |
Volatility
YANG vs. EDZ - Volatility Comparison
The current volatility for Direxion Daily China 3x Bear Shares (YANG) is 20.36%, while Direxion Daily Emerging Markets Bear 3X Shares (EDZ) has a volatility of 25.20%. 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 | 20.36% | 25.20% | -4.84% |
Volatility (6M)Calculated over the trailing 6-month period | 42.19% | 51.61% | -9.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.54% | 59.24% | -0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.43% | 56.98% | +37.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.11% | 60.97% | +21.14% |
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 3.67%, less than EDZ's 10.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EDZ Direxion Daily Emerging Markets Bear 3X Shares | 10.83% | 6.58% | 4.87% | 4.34% | 0.00% | 0.00% | 0.82% | 1.67% | 0.68% |
YANG Direxion Daily China 3x Bear Shares | 3.67% | 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 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EDZ has higher volatility (25.20%) compared to YANG (20.36%). In terms of maximum drawdown, YANG dropped -99.98% vs EDZ's -99.99%.
On 10-year performance, EDZ leads with -37.06% vs -39.14% for YANG. On fees, YANG is cheaper at 1.07% per year. On volatility, YANG has been the lower-risk option at 20.36%. 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 -37.06% return vs -39.14%. 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 10.83%, compared with 3.67% for YANG.
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 (-0.36 vs -1.30), 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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