YANG vs. FNDE
YANG (Direxion Daily China 3x Bear Shares) and FNDE (Schwab Fundamental Emerging Markets Large Company Index ETF) are both exchange-traded funds - YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%), while FNDE is a Emerging Markets Equities fund tracking the Russell Fundamental Emerging Markets Large Company Index. Both are passively managed. Over the past 10 years, YANG returned -38.45%/yr vs 11.11%/yr for FNDE. At a correlation of -0.77, they often move in opposite directions. YANG charges 1.07%/yr vs 0.39%/yr for FNDE.
Performance
YANG vs. FNDE - Performance Comparison
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Returns By Period
In the year-to-date period, YANG achieves a 19.18% return, which is significantly higher than FNDE's 15.11% return. Over the past 10 years, YANG has underperformed FNDE with an annualized return of -38.45%, while FNDE has yielded a comparatively higher 11.11% annualized return.
YANG
- 1D
- 0.64%
- 1M
- 6.83%
- YTD
- 19.18%
- 6M
- 25.26%
- 1Y
- -7.77%
- 3Y*
- -47.00%
- 5Y*
- -33.67%
- 10Y*
- -38.45%
FNDE
- 1D
- -0.38%
- 1M
- 1.39%
- YTD
- 15.11%
- 6M
- 15.70%
- 1Y
- 35.50%
- 3Y*
- 21.46%
- 5Y*
- 9.49%
- 10Y*
- 11.11%
YANG vs. FNDE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 19.18% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
FNDE Schwab Fundamental Emerging Markets Large Company Index ETF | 15.11% | 29.46% | 12.10% | 14.99% | -15.58% | 14.41% | -2.77% | 19.75% | -10.37% | 26.77% |
Correlation
The correlation between YANG and FNDE is -0.74, 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 | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.78 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2013 | -0.77 |
The correlation between YANG and FNDE has been stable across timeframes, ranging from -0.81 to -0.74 - a consistent structural relationship.
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Return for Risk
YANG vs. FNDE — Risk / Return Rank
YANG
FNDE
YANG vs. FNDE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE). 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 | FNDE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.95 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.43 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 3.49 | -3.69 |
| Martin ratioReturn relative to average drawdown | -0.32 | 13.19 | -13.51 |
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 | FNDE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.13 | 2.38 | -2.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | 0.56 | -0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.47 | 0.58 | -1.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | 0.37 | -0.86 |
Drawdowns
YANG vs. FNDE - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, which is greater than FNDE's maximum drawdown of -43.55%. Use the drawdown chart below to compare losses from any high point for YANG and FNDE.
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Drawdown Indicators
| YANG | FNDE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -43.55% | -56.43% |
Max Drawdown (1Y)Largest decline over 1 year | -38.85% | -10.23% | -28.62% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -18.40% | -75.62% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -29.44% | -67.94% |
Max Drawdown (10Y)Largest decline over 10 years | -99.53% | -39.93% | -59.60% |
Current DrawdownCurrent decline from peak | -99.97% | -1.98% | -97.99% |
Average DrawdownAverage peak-to-trough decline | -90.52% | -11.71% | -78.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.39% | 2.70% | +21.69% |
Volatility
YANG vs. FNDE - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 21.22% compared to Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE) at 5.23%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than FNDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | FNDE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.22% | 5.23% | +15.99% |
Volatility (6M)Calculated over the trailing 6-month period | 42.61% | 12.31% | +30.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.74% | 15.00% | +43.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.43% | 16.91% | +77.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.10% | 19.30% | +62.80% |
YANG vs. FNDE - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than FNDE's 0.39% expense ratio.
Dividends
YANG vs. FNDE - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 3.43%, less than FNDE's 3.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNDE Schwab Fundamental Emerging Markets Large Company Index ETF | 3.64% | 4.19% | 4.82% | 4.74% | 5.59% | 4.32% | 2.50% | 3.47% | 2.98% | 2.05% | 1.65% | 2.02% |
YANG Direxion Daily China 3x Bear Shares | 3.43% | 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 FNDE have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (21.22%) compared to FNDE (5.23%). In terms of maximum drawdown, YANG dropped -99.98% vs FNDE's -43.55%.
On 10-year performance, FNDE leads with 11.11% vs -38.45% for YANG. On fees, FNDE is cheaper at 0.39% per year. On volatility, FNDE has been the lower-risk option at 5.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FNDE has performed better with a 11.11% return vs -38.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNDE is cheaper with a 0.39% expense ratio, compared with 1.07% for YANG.
FNDE has the higher dividend yield at 3.64%, compared with 3.43% for YANG.
YANG is categorized as Leveraged Equities, while FNDE is Emerging Markets Equities. YANG tracks FTSE China 50 Index (-300%), while FNDE tracks Russell Fundamental Emerging Markets Large Company Index. They also come from different issuers: Direxion and Charles Schwab. Their fees differ too: 1.07% for YANG and 0.39% for FNDE.
FNDE currently has the higher Sharpe Ratio (2.38 vs -0.13), 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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