YANG vs. FNGD
YANG (Direxion Daily China 3x Bear Shares) and FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) are both Leveraged Equities funds - YANG tracks the FTSE China 50 Index (-300%) while FNGD tracks the NYSE FANG+ Index (-300%). Both are passively managed. Over the past 5 years, YANG returned -33.76%/yr vs -65.57%/yr for FNGD. A 0.51 correlation means they provide meaningful diversification when combined. YANG charges 1.07%/yr vs 0.95%/yr for FNGD.
Performance
YANG vs. FNGD - Performance Comparison
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Returns By Period
In the year-to-date period, YANG achieves a 18.42% return, which is significantly higher than FNGD's -41.82% 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%
FNGD
- 1D
- 3.34%
- 1M
- -28.48%
- YTD
- -41.82%
- 6M
- -33.35%
- 1Y
- -60.64%
- 3Y*
- -69.29%
- 5Y*
- -65.57%
- 10Y*
- —
YANG vs. FNGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 18.42% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 74.27% |
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -41.82% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | -13.73% |
Correlation
The correlation between YANG and FNGD is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2018 | 0.51 |
The correlation between YANG and FNGD shifts across timeframes, from 0.30 (3 years) to 0.51 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
YANG vs. FNGD — Risk / Return Rank
YANG
FNGD
YANG vs. FNGD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD). 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 | FNGD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +1.83 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.81 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | -0.92 | +0.59 |
| Martin ratioReturn relative to average drawdown | -0.53 | -1.84 | +1.31 |
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 | FNGD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.22 | -1.04 | +0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | -0.74 | +0.38 |
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 | -0.78 | +0.29 |
Drawdowns
YANG vs. FNGD - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, roughly equal to the maximum FNGD drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for YANG and FNGD.
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Drawdown Indicators
| YANG | FNGD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -100.00% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -38.85% | -65.92% | +27.07% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -97.37% | +3.35% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -99.67% | +2.29% |
Max Drawdown (10Y)Largest decline over 10 years | -99.53% | — | — |
Current DrawdownCurrent decline from peak | -99.97% | -100.00% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -90.52% | -87.25% | -3.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.12% | 32.99% | -6.87% |
Volatility
YANG vs. FNGD - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 21.22% compared to MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) at 17.47%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than FNGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | FNGD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.22% | 17.47% | +3.75% |
Volatility (6M)Calculated over the trailing 6-month period | 42.63% | 45.91% | -3.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.83% | 58.70% | +0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.44% | 88.78% | +5.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.12% | 91.00% | -8.88% |
YANG vs. FNGD - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than FNGD's 0.95% expense ratio.
Dividends
YANG vs. FNGD - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 3.45%, while FNGD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | 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
YANG and FNGD have a correlation of 0.32, 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 FNGD (17.47%). In terms of maximum drawdown, YANG dropped -99.98% vs FNGD's -100.00%.
On 5-year performance, YANG leads with -33.76% vs -65.57% for FNGD. On fees, FNGD is cheaper at 0.95% per year. On volatility, FNGD has been the lower-risk option at 17.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, YANG has performed better with a -33.76% return vs -65.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNGD is cheaper with a 0.95% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 3.45%, compared with 0.00% for FNGD.
YANG tracks FTSE China 50 Index (-300%), while FNGD tracks NYSE FANG+ Index (-300%). They also come from different issuers: Direxion and BMO. Their fees differ too: 1.07% for YANG and 0.95% for FNGD.
YANG currently has the higher Sharpe Ratio (-0.22 vs -1.04), 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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