YANG vs. FXI
YANG (Direxion Daily China 3x Bear Shares) and FXI (iShares China Large-Cap ETF) are both China Equities funds - YANG tracks the FTSE China 50 Index (-300%) while FXI tracks the FTSE China 50 Index. Both are passively managed. Over the past 10 years, YANG returned -36.97%/yr vs 2.16%/yr for FXI. At a correlation of -0.97, they often move in opposite directions. YANG charges 1.07%/yr vs 0.74%/yr for FXI.
Performance
YANG vs. FXI - Performance Comparison
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Returns By Period
In the year-to-date period, YANG achieves a 29.74% return, which is significantly higher than FXI's -10.19% return. Over the past 10 years, YANG has underperformed FXI with an annualized return of -36.97%, while FXI has yielded a comparatively higher 2.16% annualized return.
YANG
- 1D
- 3.41%
- 1M
- -4.71%
- 6M
- 42.31%
- YTD
- 29.74%
- 1Y
- 16.00%
- 3Y*
- -44.24%
- 5Y*
- -33.99%
- 10Y*
- -36.97%
FXI
- 1D
- -1.16%
- 1M
- 1.43%
- 6M
- -12.50%
- YTD
- -10.19%
- 1Y
- -7.53%
- 3Y*
- 10.19%
- 5Y*
- -2.86%
- 10Y*
- 2.16%
YANG vs. FXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 29.74% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
FXI iShares China Large-Cap ETF | -10.19% | 28.95% | 28.98% | -12.42% | -20.66% | -20.06% | 8.92% | 14.90% | -13.28% | 36.26% |
Correlation
The correlation between YANG and FXI is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2009 | -0.97 |
The correlation between YANG and FXI has been stable across timeframes, ranging from -1.00 to -0.97 - a consistent structural relationship.
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Return for Risk
YANG vs. FXI — Risk / Return Rank
YANG
FXI
YANG vs. FXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and iShares China Large-Cap ETF (FXI). 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 | FXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.95 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | -0.33 | +0.83 |
| Martin ratioReturn relative to average drawdown | 0.88 | -0.78 | +1.67 |
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Drawdowns
YANG vs. FXI - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, which is greater than FXI's maximum drawdown of -72.68%. Use the drawdown chart below to compare losses from any high point for YANG and FXI.
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Drawdown Indicators
| YANG | FXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -72.68% | -27.30% |
Max Drawdown (1Y)Largest decline over 1 year | -31.88% | -22.94% | -8.94% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -28.72% | -65.30% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -51.53% | -45.85% |
Max Drawdown (10Y)Largest decline over 10 years | -99.37% | -60.81% | -38.56% |
Current DrawdownCurrent decline from peak | -99.97% | -29.28% | -70.69% |
Average DrawdownAverage peak-to-trough decline | -90.57% | -31.22% | -59.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.17% | 9.64% | +8.53% |
Volatility
YANG vs. FXI - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 18.72% compared to iShares China Large-Cap ETF (FXI) at 6.21%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than FXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | FXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.72% | 6.21% | +12.51% |
Volatility (6M)Calculated over the trailing 6-month period | 42.40% | 14.33% | +28.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.41% | 20.07% | +39.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.41% | 31.66% | +62.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.86% | 27.58% | +54.28% |
YANG vs. FXI - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than FXI's 0.74% expense ratio.
Dividends
YANG vs. FXI - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 2.84%, more than FXI's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | 1.99% | 2.42% | 1.76% | 3.17% | 2.61% | 1.60% | 2.19% | 2.74% | 2.69% | 2.31% | 2.69% | 2.90% |
YANG Direxion Daily China 3x Bear Shares | 2.84% | 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 FXI have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (18.72%) compared to FXI (6.21%). In terms of maximum drawdown, YANG dropped -99.98% vs FXI's -72.68%.
On 10-year performance, FXI leads with 2.16% vs -36.97% for YANG. On fees, FXI is cheaper at 0.74% per year. On volatility, FXI has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXI has performed better with a 2.16% return vs -36.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXI is cheaper with a 0.74% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 2.84%, compared with 1.99% for FXI.
YANG tracks FTSE China 50 Index (-300%), while FXI tracks FTSE China 50 Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.07% for YANG and 0.74% for FXI.
YANG currently has the higher Sharpe Ratio (0.27 vs -0.38), 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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