YANG vs. FXI
YANG (Direxion Daily China 3x Bear Shares) and FXI (iShares China Large-Cap ETF) are both exchange-traded funds - YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%), while FXI is a China Equities fund tracking the FTSE China 25 Index. Both are passively managed. Over the past 10 years, YANG returned -38.75%/yr vs 2.96%/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 18.42% return, which is significantly higher than FXI's -7.18% return. Over the past 10 years, YANG has underperformed FXI with an annualized return of -38.75%, while FXI has yielded a comparatively higher 2.96% annualized 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%
FXI
- 1D
- -2.26%
- 1M
- -2.76%
- YTD
- -7.18%
- 6M
- -8.38%
- 1Y
- 2.05%
- 3Y*
- 11.73%
- 5Y*
- -3.18%
- 10Y*
- 2.96%
YANG vs. FXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 18.42% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
FXI iShares China Large-Cap ETF | -7.18% | 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 4, 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.
| YANG | FXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.03 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | 0.13 | -0.47 |
| Martin ratioReturn relative to average drawdown | -0.53 | 0.28 | -0.82 |
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 | FXI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.22 | 0.10 | -0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | -0.10 | -0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.47 | 0.11 | -0.58 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | 0.17 | -0.66 |
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 | -38.85% | -15.62% | -23.23% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -28.72% | -65.30% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -54.94% | -42.44% |
Max Drawdown (10Y)Largest decline over 10 years | -99.53% | -60.81% | -38.72% |
Current DrawdownCurrent decline from peak | -99.97% | -26.91% | -73.06% |
Average DrawdownAverage peak-to-trough decline | -90.52% | -31.22% | -59.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.12% | 7.22% | +18.90% |
Volatility
YANG vs. FXI - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 21.22% compared to iShares China Large-Cap ETF (FXI) at 7.13%. 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 | 21.22% | 7.13% | +14.09% |
Volatility (6M)Calculated over the trailing 6-month period | 42.63% | 14.35% | +28.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.83% | 19.93% | +38.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.44% | 31.68% | +62.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.12% | 27.67% | +54.45% |
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 3.45%, more than FXI's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | 2.60% | 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 | 3.45% | 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 (21.22%) compared to FXI (7.13%). In terms of maximum drawdown, YANG dropped -99.98% vs FXI's -72.68%.
On 10-year performance, FXI leads with 2.96% vs -38.75% for YANG. On fees, FXI is cheaper at 0.74% per year. On volatility, FXI has been the lower-risk option at 7.13%. 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 2.96% return vs -38.75%. 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 3.45%, compared with 2.60% for FXI.
YANG is categorized as Leveraged Equities, while FXI is China Equities. YANG tracks FTSE China 50 Index (-300%), while FXI tracks FTSE China 25 Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.07% for YANG and 0.74% for FXI.
FXI currently has the higher Sharpe Ratio (0.10 vs -0.22), 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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