YANG vs. FXP
YANG (Direxion Daily China 3x Bear Shares) and FXP (ProShares UltraShort FTSE China 50) are both Leveraged Equities funds - YANG tracks the FTSE China 50 Index (-300%) while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 10 years, YANG returned -37.83%/yr vs -22.28%/yr for FXP. With a 0.97 correlation, they move nearly in lockstep. YANG charges 1.07%/yr vs 0.95%/yr for FXP.
Performance
YANG vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, YANG achieves a 45.69% return, which is significantly higher than FXP's 30.56% return. Over the past 10 years, YANG has underperformed FXP with an annualized return of -37.83%, while FXP has yielded a comparatively higher -22.28% annualized return.
YANG
- 1D
- 4.97%
- 1M
- 21.92%
- YTD
- 45.69%
- 6M
- 48.59%
- 1Y
- 15.02%
- 3Y*
- -43.76%
- 5Y*
- -31.21%
- 10Y*
- -37.83%
FXP
- 1D
- 4.04%
- 1M
- 14.69%
- YTD
- 30.56%
- 6M
- 32.48%
- 1Y
- 12.48%
- 3Y*
- -27.51%
- 5Y*
- -14.41%
- 10Y*
- -22.28%
YANG vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 45.69% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
FXP ProShares UltraShort FTSE China 50 | 30.56% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
Correlation
The correlation between YANG and FXP is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
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 FXP has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.
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Return for Risk
YANG vs. FXP — Risk / Return Rank
YANG
FXP
YANG vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and ProShares UltraShort FTSE China 50 (FXP). 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 | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.09 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | 0.51 | -0.08 |
| Martin ratioReturn relative to average drawdown | 0.72 | 0.89 | -0.17 |
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Drawdowns
YANG vs. FXP - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, roughly equal to the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for YANG and FXP.
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Drawdown Indicators
| YANG | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -99.94% | -0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -35.33% | -24.73% | -10.60% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -82.34% | -11.68% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -87.85% | -9.53% |
Max Drawdown (10Y)Largest decline over 10 years | -99.53% | -94.71% | -4.82% |
Current DrawdownCurrent decline from peak | -99.97% | -99.91% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -90.53% | -94.15% | +3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.47% | 14.56% | +6.91% |
Volatility
YANG vs. FXP - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 17.73% compared to ProShares UltraShort FTSE China 50 (FXP) at 12.22%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than FXP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.73% | 12.22% | +5.51% |
Volatility (6M)Calculated over the trailing 6-month period | 43.44% | 29.48% | +13.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.03% | 39.65% | +19.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.55% | 63.21% | +31.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.91% | 54.78% | +27.13% |
YANG vs. FXP - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than FXP's 0.95% expense ratio.
Dividends
YANG vs. FXP - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 2.80%, less than FXP's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.58% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
YANG Direxion Daily China 3x Bear Shares | 2.80% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% |
Frequently Asked Questions
With a correlation of 0.99, YANG and FXP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
YANG has higher volatility (17.73%) compared to FXP (12.22%). In terms of maximum drawdown, YANG dropped -99.98% vs FXP's -99.94%.
On 10-year performance, FXP leads with -22.28% vs -37.83% for YANG. On fees, FXP is cheaper at 0.95% per year. On volatility, FXP has been the lower-risk option at 12.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXP has performed better with a -22.28% return vs -37.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXP is cheaper with a 0.95% expense ratio, compared with 1.07% for YANG.
FXP has the higher dividend yield at 3.58%, compared with 2.80% for YANG.
YANG tracks FTSE China 50 Index (-300%), while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for YANG and 0.95% for FXP.
FXP currently has the higher Sharpe Ratio (0.32 vs 0.26), 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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