YANG vs. FXP
YANG (Direxion Daily China 3x Bear Shares) and FXP (ProShares UltraShort FTSE China 50) are both China 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 -38.18%/yr vs -22.63%/yr for FXP. Their 0.97 correlation means they have historically moved very closely together. YANG charges 1.07%/yr vs 0.95%/yr for FXP.
Performance
YANG vs. FXP - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with YANG having a 5.40% return and FXP slightly lower at 5.19%. Over the past 10 years, YANG has underperformed FXP with an annualized return of -38.18%, while FXP has yielded a comparatively higher -22.63% annualized return.
YANG
- 1D
- -0.08%
- 1M
- -34.03%
- 6M
- 19.25%
- YTD
- 5.40%
- 1Y
- -11.44%
- 3Y*
- -43.40%
- 5Y*
- -39.47%
- 10Y*
- -38.18%
- ALL TIME*
- -38.42%
FXP
- 1D
- -0.50%
- 1M
- -24.68%
- 6M
- 13.80%
- YTD
- 5.19%
- 1Y
- -5.35%
- 3Y*
- -27.39%
- 5Y*
- -21.54%
- 10Y*
- -22.63%
- ALL TIME*
- -28.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $93.29K | $87.96K | $94.48K | |
| $20.61M | $22.59M | $28.35M |
YANG vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 5.40% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
FXP ProShares UltraShort FTSE China 50 | 5.19% | -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 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.03 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | -0.08 | -0.11 |
| Martin ratioReturn relative to average drawdown | -0.37 | -0.17 | -0.20 |
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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 | -35.83% | -25.65% | -10.18% |
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 | -99.35% | -93.56% | -5.79% |
Current DrawdownCurrent decline from peak | -99.98% | -99.92% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -90.59% | -94.18% | +3.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.03% | 12.70% | +6.33% |
Volatility
YANG vs. FXP - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 15.88% compared to ProShares UltraShort FTSE China 50 (FXP) at 11.52%. 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 | 15.88% | 11.52% | +4.36% |
Volatility (6M)Calculated over the trailing 6-month period | 43.30% | 29.92% | +13.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.16% | 40.77% | +19.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 93.73% | 62.72% | +31.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.91% | 54.80% | +27.11% |
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 3.50%, more than FXP's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.42% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
YANG Direxion Daily China 3x Bear Shares | 3.50% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% |
Frequently Asked Questions
With a correlation of 0.98, 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 (15.88%) compared to FXP (11.52%). In terms of maximum drawdown, YANG dropped -99.98% vs FXP's -99.94%.
On 10-year performance, FXP leads with -22.63% vs -38.18% for YANG. On fees, FXP is cheaper at 0.95% per year. On volatility, FXP has been the lower-risk option at 11.52%. 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 -22.63% return vs -38.18%. 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.
YANG has the higher dividend yield at 3.50%, compared with 3.42% for FXP.
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 (-0.05 vs -0.12), 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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