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 -39.14%/yr vs -23.39%/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 11.12% return, which is significantly higher than FXP's 8.59% return. Over the past 10 years, YANG has underperformed FXP with an annualized return of -39.14%, while FXP has yielded a comparatively higher -23.39% annualized return.
YANG
- 1D
- -8.70%
- 1M
- 2.29%
- YTD
- 11.12%
- 6M
- 18.25%
- 1Y
- -21.07%
- 3Y*
- -48.12%
- 5Y*
- -35.00%
- 10Y*
- -39.14%
FXP
- 1D
- -5.83%
- 1M
- 2.41%
- YTD
- 8.59%
- 6M
- 13.43%
- 1Y
- -12.53%
- 3Y*
- -31.27%
- 5Y*
- -17.61%
- 10Y*
- -23.39%
YANG vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 11.12% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
FXP ProShares UltraShort FTSE China 50 | 8.59% | -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 4, 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.
| YANG | FXP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.36 | -0.32 | -0.04 |
Sortino ratioReturn per unit of downside risk | -0.16 | -0.21 | +0.05 |
Omega ratioGain probability vs. loss probability | 0.98 | 0.98 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | -0.56 | -0.48 | -0.08 |
Martin ratioReturn relative to average drawdown | -0.83 | -0.75 | -0.08 |
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 | FXP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.36 | -0.32 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | -0.28 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.43 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | -0.44 | -0.05 |
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 | -40.39% | -28.62% | -11.77% |
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 | -99.98% | -99.92% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -90.52% | -94.15% | +3.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.39% | 19.27% | +9.12% |
Volatility
YANG vs. FXP - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 20.36% compared to ProShares UltraShort FTSE China 50 (FXP) at 14.45%. 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 | 20.36% | 14.45% | +5.91% |
Volatility (6M)Calculated over the trailing 6-month period | 42.19% | 28.53% | +13.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.54% | 39.08% | +19.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.43% | 63.11% | +31.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.11% | 54.90% | +27.21% |
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 3.67%, less than FXP's 4.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 4.31% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
YANG Direxion Daily China 3x Bear Shares | 3.67% | 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 (20.36%) compared to FXP (14.45%). In terms of maximum drawdown, YANG dropped -99.98% vs FXP's -99.94%.
On 10-year performance, FXP leads with -23.39% vs -39.14% for YANG. On fees, FXP is cheaper at 0.95% per year. On volatility, FXP has been the lower-risk option at 14.45%. 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 -23.39% return vs -39.14%. 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 4.31%, compared with 3.67% 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 -0.36), 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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