YANG vs. GXC
YANG (Direxion Daily China 3x Bear Shares) and GXC (SPDR S&P China ETF) are both China Equities funds - YANG tracks the FTSE China 50 Index (-300%) while GXC tracks the S&P China BMI Index. Both are passively managed. Over the past 10 years, YANG returned -36.97%/yr vs 4.28%/yr for GXC. At a correlation of -0.94, they often move in opposite directions. YANG charges 1.07%/yr vs 0.59%/yr for GXC.
Performance
YANG vs. GXC - 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 GXC's -8.87% return. Over the past 10 years, YANG has underperformed GXC with an annualized return of -36.97%, while GXC has yielded a comparatively higher 4.28% 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%
GXC
- 1D
- -2.25%
- 1M
- -1.88%
- 6M
- -13.29%
- YTD
- -8.87%
- 1Y
- -1.19%
- 3Y*
- 8.44%
- 5Y*
- -4.58%
- 10Y*
- 4.28%
YANG vs. GXC - 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% |
GXC SPDR S&P China ETF | -8.87% | 30.84% | 14.60% | -9.93% | -22.12% | -19.70% | 28.31% | 23.07% | -19.39% | 51.66% |
Correlation
The correlation between YANG and GXC is -0.92, 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 | -0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2009 | -0.94 |
The correlation between YANG and GXC has been stable across timeframes, ranging from -0.96 to -0.92 - a consistent structural relationship.
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Return for Risk
YANG vs. GXC — Risk / Return Rank
YANG
GXC
YANG vs. GXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and SPDR S&P China ETF (GXC). 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 | GXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.01 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | -0.07 | +0.57 |
| Martin ratioReturn relative to average drawdown | 0.88 | -0.15 | +1.03 |
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Drawdowns
YANG vs. GXC - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, which is greater than GXC's maximum drawdown of -71.96%. Use the drawdown chart below to compare losses from any high point for YANG and GXC.
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Drawdown Indicators
| YANG | GXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -71.96% | -28.02% |
Max Drawdown (1Y)Largest decline over 1 year | -31.88% | -17.77% | -14.11% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -25.54% | -68.48% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -50.93% | -46.45% |
Max Drawdown (10Y)Largest decline over 10 years | -99.37% | -60.23% | -39.14% |
Current DrawdownCurrent decline from peak | -99.97% | -35.60% | -64.37% |
Average DrawdownAverage peak-to-trough decline | -90.57% | -28.85% | -61.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.17% | 8.02% | +10.15% |
Volatility
YANG vs. GXC - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 18.72% compared to SPDR S&P China ETF (GXC) at 5.74%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than GXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | GXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.72% | 5.74% | +12.98% |
Volatility (6M)Calculated over the trailing 6-month period | 42.40% | 13.88% | +28.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.41% | 19.34% | +40.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.41% | 28.99% | +65.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.86% | 26.05% | +55.81% |
YANG vs. GXC - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than GXC's 0.59% expense ratio.
Dividends
YANG vs. GXC - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 2.84%, more than GXC's 2.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GXC SPDR S&P China ETF | 2.27% | 2.40% | 2.81% | 3.70% | 2.67% | 1.35% | 1.04% | 1.60% | 2.03% | 1.84% | 2.05% | 2.85% |
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 GXC have a correlation of -0.92, 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 GXC (5.74%). In terms of maximum drawdown, YANG dropped -99.98% vs GXC's -71.96%.
On 10-year performance, GXC leads with 4.28% vs -36.97% for YANG. On fees, GXC is cheaper at 0.59% per year. On volatility, GXC has been the lower-risk option at 5.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GXC has performed better with a 4.28% return vs -36.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GXC is cheaper with a 0.59% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 2.84%, compared with 2.27% for GXC.
YANG tracks FTSE China 50 Index (-300%), while GXC tracks S&P China BMI Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.07% for YANG and 0.59% for GXC.
YANG currently has the higher Sharpe Ratio (0.27 vs -0.06), 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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