YANG vs. KCAI

Last updated Jul 18, 2026

YANG (Direxion Daily China 3x Bear Shares) and KCAI (KraneShares China Alpha Index ETF) are both China Equities funds - YANG tracks the FTSE China 50 Index (-300%) while KCAI tracks the Qi China Alpha Index. Both are passively managed. Over the past year, YANG returned 16.00% vs 35.52% for KCAI. At a correlation of -0.59, they often move in opposite directions. YANG charges 1.07%/yr vs 0.79%/yr for KCAI.

Performance

YANG vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily China 3x Bear Shares (YANG) and KraneShares China Alpha Index ETF (KCAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YANG achieves a 29.74% return, which is significantly higher than KCAI's 3.43% 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%

KCAI

• 1D: -0.91%
• 1M: -2.96%
• 6M: 4.05%
• YTD: 3.43%
• 1Y: 35.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

YANG vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YANG Direxion Daily China 3x Bear Shares	29.74%	-62.77%	-55.94%
KCAI KraneShares China Alpha Index ETF	3.43%	53.29%	11.36%

Correlation

The correlation between YANG and KCAI is -0.53, 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	-0.53
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	-0.59

The correlation between YANG and KCAI has been stable across timeframes, ranging from -0.59 to -0.53 - a consistent structural relationship.

Return for Risk

YANG vs. KCAI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YANG

YANG Risk / Return Rank: 16
YANG Sharpe Ratio Rank: 14
YANG Sortino Ratio Rank: 18
YANG Omega Ratio Rank: 18
YANG Calmar Ratio Rank: 17
YANG Martin Ratio Rank: 15

KCAI

KCAI Risk / Return Rank: 93
KCAI Sharpe Ratio Rank: 93
KCAI Sortino Ratio Rank: 93
KCAI Omega Ratio Rank: 90
KCAI Calmar Ratio Rank: 95
KCAI Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

YANG vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and KraneShares China Alpha Index ETF (KCAI). 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	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	0.27	2.55	-2.28
Sortino ratio: Return per unit of downside risk	0.80	3.70	-2.90
Omega ratio: Gain probability vs. loss probability	1.10	1.45	-0.35
Calmar ratio: Return relative to maximum drawdown	0.50	6.05	-5.55
Martin ratio: Return relative to average drawdown	0.88	18.70	-17.82

YANG vs. KCAI - Sharpe Ratio Comparison

The current YANG Sharpe Ratio is 0.27, which is lower than the KCAI Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of YANG and KCAI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

YANG vs. KCAI - Drawdown Comparison

The maximum YANG drawdown since its inception was -99.98%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for YANG and KCAI.

Drawdown Indicators

	YANG	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-25.48%	-74.50%
Max Drawdown (1Y) Largest decline over 1 year	-31.88%	-5.90%	-25.98%
Max Drawdown (3Y) Largest decline over 3 years	-94.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-97.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.37%	—	—
Current Drawdown Current decline from peak	-99.97%	-5.19%	-94.78%
Average Drawdown Average peak-to-trough decline	-90.57%	-6.92%	-83.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.17%	1.90%	+16.27%

Volatility

YANG vs. KCAI - Volatility Comparison

Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 18.72% compared to KraneShares China Alpha Index ETF (KCAI) at 5.42%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than KCAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YANG	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.72%	5.42%	+13.30%
Volatility (6M) Calculated over the trailing 6-month period	42.40%	9.61%	+32.79%
Volatility (1Y) Calculated over the trailing 1-year period	59.41%	14.06%	+45.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.41%	20.92%	+73.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.86%	20.92%	+60.94%

YANG vs. KCAI - Expense Ratio Comparison

YANG has a 1.07% expense ratio, which is higher than KCAI's 0.79% expense ratio.

Dividends

YANG vs. KCAI - Dividend Comparison

YANG's dividend yield for the trailing twelve months is around 2.84%, less than KCAI's 34.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KCAI KraneShares China Alpha Index ETF	34.25%	35.42%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both YANG and KCAI in my portfolio?

YANG and KCAI have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YANG or KCAI?

YANG has higher volatility (18.72%) compared to KCAI (5.42%). In terms of maximum drawdown, YANG dropped -99.98% vs KCAI's -25.48%.

Which ETF is better, YANG or KCAI?

On 1-year performance, KCAI leads with 35.52% vs 16.00% for YANG. On fees, KCAI is cheaper at 0.79% per year. On volatility, KCAI has been the lower-risk option at 5.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YANG or KCAI?

Over the 1-year period, KCAI has performed better with a 35.52% return vs 16.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YANG or KCAI?

KCAI is cheaper with a 0.79% expense ratio, compared with 1.07% for YANG.

Which ETF pays a higher dividend yield, YANG or KCAI?

KCAI has the higher dividend yield at 34.25%, compared with 2.84% for YANG.

What is the main difference between YANG and KCAI?

YANG tracks FTSE China 50 Index (-300%), while KCAI tracks Qi China Alpha Index. They also come from different issuers: Direxion and KraneShares. Their fees differ too: 1.07% for YANG and 0.79% for KCAI.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.55 vs 0.27), 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.