YANG vs. KLIP
YANG (Direxion Daily China 3x Bear Shares) and KLIP (KraneShares China Internet and Covered Call Strategy ETF) are both exchange-traded funds - YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%), while KLIP is a Options Trading fund managed by CICC. Over the past 3 years, YANG returned -43.76%/yr vs 5.41%/yr for KLIP. At a correlation of -0.85, they often move in opposite directions. YANG charges 1.07%/yr vs 0.95%/yr for KLIP.
Performance
YANG vs. KLIP - 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 KLIP's -14.26% 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%
KLIP
- 1D
- -1.86%
- 1M
- -5.74%
- YTD
- -14.26%
- 6M
- -15.76%
- 1Y
- -8.35%
- 3Y*
- 5.41%
- 5Y*
- —
- 10Y*
- —
YANG vs. KLIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 45.69% | -62.77% | -71.41% | 65.56% |
KLIP KraneShares China Internet and Covered Call Strategy ETF | -14.26% | 16.92% | 3.37% | 11.11% |
Correlation
The correlation between YANG and KLIP is -0.81, 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 | -0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023 | -0.85 |
The correlation between YANG and KLIP has been stable across timeframes, ranging from -0.85 to -0.81 - a consistent structural relationship.
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Return for Risk
YANG vs. KLIP — Risk / Return Rank
YANG
KLIP
YANG vs. KLIP - 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 Internet and Covered Call Strategy ETF (KLIP). 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 | KLIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.92 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | -0.44 | +0.86 |
| Martin ratioReturn relative to average drawdown | 0.72 | -1.10 | +1.82 |
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Drawdowns
YANG vs. KLIP - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, which is greater than KLIP's maximum drawdown of -19.18%. Use the drawdown chart below to compare losses from any high point for YANG and KLIP.
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Drawdown Indicators
| YANG | KLIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -19.18% | -80.80% |
Max Drawdown (1Y)Largest decline over 1 year | -35.33% | -19.18% | -16.15% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -19.18% | -74.84% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.53% | — | — |
Current DrawdownCurrent decline from peak | -99.97% | -19.18% | -80.79% |
Average DrawdownAverage peak-to-trough decline | -90.53% | -3.96% | -86.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.47% | 7.58% | +13.89% |
Volatility
YANG vs. KLIP - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 17.73% compared to KraneShares China Internet and Covered Call Strategy ETF (KLIP) at 5.89%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than KLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | KLIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.73% | 5.89% | +11.84% |
Volatility (6M)Calculated over the trailing 6-month period | 43.44% | 13.18% | +30.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.03% | 16.19% | +42.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.55% | 18.12% | +76.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.91% | 18.12% | +63.79% |
YANG vs. KLIP - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than KLIP's 0.95% expense ratio.
Dividends
YANG vs. KLIP - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 2.80%, less than KLIP's 30.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KLIP KraneShares China Internet and Covered Call Strategy ETF | 30.25% | 25.14% | 54.26% | 61.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
YANG and KLIP have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (17.73%) compared to KLIP (5.89%). In terms of maximum drawdown, YANG dropped -99.98% vs KLIP's -19.18%.
On 3-year performance, KLIP leads with 5.41% vs -43.76% for YANG. On fees, KLIP is cheaper at 0.95% per year. On volatility, KLIP has been the lower-risk option at 5.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, KLIP has performed better with a 5.41% return vs -43.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KLIP is cheaper with a 0.95% expense ratio, compared with 1.07% for YANG.
KLIP has the higher dividend yield at 30.25%, compared with 2.80% for YANG.
YANG is categorized as Leveraged Equities, while KLIP is Options Trading. They also come from different issuers: Direxion and CICC. Their fees differ too: 1.07% for YANG and 0.95% for KLIP.
YANG currently has the higher Sharpe Ratio (0.26 vs -0.52), 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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