YANG vs. KOLD
YANG (Direxion Daily China 3x Bear Shares) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both exchange-traded funds - YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%), while KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, YANG returned -37.83%/yr vs -24.75%/yr for KOLD. At a 0.01 correlation, their price movements are largely independent. YANG charges 1.07%/yr vs 0.95%/yr for KOLD.
Performance
YANG vs. KOLD - 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 KOLD's -34.28% return. Over the past 10 years, YANG has underperformed KOLD with an annualized return of -37.83%, while KOLD has yielded a comparatively higher -24.75% annualized 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%
KOLD
- 1D
- 4.60%
- 1M
- -10.33%
- YTD
- -34.28%
- 6M
- -29.48%
- 1Y
- 4.46%
- 3Y*
- -5.14%
- 5Y*
- -37.54%
- 10Y*
- -24.75%
YANG vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 45.69% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.28% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
Correlation
The correlation between YANG and KOLD is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.01 |
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Return for Risk
YANG vs. KOLD — Risk / Return Rank
YANG
KOLD
YANG vs. KOLD - 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 Bloomberg Natural Gas (KOLD). 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 | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.12 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | 0.06 | +0.37 |
| Martin ratioReturn relative to average drawdown | 0.72 | 0.12 | +0.60 |
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Drawdowns
YANG vs. KOLD - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, roughly equal to the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for YANG and KOLD.
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Drawdown Indicators
| YANG | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -99.45% | -0.53% |
Max Drawdown (1Y)Largest decline over 1 year | -35.33% | -72.50% | +37.17% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -84.34% | -9.68% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -97.96% | +0.58% |
Max Drawdown (10Y)Largest decline over 10 years | -99.53% | -99.45% | -0.08% |
Current DrawdownCurrent decline from peak | -99.97% | -97.31% | -2.66% |
Average DrawdownAverage peak-to-trough decline | -90.53% | -69.57% | -20.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.47% | 37.96% | -16.49% |
Volatility
YANG vs. KOLD - Volatility Comparison
The current volatility for Direxion Daily China 3x Bear Shares (YANG) is 17.73%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 24.20%. This indicates that YANG experiences smaller price fluctuations and is considered to be less risky than KOLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.73% | 24.20% | -6.47% |
Volatility (6M)Calculated over the trailing 6-month period | 43.44% | 96.27% | -52.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.03% | 113.34% | -54.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.55% | 118.84% | -24.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.91% | 101.82% | -19.91% |
YANG vs. KOLD - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than KOLD's 0.95% expense ratio.
Dividends
YANG vs. KOLD - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 2.80%, while KOLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% | 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 KOLD have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (24.20%) compared to YANG (17.73%). In terms of maximum drawdown, YANG dropped -99.98% vs KOLD's -99.45%.
On 10-year performance, KOLD leads with -24.75% vs -37.83% for YANG. On fees, KOLD is cheaper at 0.95% per year. On volatility, YANG has been the lower-risk option at 17.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KOLD has performed better with a -24.75% return vs -37.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD is cheaper with a 0.95% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 2.80%, compared with 0.00% for KOLD.
YANG is categorized as Leveraged Equities, while KOLD is Oil & Gas. YANG tracks FTSE China 50 Index (-300%), while KOLD tracks Bloomberg Natural Gas Subindex. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for YANG and 0.95% for KOLD.
YANG currently has the higher Sharpe Ratio (0.26 vs 0.04), 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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