YANG vs. KOLD
Compare and contrast key facts about Direxion Daily China 3x Bear Shares (YANG) and ProShares UltraShort Bloomberg Natural Gas (KOLD).
YANG and KOLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. YANG is a passively managed fund by Direxion that tracks the performance of the FTSE China 50 Index (-300%). It was launched on Dec 3, 2009. KOLD is a passively managed fund by ProShares that tracks the performance of the Bloomberg Natural Gas Subindex (TR) (200%). It was launched on Oct 4, 2011. Both YANG and KOLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
YANG vs. KOLD - Performance Comparison
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YANG vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 20.02% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -35.24% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
Returns By Period
In the year-to-date period, YANG achieves a 20.02% return, which is significantly higher than KOLD's -35.24% return. Over the past 10 years, YANG has underperformed KOLD with an annualized return of -39.11%, while KOLD has yielded a comparatively higher -28.67% annualized return.
YANG
- 1D
- 2.68%
- 1M
- 9.80%
- YTD
- 20.02%
- 6M
- 44.40%
- 1Y
- -22.06%
- 3Y*
- -43.56%
- 5Y*
- -33.55%
- 10Y*
- -39.11%
KOLD
- 1D
- 5.20%
- 1M
- 6.13%
- YTD
- -35.24%
- 6M
- -28.13%
- 1Y
- 7.53%
- 3Y*
- -14.24%
- 5Y*
- -43.16%
- 10Y*
- -28.67%
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YANG vs. KOLD - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than KOLD's 0.95% expense ratio.
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.
| YANG | KOLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.31 | 0.06 | -0.37 |
Sortino ratioReturn per unit of downside risk | 0.01 | 0.98 | -0.97 |
Omega ratioGain probability vs. loss probability | 1.00 | 1.13 | -0.13 |
Calmar ratioReturn relative to maximum drawdown | -0.32 | 0.23 | -0.55 |
Martin ratioReturn relative to average drawdown | -0.38 | 0.53 | -0.91 |
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 | KOLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.31 | 0.06 | -0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | -0.37 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.28 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | -0.14 | -0.35 |
Correlation
The correlation between YANG and KOLD is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
YANG vs. KOLD - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 3.40%, while KOLD has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 3.40% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% |
KOLD ProShares UltraShort Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 | -68.02% | -72.50% | +4.48% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -98.91% | +1.53% |
Max Drawdown (10Y)Largest decline over 10 years | -99.60% | -99.45% | -0.15% |
Current DrawdownCurrent decline from peak | -99.97% | -97.35% | -2.62% |
Average DrawdownAverage peak-to-trough decline | -90.42% | -69.16% | -21.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 57.00% | 31.34% | +25.66% |
Volatility
YANG vs. KOLD - Volatility Comparison
The current volatility for Direxion Daily China 3x Bear Shares (YANG) is 19.60%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 29.15%. 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 | 19.60% | 29.15% | -9.55% |
Volatility (6M)Calculated over the trailing 6-month period | 43.29% | 101.32% | -58.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.59% | 120.69% | -49.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.39% | 118.51% | -24.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.22% | 101.90% | -19.68% |