YANG vs. KOLD

Last updated Jun 4, 2026

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 Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%). Both are passively managed. Over the past 10 years, YANG returned -38.75%/yr vs -26.46%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily China 3x Bear Shares (YANG) and ProShares UltraShort Bloomberg Natural Gas (KOLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YANG achieves a 18.42% return, which is significantly higher than KOLD's -37.03% return. Over the past 10 years, YANG has underperformed KOLD with an annualized return of -38.75%, while KOLD has yielded a comparatively higher -26.46% annualized return.

YANG

• 1D: 6.57%
• 1M: 6.76%
• YTD: 18.42%
• 6M: 23.43%
• 1Y: -12.94%
• 3Y*: -47.01%
• 5Y*: -33.76%
• 10Y*: -38.75%

KOLD

• 1D: -4.10%
• 1M: -9.53%
• YTD: -37.03%
• 6M: -5.09%
• 1Y: -1.55%
• 3Y*: -20.65%
• 5Y*: -40.59%
• 10Y*: -26.46%

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

YANG vs. KOLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
YANG Direxion Daily China 3x Bear Shares	18.42%	-62.77%	-71.41%	11.95%	-41.34%	25.90%	-58.66%	-40.72%	13.14%	-64.93%
KOLD ProShares UltraShort Bloomberg Natural Gas	-37.03%	-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 -0.09, 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	-0.09
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 7, 2011	0.01

The correlation between YANG and KOLD shifts across timeframes, from -0.09 (1 year) to 0.03 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

YANG vs. KOLD — Risk / Return Rank

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

YANG

YANG Risk / Return Rank: 7
YANG Sharpe Ratio Rank: 6
YANG Sortino Ratio Rank: 8
YANG Omega Ratio Rank: 8
YANG Calmar Ratio Rank: 6
YANG Martin Ratio Rank: 6

KOLD

KOLD Risk / Return Rank: 11
KOLD Sharpe Ratio Rank: 8
KOLD Sortino Ratio Rank: 16
KOLD Omega Ratio Rank: 17
KOLD Calmar Ratio Rank: 8
KOLD Martin Ratio Rank: 8

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. 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 ratio Return per unit of total volatility	-0.22	-0.01	-0.21
Sortino ratio Return per unit of downside risk	0.08	0.82	-0.74
Omega ratio Gain probability vs. loss probability	1.01	1.11	-0.10
Calmar ratio Return relative to maximum drawdown	-0.33	-0.02	-0.31
Martin ratio Return relative to average drawdown	-0.53	-0.04	-0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YANG vs. KOLD - Sharpe Ratio Comparison

The current YANG Sharpe Ratio is -0.22, which is lower than the KOLD Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of YANG and KOLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	YANG	KOLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.22	-0.01	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	-0.34	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.47	-0.26	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	-0.14	-0.35

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.

Drawdown Indicators

	YANG	KOLD	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-99.45%	-0.53%
Max Drawdown (1Y) Largest decline over 1 year	-38.85%	-72.50%	+33.65%
Max Drawdown (3Y) Largest decline over 3 years	-94.02%	-84.34%	-9.68%
Max Drawdown (5Y) Largest decline over 5 years	-97.38%	-98.45%	+1.07%
Max Drawdown (10Y) Largest decline over 10 years	-99.53%	-99.45%	-0.08%
Current Drawdown Current decline from peak	-99.97%	-97.43%	-2.54%
Average Drawdown Average peak-to-trough decline	-90.52%	-69.49%	-21.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.12%	36.01%	-9.89%

Volatility

YANG vs. KOLD - Volatility Comparison

The current volatility for Direxion Daily China 3x Bear Shares (YANG) is 21.22%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 24.65%. 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.

Volatility by Period

	YANG	KOLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.22%	24.65%	-3.43%
Volatility (6M) Calculated over the trailing 6-month period	42.63%	99.37%	-56.74%
Volatility (1Y) Calculated over the trailing 1-year period	58.83%	113.51%	-54.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.44%	118.76%	-24.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.12%	101.76%	-19.64%

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 3.45%, 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	3.45%	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 KOLD in my portfolio?

YANG and KOLD have a correlation of -0.09, 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 KOLD?

KOLD has higher volatility (24.65%) compared to YANG (21.22%). In terms of maximum drawdown, YANG dropped -99.98% vs KOLD's -99.45%.

Which ETF is better, YANG or KOLD?

On 10-year performance, KOLD leads with -26.46% vs -38.75% for YANG. On fees, KOLD is cheaper at 0.95% per year. On volatility, YANG has been the lower-risk option at 21.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YANG or KOLD?

Over the 10-year period, KOLD has performed better with a -26.46% return vs -38.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YANG or KOLD?

KOLD is cheaper with a 0.95% expense ratio, compared with 1.07% for YANG.

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

YANG has the higher dividend yield at 3.45%, compared with 0.00% for KOLD.

What is the main difference between YANG and KOLD?

YANG is categorized as Leveraged Equities, while KOLD is Leveraged Commodities. YANG tracks FTSE China 50 Index (-300%), while KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for YANG and 0.95% for KOLD.

Which has better risk-adjusted returns?

KOLD currently has the higher Sharpe Ratio (-0.01 vs -0.22), 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.