YANG vs. NIOG

Last updated Jun 26, 2026

YANG (Direxion Daily China 3x Bear Shares) and NIOG (Leverage Shares 2X Long NIO Daily ETF) are both Leveraged Equities funds - YANG tracks the FTSE China 50 Index (-300%) while NIOG tracks the NIO Inc. (NIO). Both are passively managed. At a correlation of -0.51, they often move in opposite directions. YANG charges 1.07%/yr vs 0.75%/yr for NIOG.

Performance

YANG vs. NIOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily China 3x Bear Shares (YANG) and Leverage Shares 2X Long NIO Daily ETF (NIOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YANG achieves a 62.59% return, which is significantly higher than NIOG's -30.21% return.

YANG

• 1D: 6.41%
• 1M: 38.66%
• YTD: 62.59%
• 6M: 66.09%
• 1Y: 39.58%
• 3Y*: -41.30%
• 5Y*: -28.83%
• 10Y*: -37.21%

NIOG

• 1D: -7.05%
• 1M: -21.38%
• YTD: -30.21%
• 6M: -25.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YANG vs. NIOG - Yearly Performance Comparison

	2026 (YTD)	2025
YANG Direxion Daily China 3x Bear Shares	62.59%	-3.00%
NIOG Leverage Shares 2X Long NIO Daily ETF	-30.21%	3.25%

Correlation

The correlation between YANG and NIOG is -0.51, 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 (All Time) Calculated using the full available price history since Dec 18, 2025	-0.51

Return for Risk

YANG vs. NIOG — Risk / Return Rank

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

YANG

YANG Risk / Return Rank: 23
YANG Sharpe Ratio Rank: 21
YANG Sortino Ratio Rank: 25
YANG Omega Ratio Rank: 23
YANG Calmar Ratio Rank: 25
YANG Martin Ratio Rank: 19

NIOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. NIOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and Leverage Shares 2X Long NIO Daily ETF (NIOG). 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	NIOG	Difference
Sharpe ratio: Return per unit of total volatility	0.68	—	—
Sortino ratio: Return per unit of downside risk	1.28	—	—
Omega ratio: Gain probability vs. loss probability	1.16	—	—
Calmar ratio: Return relative to maximum drawdown	1.13	—	—
Martin ratio: Return relative to average drawdown	1.90	—	—

Drawdowns

YANG vs. NIOG - Drawdown Comparison

The maximum YANG drawdown since its inception was -99.98%, which is greater than NIOG's maximum drawdown of -56.27%. Use the drawdown chart below to compare losses from any high point for YANG and NIOG.

Drawdown Indicators

	YANG	NIOG	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-56.27%	-43.71%
Max Drawdown (1Y) Largest decline over 1 year	-35.33%	—	—
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	-99.49%	—	—
Current Drawdown Current decline from peak	-99.96%	-56.27%	-43.69%
Average Drawdown Average peak-to-trough decline	-90.53%	-22.75%	-67.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.85%	—	—

Volatility

Volatility by Period

	YANG	NIOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	43.95%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	58.77%	115.62%	-56.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.57%	115.62%	-21.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.92%	115.62%	-33.70%

YANG vs. NIOG - Expense Ratio Comparison

YANG has a 1.07% expense ratio, which is higher than NIOG's 0.75% expense ratio.

Dividends

YANG vs. NIOG - Dividend Comparison

YANG's dividend yield for the trailing twelve months is around 2.27%, while NIOG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NIOG Leverage Shares 2X Long NIO Daily ETF	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	2.27%	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 NIOG in my portfolio?

YANG and NIOG have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, YANG or NIOG?

On fees, NIOG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, YANG or NIOG?

NIOG is cheaper with a 0.75% expense ratio, compared with 1.07% for YANG.

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

YANG has the higher dividend yield at 2.27%, compared with 0.00% for NIOG.

What is the main difference between YANG and NIOG?

YANG tracks FTSE China 50 Index (-300%), while NIOG tracks NIO Inc. (NIO). They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.07% for YANG and 0.75% for NIOG.