YANG vs. PXH
YANG (Direxion Daily China 3x Bear Shares) and PXH (Invesco FTSE RAFI Emerging Markets ETF) are both exchange-traded funds - YANG is a China Equities fund tracking the FTSE China 50 Index (-300%), while PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index. Both are passively managed. Over the past 10 years, YANG returned -38.18%/yr vs 9.64%/yr for PXH. Their -0.80 correlation means they have often moved in opposite directions in the past. YANG charges 1.07%/yr vs 0.50%/yr for PXH.
Performance
YANG vs. PXH - Performance Comparison
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Returns By Period
In the year-to-date period, YANG achieves a 5.40% return, which is significantly lower than PXH's 14.20% return. Over the past 10 years, YANG has underperformed PXH with an annualized return of -38.18%, while PXH has yielded a comparatively higher 9.64% annualized return.
YANG
- 1D
- -0.08%
- 1M
- -34.03%
- 6M
- 19.25%
- YTD
- 5.40%
- 1Y
- -11.44%
- 3Y*
- -43.40%
- 5Y*
- -39.47%
- 10Y*
- -38.18%
- ALL TIME*
- -38.42%
PXH
- 1D
- 0.97%
- 1M
- 4.81%
- 6M
- 6.84%
- YTD
- 14.20%
- 1Y
- 29.44%
- 3Y*
- 19.40%
- 5Y*
- 10.44%
- 10Y*
- 9.64%
- ALL TIME*
- 3.67%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.58M | $7.03M | $7.21M | |
| $20.61M | $22.59M | $28.35M |
YANG vs. PXH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 5.40% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
PXH Invesco FTSE RAFI Emerging Markets ETF | 14.20% | 31.44% | 12.09% | 13.93% | -15.18% | 8.31% | -1.91% | 16.77% | -8.68% | 26.60% |
Correlation
The correlation between YANG and PXH is -0.73, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.73 |
Correlation (3Y) Balances recent behavior with more history. | -0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.80 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.80 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2009 | -0.80 |
The correlation between YANG and PXH has been stable across timeframes, ranging from -0.81 to -0.73 - a consistent structural relationship.
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Return for Risk
YANG vs. PXH — Risk / Return Rank
YANG
PXH
YANG vs. PXH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and Invesco FTSE RAFI Emerging Markets ETF (PXH). 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 | PXH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.86 | ||
| Sortino ratioReturn per unit of downside risk | -2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.31 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.80 | -3.00 |
| Martin ratioReturn relative to average drawdown | -0.37 | 8.74 | -9.11 |
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Drawdowns
YANG vs. PXH - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, which is greater than PXH's maximum drawdown of -63.63%. Use the drawdown chart below to compare losses from any high point for YANG and PXH.
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Drawdown Indicators
| YANG | PXH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -63.63% | -36.35% |
Max Drawdown (1Y)Largest decline over 1 year | -35.83% | -10.24% | -25.59% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -17.72% | -76.30% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -29.59% | -67.79% |
Max Drawdown (10Y)Largest decline over 10 years | -99.36% | -40.42% | -58.94% |
Current DrawdownCurrent decline from peak | -99.98% | -2.00% | -97.98% |
Average DrawdownAverage peak-to-trough decline | -90.59% | -16.76% | -73.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.03% | 3.28% | +15.75% |
Volatility
YANG vs. PXH - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 15.88% compared to Invesco FTSE RAFI Emerging Markets ETF (PXH) at 4.46%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than PXH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | PXH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.88% | 4.46% | +11.42% |
Volatility (6M)Calculated over the trailing 6-month period | 43.30% | 13.66% | +29.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.16% | 16.46% | +43.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 93.73% | 17.94% | +75.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.91% | 19.86% | +62.05% |
YANG vs. PXH - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than PXH's 0.50% expense ratio.
Dividends
YANG vs. PXH - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 3.50%, less than PXH's 4.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PXH Invesco FTSE RAFI Emerging Markets ETF | 4.21% | 4.02% | 4.43% | 4.84% | 5.33% | 4.69% | 2.79% | 3.28% | 3.30% | 2.74% | 1.97% | 3.44% |
YANG Direxion Daily China 3x Bear Shares | 3.50% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
YANG and PXH have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (15.88%) compared to PXH (4.46%). In terms of maximum drawdown, YANG dropped -99.98% vs PXH's -63.63%.
On 10-year performance, PXH leads with 9.64% vs -38.18% for YANG. On fees, PXH is cheaper at 0.50% per year. On volatility, PXH has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PXH has performed better with a 9.64% return vs -38.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PXH is cheaper with a 0.50% expense ratio, compared with 1.07% for YANG.
PXH has the higher dividend yield at 4.21%, compared with 3.50% for YANG.
YANG is categorized as China Equities, while PXH is Emerging Markets Equities. YANG tracks FTSE China 50 Index (-300%), while PXH tracks FTSE RAFI Emerging Markets Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 1.07% for YANG and 0.50% for PXH.
PXH currently has the higher Sharpe Ratio (1.75 vs -0.12), 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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