YANG vs. QQQE

Last updated Jun 4, 2026

YANG (Direxion Daily China 3x Bear Shares) and QQQE (Direxion NASDAQ-100 Equal Weighted Index Shares) are both exchange-traded funds - YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%), while QQQE is a Nasdaq-100 fund tracking the NASDAQ-100 Equal Weighted Index. Both are passively managed. Over the past 10 years, YANG returned -38.75%/yr vs 15.49%/yr for QQQE. At a correlation of -0.55, they often move in opposite directions. YANG charges 1.07%/yr vs 0.35%/yr for QQQE.

Performance

YANG vs. QQQE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily China 3x Bear Shares (YANG) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with YANG having a 18.42% return and QQQE slightly higher at 19.12%. Over the past 10 years, YANG has underperformed QQQE with an annualized return of -38.75%, while QQQE has yielded a comparatively higher 15.49% 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%

QQQE

• 1D: -0.10%
• 1M: 10.46%
• YTD: 19.12%
• 6M: 17.48%
• 1Y: 28.68%
• 3Y*: 18.69%
• 5Y*: 10.30%
• 10Y*: 15.49%

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

YANG vs. QQQE - 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%
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares	19.12%	14.58%	6.98%	33.76%	-24.47%	17.93%	37.85%	36.43%	-5.40%	26.53%

Correlation

The correlation between YANG and QQQE is -0.49, 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 (1Y) Calculated over the trailing 1-year period	-0.49
Correlation (3Y) Calculated over the trailing 3-year period	-0.43
Correlation (5Y) Calculated over the trailing 5-year period	-0.46
Correlation (10Y) Calculated over the trailing 10-year period	-0.54
Correlation (All Time) Calculated using the full available price history since Mar 22, 2012	-0.55

The correlation between YANG and QQQE shifts across timeframes, from -0.55 (all time) to -0.43 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

YANG vs. QQQE — 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

QQQE

QQQE Risk / Return Rank: 58
QQQE Sharpe Ratio Rank: 59
QQQE Sortino Ratio Rank: 57
QQQE Omega Ratio Rank: 55
QQQE Calmar Ratio Rank: 61
QQQE Martin Ratio Rank: 59

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. QQQE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). 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	QQQE	Difference
Sharpe ratio Return per unit of total volatility	-0.22	2.04	-2.26
Sortino ratio Return per unit of downside risk	0.08	2.79	-2.71
Omega ratio Gain probability vs. loss probability	1.01	1.35	-0.34
Calmar ratio Return relative to maximum drawdown	-0.33	3.06	-3.40
Martin ratio Return relative to average drawdown	-0.53	10.57	-11.10
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. QQQE - Sharpe Ratio Comparison

The current YANG Sharpe Ratio is -0.22, which is lower than the QQQE Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of YANG and QQQE, 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	QQQE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.22	2.04	-2.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	0.51	-0.87
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.47	0.75	-1.22
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	0.76	-1.25

Drawdowns

YANG vs. QQQE - Drawdown Comparison

The maximum YANG drawdown since its inception was -99.98%, which is greater than QQQE's maximum drawdown of -32.14%. Use the drawdown chart below to compare losses from any high point for YANG and QQQE.

Drawdown Indicators

	YANG	QQQE	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-32.14%	-67.84%
Max Drawdown (1Y) Largest decline over 1 year	-38.85%	-9.41%	-29.44%
Max Drawdown (3Y) Largest decline over 3 years	-94.02%	-21.38%	-72.64%
Max Drawdown (5Y) Largest decline over 5 years	-97.38%	-32.14%	-65.24%
Max Drawdown (10Y) Largest decline over 10 years	-99.53%	-32.14%	-67.39%
Current Drawdown Current decline from peak	-99.97%	-0.10%	-99.87%
Average Drawdown Average peak-to-trough decline	-90.52%	-5.17%	-85.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.12%	2.72%	+23.40%

Volatility

YANG vs. QQQE - Volatility Comparison

Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 21.22% compared to Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) at 3.79%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than QQQE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YANG	QQQE	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.22%	3.79%	+17.43%
Volatility (6M) Calculated over the trailing 6-month period	42.63%	10.64%	+31.99%
Volatility (1Y) Calculated over the trailing 1-year period	58.83%	14.15%	+44.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.44%	20.30%	+74.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.12%	20.72%	+61.40%

YANG vs. QQQE - Expense Ratio Comparison

YANG has a 1.07% expense ratio, which is higher than QQQE's 0.35% expense ratio.

Dividends

YANG vs. QQQE - Dividend Comparison

YANG's dividend yield for the trailing twelve months is around 3.45%, more than QQQE's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares	0.52%	0.52%	0.86%	0.79%	0.98%	3.83%	0.54%	0.74%	0.80%	0.65%	1.17%	0.57%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both YANG and QQQE in my portfolio?

YANG and QQQE have a correlation of -0.49, 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 QQQE?

YANG has higher volatility (21.22%) compared to QQQE (3.79%). In terms of maximum drawdown, YANG dropped -99.98% vs QQQE's -32.14%.

Which ETF is better, YANG or QQQE?

On 10-year performance, QQQE leads with 15.49% vs -38.75% for YANG. On fees, QQQE is cheaper at 0.35% per year. On volatility, QQQE has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YANG or QQQE?

Over the 10-year period, QQQE has performed better with a 15.49% 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 QQQE?

QQQE is cheaper with a 0.35% expense ratio, compared with 1.07% for YANG.

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

YANG has the higher dividend yield at 3.45%, compared with 0.52% for QQQE.

What is the main difference between YANG and QQQE?

YANG is categorized as Leveraged Equities, while QQQE is Nasdaq-100. YANG tracks FTSE China 50 Index (-300%), while QQQE tracks NASDAQ-100 Equal Weighted Index. Their fees differ too: 1.07% for YANG and 0.35% for QQQE.

Which has better risk-adjusted returns?

QQQE currently has the higher Sharpe Ratio (2.04 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.