YANG vs. QTAP
YANG (Direxion Daily China 3x Bear Shares) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. YANG is passively managed, while QTAP is actively managed. Over the past 5 years, YANG returned -33.76%/yr vs 13.78%/yr for QTAP. At a correlation of -0.37, they often move in opposite directions. YANG charges 1.07%/yr vs 0.79%/yr for QTAP.
Performance
YANG vs. QTAP - Performance Comparison
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Returns By Period
In the year-to-date period, YANG achieves a 18.42% return, which is significantly higher than QTAP's 14.67% 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%
QTAP
- 1D
- -0.10%
- 1M
- 2.89%
- YTD
- 14.67%
- 6M
- 15.56%
- 1Y
- 25.59%
- 3Y*
- 21.18%
- 5Y*
- 13.78%
- 10Y*
- —
YANG vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 18.42% | -62.77% | -71.41% | 11.95% | -41.34% | 54.50% |
QTAP Innovator Growth Accelerated Plus ETF - April | 14.67% | 19.36% | 17.34% | 43.32% | -25.87% | 15.63% |
Correlation
The correlation between YANG and QTAP is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.37 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | -0.37 |
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Return for Risk
YANG vs. QTAP — Risk / Return Rank
YANG
QTAP
YANG vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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 | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.84 | ||
| Sortino ratioReturn per unit of downside risk | -8.42 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 2.23 | -1.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | 15.20 | -15.53 |
| Martin ratioReturn relative to average drawdown | -0.53 | 80.04 | -80.58 |
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 | QTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.22 | 4.62 | -4.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | 0.73 | -1.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.47 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | 0.75 | -1.24 |
Drawdowns
YANG vs. QTAP - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for YANG and QTAP.
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Drawdown Indicators
| YANG | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -29.44% | -70.54% |
Max Drawdown (1Y)Largest decline over 1 year | -38.85% | -1.69% | -37.16% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -13.03% | -80.99% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -29.44% | -67.94% |
Max Drawdown (10Y)Largest decline over 10 years | -99.53% | — | — |
Current DrawdownCurrent decline from peak | -99.97% | -0.10% | -99.87% |
Average DrawdownAverage peak-to-trough decline | -90.52% | -5.04% | -85.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.12% | 0.32% | +25.80% |
Volatility
YANG vs. QTAP - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 21.22% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 1.33%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.22% | 1.33% | +19.89% |
Volatility (6M)Calculated over the trailing 6-month period | 42.63% | 3.97% | +38.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.83% | 5.56% | +53.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.44% | 18.89% | +75.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.12% | 18.77% | +63.35% |
YANG vs. QTAP - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Dividends
YANG vs. QTAP - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 3.45%, while QTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
QTAP Innovator Growth Accelerated Plus ETF - April | 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
YANG and QTAP have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (21.22%) compared to QTAP (1.33%). In terms of maximum drawdown, YANG dropped -99.98% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 13.78% vs -33.76% for YANG. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QTAP has performed better with a 13.78% return vs -33.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTAP is cheaper with a 0.79% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 3.45%, compared with 0.00% for QTAP.
They also come from different issuers: Direxion and Innovator. Their fees differ too: 1.07% for YANG and 0.79% for QTAP.
QTAP currently has the higher Sharpe Ratio (4.62 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.
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