YANG vs. SCHE
YANG (Direxion Daily China 3x Bear Shares) and SCHE (Schwab Emerging Markets Equity ETF) are both exchange-traded funds - YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%), while SCHE is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Both are passively managed. Over the past 10 years, YANG returned -37.87%/yr vs 8.21%/yr for SCHE. At a correlation of -0.84, they often move in opposite directions. YANG charges 1.07%/yr vs 0.11%/yr for SCHE.
Performance
YANG vs. SCHE - Performance Comparison
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Returns By Period
In the year-to-date period, YANG achieves a 26.48% return, which is significantly higher than SCHE's 7.33% return. Over the past 10 years, YANG has underperformed SCHE with an annualized return of -37.87%, while SCHE has yielded a comparatively higher 8.21% annualized return.
YANG
- 1D
- 6.13%
- 1M
- 23.26%
- YTD
- 26.48%
- 6M
- 38.96%
- 1Y
- 0.16%
- 3Y*
- -44.64%
- 5Y*
- -32.88%
- 10Y*
- -37.87%
SCHE
- 1D
- -4.07%
- 1M
- -4.85%
- YTD
- 7.33%
- 6M
- 7.81%
- 1Y
- 23.65%
- 3Y*
- 16.32%
- 5Y*
- 4.08%
- 10Y*
- 8.21%
YANG vs. SCHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 26.48% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
SCHE Schwab Emerging Markets Equity ETF | 7.33% | 26.54% | 10.60% | 8.93% | -17.84% | -0.65% | 14.49% | 20.31% | -13.57% | 32.70% |
Correlation
The correlation between YANG and SCHE is -0.74, 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 | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.85 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2010 | -0.84 |
The correlation between YANG and SCHE shifts across timeframes, from -0.85 (10 years) to -0.74 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
YANG vs. SCHE — Risk / Return Rank
YANG
SCHE
YANG vs. SCHE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and Schwab Emerging Markets Equity ETF (SCHE). 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 | SCHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.41 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.27 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.00 | 2.10 | -2.10 |
| Martin ratioReturn relative to average drawdown | 0.01 | 7.54 | -7.53 |
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 | SCHE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.00 | 1.42 | -1.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | 0.23 | -0.58 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.46 | 0.42 | -0.88 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | 0.24 | -0.72 |
Drawdowns
YANG vs. SCHE - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, which is greater than SCHE's maximum drawdown of -36.20%. Use the drawdown chart below to compare losses from any high point for YANG and SCHE.
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Drawdown Indicators
| YANG | SCHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -36.20% | -63.78% |
Max Drawdown (1Y)Largest decline over 1 year | -38.85% | -11.29% | -27.56% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -17.08% | -76.94% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -33.37% | -64.01% |
Max Drawdown (10Y)Largest decline over 10 years | -99.53% | -36.20% | -63.33% |
Current DrawdownCurrent decline from peak | -99.97% | -5.46% | -94.51% |
Average DrawdownAverage peak-to-trough decline | -90.52% | -12.59% | -77.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.38% | 3.14% | +21.24% |
Volatility
YANG vs. SCHE - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 19.86% compared to Schwab Emerging Markets Equity ETF (SCHE) at 6.56%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than SCHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | SCHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.86% | 6.56% | +13.30% |
Volatility (6M)Calculated over the trailing 6-month period | 42.96% | 14.22% | +28.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.84% | 16.76% | +42.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.44% | 17.75% | +76.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.12% | 19.50% | +62.62% |
YANG vs. SCHE - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than SCHE's 0.11% expense ratio.
Dividends
YANG vs. SCHE - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 3.23%, more than SCHE's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHE Schwab Emerging Markets Equity ETF | 2.68% | 2.88% | 3.03% | 3.83% | 2.88% | 2.86% | 2.09% | 3.27% | 2.64% | 2.31% | 2.27% | 2.50% |
YANG Direxion Daily China 3x Bear Shares | 3.23% | 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 SCHE have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (19.86%) compared to SCHE (6.56%). In terms of maximum drawdown, YANG dropped -99.98% vs SCHE's -36.20%.
On 10-year performance, SCHE leads with 8.21% vs -37.87% for YANG. On fees, SCHE is cheaper at 0.11% per year. On volatility, SCHE has been the lower-risk option at 6.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCHE has performed better with a 8.21% return vs -37.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHE is cheaper with a 0.11% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 3.23%, compared with 2.68% for SCHE.
YANG is categorized as Leveraged Equities, while SCHE is Emerging Markets Equities. YANG tracks FTSE China 50 Index (-300%), while SCHE tracks FTSE Emerging Index. They also come from different issuers: Direxion and Charles Schwab. Their fees differ too: 1.07% for YANG and 0.11% for SCHE.
SCHE currently has the higher Sharpe Ratio (1.42 vs 0.00), 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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