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 China 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 -38.18%/yr vs 7.97%/yr for SCHE. Their -0.84 correlation means they have often moved in opposite directions in the past. 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 5.40% return, which is significantly lower than SCHE's 10.15% return. Over the past 10 years, YANG has underperformed SCHE with an annualized return of -38.18%, while SCHE has yielded a comparatively higher 7.97% 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%
SCHE
- 1D
- 0.87%
- 1M
- 0.50%
- 6M
- 4.90%
- YTD
- 10.15%
- 1Y
- 22.24%
- 3Y*
- 15.34%
- 5Y*
- 6.23%
- 10Y*
- 7.97%
- ALL TIME*
- 4.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $121.98M | $115.93M | $116.46M | |
| $20.61M | $22.59M | $28.35M |
YANG vs. SCHE - 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% |
SCHE Schwab Emerging Markets Equity ETF | 10.15% | 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 -0.67, 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. | -0.67 |
Correlation (3Y) Balances recent behavior with more history. | -0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.82 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 14, 2010 | -0.84 |
The correlation between YANG and SCHE shifts across timeframes, from -0.84 (10 years) to -0.67 (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.
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 | SCHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.23 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 1.94 | -2.14 |
| Martin ratioReturn relative to average drawdown | -0.37 | 6.43 | -6.80 |
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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 | -35.83% | -11.29% | -24.54% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -17.08% | -76.94% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -31.38% | -66.00% |
Max Drawdown (10Y)Largest decline over 10 years | -99.36% | -36.20% | -63.16% |
Current DrawdownCurrent decline from peak | -99.98% | -3.13% | -96.85% |
Average DrawdownAverage peak-to-trough decline | -90.59% | -12.51% | -78.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.03% | 3.40% | +15.63% |
Volatility
YANG vs. SCHE - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 15.88% compared to Schwab Emerging Markets Equity ETF (SCHE) at 5.70%. 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 | 15.88% | 5.70% | +10.18% |
Volatility (6M)Calculated over the trailing 6-month period | 43.30% | 15.60% | +27.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.16% | 17.99% | +42.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 93.73% | 17.87% | +75.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.91% | 19.44% | +62.47% |
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 3.50%, more than SCHE's 2.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHE Schwab Emerging Markets Equity ETF | 2.64% | 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 | 3.50% | 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 SCHE have a correlation of -0.67, 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 SCHE (5.70%). In terms of maximum drawdown, YANG dropped -99.98% vs SCHE's -36.20%.
On 10-year performance, SCHE leads with 7.97% vs -38.18% for YANG. On fees, SCHE is cheaper at 0.11% per year. On volatility, SCHE has been the lower-risk option at 5.70%. 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 7.97% return vs -38.18%. 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 3.50%, compared with 2.64% for SCHE.
YANG is categorized as China 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 (1.22 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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