YANG vs. SPEM
YANG (Direxion Daily China 3x Bear Shares) and SPEM (SPDR Portfolio Emerging Markets ETF) are both exchange-traded funds - YANG is a China Equities fund tracking the FTSE China 50 Index (-300%), while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging BMI Index. Both are passively managed. Over the past 10 years, YANG returned -38.18%/yr vs 8.53%/yr for SPEM. Their -0.83 correlation means they have often moved in opposite directions in the past. YANG charges 1.07%/yr vs 0.07%/yr for SPEM.
Performance
YANG vs. SPEM - 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 SPEM's 9.89% return. Over the past 10 years, YANG has underperformed SPEM with an annualized return of -38.18%, while SPEM has yielded a comparatively higher 8.53% 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%
SPEM
- 1D
- 0.77%
- 1M
- -0.37%
- 6M
- 4.56%
- YTD
- 9.89%
- 1Y
- 22.14%
- 3Y*
- 15.56%
- 5Y*
- 6.70%
- 10Y*
- 8.53%
- ALL TIME*
- 5.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $90.49M | $105.53M | $120.92M | |
| $20.61M | $22.59M | $28.35M |
YANG vs. SPEM - 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% |
SPEM SPDR Portfolio Emerging Markets ETF | 9.89% | 25.63% | 11.40% | 10.51% | -17.90% | 1.51% | 14.55% | 19.69% | -13.26% | 34.82% |
Correlation
The correlation between YANG and SPEM is -0.66, 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. | -0.66 |
Correlation (3Y) Balances recent behavior with more history. | -0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.81 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.83 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2009 | -0.83 |
The correlation between YANG and SPEM shifts across timeframes, from -0.83 (10 years) to -0.66 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
YANG vs. SPEM — Risk / Return Rank
YANG
SPEM
YANG vs. SPEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and SPDR Portfolio Emerging Markets ETF (SPEM). 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 | SPEM | 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 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 1.91 | -2.11 |
| Martin ratioReturn relative to average drawdown | -0.37 | 6.31 | -6.68 |
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Drawdowns
YANG vs. SPEM - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, which is greater than SPEM's maximum drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for YANG and SPEM.
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Drawdown Indicators
| YANG | SPEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -64.41% | -35.57% |
Max Drawdown (1Y)Largest decline over 1 year | -35.83% | -11.36% | -24.47% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -17.62% | -76.40% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -30.03% | -67.35% |
Max Drawdown (10Y)Largest decline over 10 years | -99.36% | -36.06% | -63.30% |
Current DrawdownCurrent decline from peak | -99.98% | -4.14% | -95.84% |
Average DrawdownAverage peak-to-trough decline | -90.59% | -14.66% | -75.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.03% | 3.43% | +15.60% |
Volatility
YANG vs. SPEM - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 15.88% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 5.72%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | SPEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.88% | 5.72% | +10.16% |
Volatility (6M)Calculated over the trailing 6-month period | 43.30% | 15.43% | +27.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.16% | 17.70% | +42.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 93.73% | 17.36% | +76.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.91% | 18.80% | +63.11% |
YANG vs. SPEM - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than SPEM's 0.07% expense ratio.
Dividends
YANG vs. SPEM - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 3.50%, more than SPEM's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPEM SPDR Portfolio Emerging Markets ETF | 2.55% | 2.77% | 2.78% | 2.80% | 3.38% | 3.14% | 1.92% | 2.94% | 2.34% | 1.12% | 1.51% | 2.40% |
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 SPEM have a correlation of -0.66, 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 SPEM (5.72%). In terms of maximum drawdown, YANG dropped -99.98% vs SPEM's -64.41%.
On 10-year performance, SPEM leads with 8.53% vs -38.18% for YANG. On fees, SPEM is cheaper at 0.07% per year. On volatility, SPEM has been the lower-risk option at 5.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPEM has performed better with a 8.53% return vs -38.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPEM is cheaper with a 0.07% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 3.50%, compared with 2.55% for SPEM.
YANG is categorized as China Equities, while SPEM is Emerging Markets Equities. YANG tracks FTSE China 50 Index (-300%), while SPEM tracks S&P Emerging BMI Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.07% for YANG and 0.07% for SPEM.
SPEM currently has the higher Sharpe Ratio (1.23 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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