YANG vs. SPUU
YANG (Direxion Daily China 3x Bear Shares) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds from Direxion - YANG tracks the FTSE China 50 Index (-300%) while SPUU tracks the S&P 500 Index (200%). Both are passively managed. Over the past 10 years, YANG returned -38.45%/yr vs 24.74%/yr for SPUU. At a correlation of -0.51, they often move in opposite directions. YANG charges 1.07%/yr vs 0.64%/yr for SPUU.
Performance
YANG vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, YANG achieves a 19.18% return, which is significantly lower than SPUU's 20.66% return. Over the past 10 years, YANG has underperformed SPUU with an annualized return of -38.45%, while SPUU has yielded a comparatively higher 24.74% annualized return.
YANG
- 1D
- 0.64%
- 1M
- 6.83%
- YTD
- 19.18%
- 6M
- 25.26%
- 1Y
- -7.77%
- 3Y*
- -47.00%
- 5Y*
- -33.67%
- 10Y*
- -38.45%
SPUU
- 1D
- 0.70%
- 1M
- 9.03%
- YTD
- 20.66%
- 6M
- 19.95%
- 1Y
- 54.50%
- 3Y*
- 38.69%
- 5Y*
- 20.36%
- 10Y*
- 24.74%
YANG vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 19.18% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
SPUU Direxion Daily S&P 500 Bull 2x Shares | 20.66% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between YANG and SPUU is -0.46, 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 | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.49 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014 | -0.51 |
The correlation between YANG and SPUU shifts across timeframes, from -0.51 (all time) to -0.39 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
YANG vs. SPUU — Risk / Return Rank
YANG
SPUU
YANG vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.43 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.38 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 3.01 | -3.21 |
| Martin ratioReturn relative to average drawdown | -0.32 | 13.28 | -13.60 |
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 | SPUU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.13 | 2.29 | -2.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | 0.61 | -0.97 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.47 | 0.69 | -1.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | 0.64 | -1.12 |
Drawdowns
YANG vs. SPUU - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for YANG and SPUU.
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Drawdown Indicators
| YANG | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -59.35% | -40.63% |
Max Drawdown (1Y)Largest decline over 1 year | -38.85% | -18.19% | -20.66% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -35.18% | -58.84% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -46.59% | -50.79% |
Max Drawdown (10Y)Largest decline over 10 years | -99.53% | -59.35% | -40.18% |
Current DrawdownCurrent decline from peak | -99.97% | -0.58% | -99.39% |
Average DrawdownAverage peak-to-trough decline | -90.52% | -9.50% | -81.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.39% | 4.12% | +20.27% |
Volatility
YANG vs. SPUU - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 21.22% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.60%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.22% | 5.60% | +15.62% |
Volatility (6M)Calculated over the trailing 6-month period | 42.61% | 18.10% | +24.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.74% | 23.88% | +34.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.43% | 33.46% | +60.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.10% | 35.76% | +46.34% |
YANG vs. SPUU - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than SPUU's 0.64% expense ratio.
Dividends
YANG vs. SPUU - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 3.43%, more than SPUU's 1.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2x Shares | 1.33% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
YANG Direxion Daily China 3x Bear Shares | 3.43% | 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 SPUU have a correlation of -0.46, 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 SPUU (5.60%). In terms of maximum drawdown, YANG dropped -99.98% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 24.74% vs -38.45% for YANG. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 24.74% return vs -38.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.64% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 3.43%, compared with 1.33% for SPUU.
YANG tracks FTSE China 50 Index (-300%), while SPUU tracks S&P 500 Index (200%). Their fees differ too: 1.07% for YANG and 0.64% for SPUU.
SPUU currently has the higher Sharpe Ratio (2.29 vs -0.13), 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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