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YANG vs. SPXL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

YANG vs. SPXL

Last updated Jun 4, 2026

YANG (Direxion Daily China 3x Bear Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - YANG tracks the FTSE China 50 Index (-300%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 10 years, YANG returned -38.75%/yr vs 30.20%/yr for SPXL. At a correlation of -0.58, they often move in opposite directions. YANG charges 1.07%/yr vs 0.84%/yr for SPXL.

Performance

YANG vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily China 3x Bear Shares (YANG) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, YANG achieves a 18.42% return, which is significantly lower than SPXL's 28.14% return. Over the past 10 years, YANG has underperformed SPXL with an annualized return of -38.75%, while SPXL has yielded a comparatively higher 30.20% annualized 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%

SPXL

1D
-2.08%
1M
14.77%
YTD
28.14%
6M
26.88%
1Y
81.54%
3Y*
52.83%
5Y*
23.51%
10Y*
30.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

YANG vs. SPXL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
YANG
Direxion Daily China 3x Bear Shares		18.42%-62.77%-71.41%11.95%-41.34%25.90%-58.66%-40.72%13.14%-64.93%
SPXL
Direxion Daily S&P 500 Bull 3X ETF		28.14%31.94%63.61%69.49%-56.55%98.75%9.64%102.80%-25.11%71.03%

Correlation

The correlation between YANG and SPXL 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

-0.50

Correlation (All Time)
Calculated using the full available price history since Dec 4, 2009

-0.58

The correlation between YANG and SPXL shifts across timeframes, from -0.58 (all time) to -0.39 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily China 3x Bear Shares

Direxion Daily S&P 500 Bull 3X ETF

Often compared with YANG:
YANG vs. YINNYANG vs. CWEBYANG vs. FXPYANG vs. GLLYANG vs. TYOYANG vs. KLIPYANG vs. EDZ
Often compared with SPXL:
SPXL vs. TQQQSPXL vs. SPYSPXL vs. UPROSPXL vs. VOOSPXL vs. SSOSPXL vs. SPXSSPXL vs. SPXU

Return for Risk

YANG vs. SPXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
YANG
YANG Risk / Return Rank: 77
Overall Rank
YANG Sharpe Ratio Rank: 66
Sharpe Ratio Rank
YANG Sortino Ratio Rank: 88
Sortino Ratio Rank
YANG Omega Ratio Rank: 88
Omega Ratio Rank
YANG Calmar Ratio Rank: 66
Calmar Ratio Rank
YANG Martin Ratio Rank: 66
Martin Ratio Rank
SPXL
SPXL Risk / Return Rank: 6363
Overall Rank
SPXL Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPXL Sortino Ratio Rank: 5757
Sortino Ratio Rank
SPXL Omega Ratio Rank: 5858
Omega Ratio Rank
SPXL Calmar Ratio Rank: 6060
Calmar Ratio Rank
SPXL Martin Ratio Rank: 6868
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

YANG vs. SPXL - 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 3X ETF (SPXL). 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.

YANGSPXLDifference

Sharpe ratio

Return per unit of total volatility

-0.22

2.32

-2.54

Sortino ratio

Return per unit of downside risk

0.08

2.78

-2.69

Omega ratio

Gain probability vs. loss probability

1.01

1.37

-0.36

Calmar ratio

Return relative to maximum drawdown

-0.33

3.06

-3.40

Martin ratio

Return relative to average drawdown

-0.53

12.94

-13.47

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YANG vs. SPXL - Sharpe Ratio Comparison

The current YANG Sharpe Ratio is -0.22, which is lower than the SPXL Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of YANG and SPXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

YANGSPXLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.22

2.32

-2.54

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.36

0.47

-0.83

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.47

0.57

-1.04

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.49

0.53

-1.02

Drawdowns

YANG vs. SPXL - Drawdown Comparison

The maximum YANG drawdown since its inception was -99.98%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for YANG and SPXL.

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Drawdown Indicators

YANGSPXLDifference

Max Drawdown

Largest peak-to-trough decline

-99.98%

-76.86%

-23.12%

Max Drawdown (1Y)

Largest decline over 1 year

-38.85%

-26.77%

-12.08%

Max Drawdown (3Y)

Largest decline over 3 years

-94.02%

-48.95%

-45.07%

Max Drawdown (5Y)

Largest decline over 5 years

-97.38%

-63.80%

-33.58%

Max Drawdown (10Y)

Largest decline over 10 years

-99.53%

-76.86%

-22.67%

Current Drawdown

Current decline from peak

-99.97%

-2.08%

-97.89%

Average Drawdown

Average peak-to-trough decline

-90.52%

-15.72%

-74.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

26.12%

6.32%

+19.80%

Volatility

YANG vs. SPXL - Volatility Comparison

Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 21.22% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.49%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

YANGSPXLDifference

Volatility (1M)

Calculated over the trailing 1-month period

21.22%

8.49%

+12.73%

Volatility (6M)

Calculated over the trailing 6-month period

42.63%

26.67%

+15.96%

Volatility (1Y)

Calculated over the trailing 1-year period

58.83%

35.39%

+23.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

94.44%

50.24%

+44.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

82.12%

53.42%

+28.70%

YANG vs. SPXL - Expense Ratio Comparison

YANG has a 1.07% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

YANG vs. SPXL - Dividend Comparison

YANG's dividend yield for the trailing twelve months is around 3.45%, more than SPXL's 0.52% yield.

PositionTTM202520242023202220212020201920182017
SPXL
Direxion Daily S&P 500 Bull 3X ETF		0.52%0.69%0.74%0.98%0.32%0.11%0.22%0.84%1.02%3.88%
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%0.00%

Frequently Asked Questions

YANG and SPXL 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 SPXL (8.49%). In terms of maximum drawdown, YANG dropped -99.98% vs SPXL's -76.86%.

On 10-year performance, SPXL leads with 30.20% vs -38.75% for YANG. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPXL has performed better with a 30.20% return vs -38.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPXL is cheaper with a 0.84% expense ratio, compared with 1.07% for YANG.

YANG has the higher dividend yield at 3.45%, compared with 0.52% for SPXL.

YANG tracks FTSE China 50 Index (-300%), while SPXL tracks S&P 500. Their fees differ too: 1.07% for YANG and 0.84% for SPXL.

SPXL currently has the higher Sharpe Ratio (2.32 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.

Portfolio Optimizer

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