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YANG vs. SPXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

YANG vs. SPXS

Last updated Jun 4, 2026

YANG (Direxion Daily China 3x Bear Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, YANG returned -38.75%/yr vs -42.01%/yr for SPXS. A 0.58 correlation means they provide meaningful diversification when combined. YANG charges 1.07%/yr vs 1.08%/yr for SPXS.

Performance

YANG vs. SPXS - 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 Bear 3X Shares (SPXS). 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 higher than SPXS's -25.49% return. Over the past 10 years, YANG has outperformed SPXS with an annualized return of -38.75%, while SPXS has yielded a comparatively lower -42.01% 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%

SPXS

1D
2.19%
1M
-13.11%
YTD
-25.49%
6M
-24.86%
1Y
-48.73%
3Y*
-42.68%
5Y*
-34.76%
10Y*
-42.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

YANG vs. SPXS - 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%
SPXS
Direxion Daily S&P 500 Bear 3X Shares		-25.49%-41.53%-42.84%-45.97%36.14%-58.11%-70.47%-56.40%3.44%-44.52%

Correlation

The correlation between YANG and SPXS is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

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 SPXS shifts across timeframes, from 0.39 (3 years) to 0.58 (all time), reflecting how their relationship changes across market environments.

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Direxion Daily China 3x Bear Shares

Direxion Daily S&P 500 Bear 3X Shares

Often compared with YANG:
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Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SQQQSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDS

Return for Risk

YANG vs. SPXS — 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
SPXS
SPXS Risk / Return Rank: 11
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 11
Calmar Ratio Rank
SPXS Martin Ratio Rank: 11
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. SPXS - 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 Bear 3X Shares (SPXS). 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.

YANGSPXSDifference

Sharpe ratio

Return per unit of total volatility

-0.22

-1.38

+1.16

Sortino ratio

Return per unit of downside risk

0.08

-2.31

+2.39

Omega ratio

Gain probability vs. loss probability

1.01

0.75

+0.26

Calmar ratio

Return relative to maximum drawdown

-0.33

-0.96

+0.63

Martin ratio

Return relative to average drawdown

-0.53

-1.62

+1.09

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. SPXS - Sharpe Ratio Comparison

The current YANG Sharpe Ratio is -0.22, which is higher than the SPXS Sharpe Ratio of -1.38. The chart below compares the historical Sharpe Ratios of YANG and SPXS, 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

YANGSPXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.22

-1.38

+1.16

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.36

-0.69

+0.33

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.47

-0.79

+0.31

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.49

-0.83

+0.35

Drawdowns

YANG vs. SPXS - Drawdown Comparison

The maximum YANG drawdown since its inception was -99.98%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for YANG and SPXS.

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Drawdown Indicators

YANGSPXSDifference

Max Drawdown

Largest peak-to-trough decline

-99.98%

-100.00%

+0.02%

Max Drawdown (1Y)

Largest decline over 1 year

-38.85%

-50.77%

+11.92%

Max Drawdown (3Y)

Largest decline over 3 years

-94.02%

-84.13%

-9.89%

Max Drawdown (5Y)

Largest decline over 5 years

-97.38%

-90.11%

-7.27%

Max Drawdown (10Y)

Largest decline over 10 years

-99.53%

-99.63%

+0.10%

Current Drawdown

Current decline from peak

-99.97%

-100.00%

+0.03%

Average Drawdown

Average peak-to-trough decline

-90.52%

-96.30%

+5.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

26.12%

30.04%

-3.92%

Volatility

YANG vs. SPXS - Volatility Comparison

Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 21.22% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

YANGSPXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

21.22%

8.51%

+12.71%

Volatility (6M)

Calculated over the trailing 6-month period

42.63%

26.82%

+15.81%

Volatility (1Y)

Calculated over the trailing 1-year period

58.83%

35.54%

+23.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

94.44%

50.39%

+44.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

82.12%

53.54%

+28.58%

YANG vs. SPXS - Expense Ratio Comparison

YANG has a 1.07% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

YANG vs. SPXS - Dividend Comparison

YANG's dividend yield for the trailing twelve months is around 3.45%, less than SPXS's 4.91% yield.

PositionTTM20252024202320222021202020192018
SPXS
Direxion Daily S&P 500 Bear 3X Shares		4.91%4.93%6.18%5.66%0.00%0.00%0.51%1.74%0.58%
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%

Frequently Asked Questions

YANG and SPXS 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 SPXS (8.51%). In terms of maximum drawdown, YANG dropped -99.98% vs SPXS's -100.00%.

On 10-year performance, YANG leads with -38.75% vs -42.01% for SPXS. On fees, YANG is cheaper at 1.07% per year. On volatility, SPXS has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, YANG has performed better with a -38.75% return vs -42.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

YANG is cheaper with a 1.07% expense ratio, compared with 1.08% for SPXS.

SPXS has the higher dividend yield at 4.91%, compared with 3.45% for YANG.

YANG is categorized as Leveraged Equities, while SPXS is Inverse Equities. YANG tracks FTSE China 50 Index (-300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.07% for YANG and 1.08% for SPXS.

YANG currently has the higher Sharpe Ratio (-0.22 vs -1.38), 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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