YANG vs. TYO
YANG (Direxion Daily China 3x Bear Shares) and TYO (Direxion Daily 7-10 Year Treasury Bear 3X) are both exchange-traded funds - YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%), while TYO is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, YANG returned -39.14%/yr vs 1.68%/yr for TYO. At a correlation of -0.17, they often move in opposite directions. YANG charges 1.07%/yr vs 1.08%/yr for TYO.
Performance
YANG vs. TYO - Performance Comparison
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Returns By Period
In the year-to-date period, YANG achieves a 11.12% return, which is significantly higher than TYO's 6.89% return. Over the past 10 years, YANG has underperformed TYO with an annualized return of -39.14%, while TYO has yielded a comparatively higher 1.68% annualized return.
YANG
- 1D
- -8.70%
- 1M
- 2.29%
- YTD
- 11.12%
- 6M
- 18.25%
- 1Y
- -21.07%
- 3Y*
- -48.12%
- 5Y*
- -35.00%
- 10Y*
- -39.14%
TYO
- 1D
- -0.21%
- 1M
- 1.52%
- YTD
- 6.89%
- 6M
- 9.25%
- 1Y
- 2.27%
- 3Y*
- 7.33%
- 5Y*
- 11.99%
- 10Y*
- 1.68%
YANG vs. TYO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 11.12% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 6.89% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
Correlation
The correlation between YANG and TYO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2009 | -0.17 |
The correlation between YANG and TYO shifts across timeframes, from -0.17 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
YANG vs. TYO — Risk / Return Rank
YANG
TYO
YANG vs. TYO - 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 7-10 Year Treasury Bear 3X (TYO). 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 | TYO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.36 | 0.16 | -0.52 |
Sortino ratioReturn per unit of downside risk | -0.16 | 0.32 | -0.48 |
Omega ratioGain probability vs. loss probability | 0.98 | 1.04 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | -0.56 | 0.33 | -0.88 |
Martin ratioReturn relative to average drawdown | -0.83 | 0.59 | -1.42 |
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 | TYO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.36 | 0.16 | -0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | 0.52 | -0.89 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | 0.08 | -0.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | -0.34 | -0.15 |
Drawdowns
YANG vs. TYO - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, which is greater than TYO's maximum drawdown of -89.25%. Use the drawdown chart below to compare losses from any high point for YANG and TYO.
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Drawdown Indicators
| YANG | TYO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -89.25% | -10.73% |
Max Drawdown (1Y)Largest decline over 1 year | -40.39% | -10.48% | -29.91% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -24.40% | -69.62% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -24.40% | -72.98% |
Max Drawdown (10Y)Largest decline over 10 years | -99.53% | -52.21% | -47.32% |
Current DrawdownCurrent decline from peak | -99.98% | -77.43% | -22.55% |
Average DrawdownAverage peak-to-trough decline | -90.52% | -71.09% | -19.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.39% | 5.85% | +22.54% |
Volatility
YANG vs. TYO - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 20.36% compared to Direxion Daily 7-10 Year Treasury Bear 3X (TYO) at 4.93%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier than TYO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YANG | TYO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.36% | 4.93% | +15.43% |
Volatility (6M)Calculated over the trailing 6-month period | 42.19% | 10.15% | +32.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.54% | 14.56% | +43.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.43% | 23.23% | +71.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.11% | 20.19% | +61.92% |
YANG vs. TYO - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is lower than TYO's 1.08% expense ratio.
Dividends
YANG vs. TYO - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 3.67%, more than TYO's 2.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.85% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% |
YANG Direxion Daily China 3x Bear Shares | 3.67% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% |
Frequently Asked Questions
YANG and TYO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (20.36%) compared to TYO (4.93%). In terms of maximum drawdown, YANG dropped -99.98% vs TYO's -89.25%.
On 10-year performance, TYO leads with 1.68% vs -39.14% for YANG. On fees, YANG is cheaper at 1.07% per year. On volatility, TYO has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYO has performed better with a 1.68% return vs -39.14%. 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 TYO.
YANG has the higher dividend yield at 3.67%, compared with 2.85% for TYO.
YANG is categorized as Leveraged Equities, while TYO is Leveraged Bonds. YANG tracks FTSE China 50 Index (-300%), while TYO tracks NYSE 7-10 Year Treasury Bond Index. Their fees differ too: 1.07% for YANG and 1.08% for TYO.
TYO currently has the higher Sharpe Ratio (0.16 vs -0.36), 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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