YINN vs. KCAI

Last updated Jul 16, 2026

YINN (Direxion Daily China 3x Bull Shares) and KCAI (KraneShares China Alpha Index ETF) are both China Equities funds - YINN tracks the FTSE China 50 Index (300%) while KCAI tracks the Qi China Alpha Index. Both are passively managed. Over the past year, YINN returned -36.89% vs 40.52% for KCAI. A 0.60 correlation means they provide meaningful diversification when combined. YINN charges 1.52%/yr vs 0.79%/yr for KCAI.

Performance

YINN vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily China 3x Bull Shares (YINN) and KraneShares China Alpha Index ETF (KCAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YINN achieves a -35.64% return, which is significantly lower than KCAI's 6.33% return.

YINN

• 1D: 4.55%
• 1M: -8.89%
• 6M: -42.95%
• YTD: -35.64%
• 1Y: -36.89%
• 3Y*: -8.66%
• 5Y*: -38.06%
• 10Y*: -20.77%

KCAI

• 1D: 0.67%
• 1M: -1.82%
• 6M: 7.14%
• YTD: 6.33%
• 1Y: 40.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

YINN vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YINN Direxion Daily China 3x Bull Shares	-35.64%	54.21%	23.55%
KCAI KraneShares China Alpha Index ETF	6.33%	53.29%	11.36%

Correlation

The correlation between YINN and KCAI is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.60

The correlation between YINN and KCAI has been stable across timeframes, ranging from 0.54 to 0.60 - a consistent structural relationship.

YINN vs. KCAI - Sectors Allocation Comparison

Sectors	YINN	KCAI
Financial Services	34.8%	39.0%
Consumer Cyclical	26.4%	11.5%
Communication Services	16.3%	-
Technology	5.4%	13.2%
Energy	5.3%	-
Basic Materials	3.9%	11.3%
Industrials	3.2%	23.6%
Healthcare	2.3%	1.3%
Real Estate	1.1%	-
Consumer Defensive	0.9%	-
Utilities	0.4%	-

Return for Risk

YINN vs. KCAI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YINN

YINN Risk / Return Rank: 4
YINN Sharpe Ratio Rank: 4
YINN Sortino Ratio Rank: 5
YINN Omega Ratio Rank: 5
YINN Calmar Ratio Rank: 4
YINN Martin Ratio Rank: 3

KCAI

KCAI Risk / Return Rank: 95
KCAI Sharpe Ratio Rank: 95
KCAI Sortino Ratio Rank: 95
KCAI Omega Ratio Rank: 93
KCAI Calmar Ratio Rank: 96
KCAI Martin Ratio Rank: 95

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.

YINN vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bull Shares (YINN) and KraneShares China Alpha Index ETF (KCAI). 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.

	YINN	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	-0.62	2.93	-3.56
Sortino ratio: Return per unit of downside risk	-0.67	4.24	-4.91
Omega ratio: Gain probability vs. loss probability	0.92	1.51	-0.59
Calmar ratio: Return relative to maximum drawdown	-0.60	6.90	-7.50
Martin ratio: Return relative to average drawdown	-1.22	21.89	-23.11

YINN vs. KCAI - Sharpe Ratio Comparison

The current YINN Sharpe Ratio is -0.62, which is lower than the KCAI Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of YINN and KCAI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

YINN vs. KCAI - Drawdown Comparison

The maximum YINN drawdown since its inception was -98.87%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for YINN and KCAI.

Drawdown Indicators

	YINN	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-98.87%	-25.48%	-73.39%
Max Drawdown (1Y) Largest decline over 1 year	-61.64%	-5.90%	-55.74%
Max Drawdown (3Y) Largest decline over 3 years	-69.08%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-95.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-98.59%	—	—
Current Drawdown Current decline from peak	-97.72%	-2.53%	-95.19%
Average Drawdown Average peak-to-trough decline	-68.66%	-6.93%	-61.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.24%	1.86%	+28.38%

Volatility

YINN vs. KCAI - Volatility Comparison

Direxion Daily China 3x Bull Shares (YINN) has a higher volatility of 18.79% compared to KraneShares China Alpha Index ETF (KCAI) at 5.18%. This indicates that YINN's price experiences larger fluctuations and is considered to be riskier than KCAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YINN	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.79%	5.18%	+13.61%
Volatility (6M) Calculated over the trailing 6-month period	42.66%	9.43%	+33.23%
Volatility (1Y) Calculated over the trailing 1-year period	59.57%	13.95%	+45.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.21%	20.91%	+73.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.55%	20.91%	+60.64%

YINN vs. KCAI - Expense Ratio Comparison

YINN has a 1.52% expense ratio, which is higher than KCAI's 0.79% expense ratio.

Dividends

YINN vs. KCAI - Dividend Comparison

YINN's dividend yield for the trailing twelve months is around 1.39%, less than KCAI's 33.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
KCAI KraneShares China Alpha Index ETF	33.31%	35.42%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
YINN Direxion Daily China 3x Bull Shares	1.39%	1.12%	1.81%	4.17%	1.16%	0.73%	0.76%	1.38%	1.02%	1.11%

Frequently Asked Questions

Can I hold both YINN and KCAI in my portfolio?

YINN and KCAI have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YINN or KCAI?

YINN has higher volatility (18.79%) compared to KCAI (5.18%). In terms of maximum drawdown, YINN dropped -98.87% vs KCAI's -25.48%.

Which ETF is better, YINN or KCAI?

On 1-year performance, KCAI leads with 40.52% vs -36.89% for YINN. On fees, KCAI is cheaper at 0.79% per year. On volatility, KCAI has been the lower-risk option at 5.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YINN or KCAI?

Over the 1-year period, KCAI has performed better with a 40.52% return vs -36.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YINN or KCAI?

KCAI is cheaper with a 0.79% expense ratio, compared with 1.52% for YINN.

Which ETF pays a higher dividend yield, YINN or KCAI?

KCAI has the higher dividend yield at 33.31%, compared with 1.39% for YINN.

What is the main difference between YINN and KCAI?

YINN tracks FTSE China 50 Index (300%), while KCAI tracks Qi China Alpha Index. They also come from different issuers: Direxion and KraneShares. Their fees differ too: 1.52% for YINN and 0.79% for KCAI.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.93 vs -0.62), 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.