YINN vs. MCHI

Last updated Jun 3, 2026

YINN (Direxion Daily China 3x Bull Shares) and MCHI (iShares MSCI China ETF) are both exchange-traded funds - YINN is a Leveraged Equities fund tracking the FTSE China 50 Index (300%), while MCHI is a China Equities fund tracking the MSCI China Index. Both are passively managed. Over the past 10 years, YINN returned -18.19%/yr vs 4.90%/yr for MCHI. Their correlation of 0.94 suggests significant overlap in exposure. YINN charges 1.52%/yr vs 0.59%/yr for MCHI.

Performance

YINN vs. MCHI - Performance Comparison

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

Returns By Period

In the year-to-date period, YINN achieves a -22.68% return, which is significantly lower than MCHI's -4.79% return. Over the past 10 years, YINN has underperformed MCHI with an annualized return of -18.19%, while MCHI has yielded a comparatively higher 4.90% annualized return.

YINN

• 1D: 8.70%
• 1M: -5.65%
• YTD: -22.68%
• 6M: -28.11%
• 1Y: -6.97%
• 3Y*: -0.61%
• 5Y*: -37.38%
• 10Y*: -18.19%

MCHI

• 1D: 3.23%
• 1M: -0.92%
• YTD: -4.79%
• 6M: -6.99%
• 1Y: 9.76%
• 3Y*: 10.51%
• 5Y*: -5.11%
• 10Y*: 4.90%

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

YINN vs. MCHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
YINN Direxion Daily China 3x Bull Shares	-22.68%	54.21%	36.06%	-53.08%	-71.97%	-58.56%	-7.75%	28.92%	-48.47%	129.79%
MCHI iShares MSCI China ETF	-4.79%	31.04%	17.73%	-11.94%	-23.01%	-21.74%	27.78%	23.72%	-19.79%	54.67%

Correlation

The correlation between YINN and MCHI is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Apr 1, 2011	0.94

The correlation between YINN and MCHI has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

YINN vs. MCHI - Sectors Allocation Comparison

Sectors	YINN	MCHI
Financial Services	34.7%	19.1%
Consumer Cyclical	27.4%	26.4%
Communication Services	15.7%	18.8%
Energy	5.6%	3.7%
Technology	5.5%	9.6%
Basic Materials	4.2%	5.5%
Industrials	2.4%	5.0%
Healthcare	2.3%	5.4%
Real Estate	1.0%	1.5%
Consumer Defensive	0.9%	3.2%
Utilities	0.4%	1.7%

Return for Risk

YINN vs. MCHI — Risk / Return Rank

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

YINN

YINN Risk / Return Rank: 8
YINN Sharpe Ratio Rank: 7
YINN Sortino Ratio Rank: 10
YINN Omega Ratio Rank: 10
YINN Calmar Ratio Rank: 8
YINN Martin Ratio Rank: 8

MCHI

MCHI Risk / Return Rank: 16
MCHI Sharpe Ratio Rank: 17
MCHI Sortino Ratio Rank: 17
MCHI Omega Ratio Rank: 16
MCHI Calmar Ratio Rank: 16
MCHI Martin Ratio Rank: 15

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. MCHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bull Shares (YINN) and iShares MSCI China ETF (MCHI). 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.

	YINN	MCHI	Difference
Sharpe ratio Return per unit of total volatility	-0.12	0.49	-0.61
Sortino ratio Return per unit of downside risk	0.24	0.82	-0.58
Omega ratio Gain probability vs. loss probability	1.03	1.10	-0.07
Calmar ratio Return relative to maximum drawdown	-0.09	0.62	-0.71
Martin ratio Return relative to average drawdown	-0.18	1.30	-1.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YINN vs. MCHI - Sharpe Ratio Comparison

The current YINN Sharpe Ratio is -0.12, which is lower than the MCHI Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of YINN and MCHI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	YINN	MCHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.12	0.49	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.40	-0.17	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.22	0.18	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	-0.22	0.10	-0.31

Drawdowns

YINN vs. MCHI - Drawdown Comparison

The maximum YINN drawdown since its inception was -98.87%, which is greater than MCHI's maximum drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for YINN and MCHI.

Drawdown Indicators

	YINN	MCHI	Difference
Max Drawdown Largest peak-to-trough decline	-98.87%	-62.95%	-35.92%
Max Drawdown (1Y) Largest decline over 1 year	-47.74%	-17.17%	-30.57%
Max Drawdown (3Y) Largest decline over 3 years	-69.08%	-25.85%	-43.23%
Max Drawdown (5Y) Largest decline over 5 years	-96.28%	-56.98%	-39.30%
Max Drawdown (10Y) Largest decline over 10 years	-98.59%	-62.95%	-35.64%
Current Drawdown Current decline from peak	-97.26%	-35.08%	-62.18%
Average Drawdown Average peak-to-trough decline	-68.46%	-24.52%	-43.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.05%	8.25%	+15.80%

Volatility

YINN vs. MCHI - Volatility Comparison

Direxion Daily China 3x Bull Shares (YINN) has a higher volatility of 20.17% compared to iShares MSCI China ETF (MCHI) at 6.98%. This indicates that YINN's price experiences larger fluctuations and is considered to be riskier than MCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YINN	MCHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.17%	6.98%	+13.19%
Volatility (6M) Calculated over the trailing 6-month period	42.11%	14.39%	+27.72%
Volatility (1Y) Calculated over the trailing 1-year period	58.50%	20.07%	+38.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.19%	30.71%	+63.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.78%	27.39%	+54.39%

YINN vs. MCHI - Expense Ratio Comparison

YINN has a 1.52% expense ratio, which is higher than MCHI's 0.59% expense ratio.

Dividends

YINN vs. MCHI - Dividend Comparison

YINN's dividend yield for the trailing twelve months is around 1.29%, less than MCHI's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCHI iShares MSCI China ETF	2.22%	2.12%	2.31%	2.66%	1.78%	1.04%	1.04%	1.45%	1.60%	1.56%	1.66%	2.76%
YINN Direxion Daily China 3x Bull Shares	1.29%	1.12%	1.81%	4.17%	1.16%	0.73%	0.76%	1.38%	1.02%	1.11%	0.00%	0.00%

Frequently Asked Questions

Can I hold both YINN and MCHI in my portfolio?

With a correlation of 0.97, YINN and MCHI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, YINN or MCHI?

YINN has higher volatility (20.17%) compared to MCHI (6.98%). In terms of maximum drawdown, YINN dropped -98.87% vs MCHI's -62.95%.

Which ETF is better, YINN or MCHI?

On 10-year performance, MCHI leads with 4.90% vs -18.19% for YINN. On fees, MCHI is cheaper at 0.59% per year. On volatility, MCHI has been the lower-risk option at 6.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YINN or MCHI?

Over the 10-year period, MCHI has performed better with a 4.90% return vs -18.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YINN or MCHI?

MCHI is cheaper with a 0.59% expense ratio, compared with 1.52% for YINN.

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

MCHI has the higher dividend yield at 2.22%, compared with 1.29% for YINN.

What is the main difference between YINN and MCHI?

YINN is categorized as Leveraged Equities, while MCHI is China Equities. YINN tracks FTSE China 50 Index (300%), while MCHI tracks MSCI China Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.52% for YINN and 0.59% for MCHI.

Which has better risk-adjusted returns?

MCHI currently has the higher Sharpe Ratio (0.49 vs -0.12), 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.