YXI vs. YANG
YXI (ProShares Short FTSE China 50) and YANG (Direxion Daily China 3x Bear Shares) are both China Equities funds - YXI tracks the FTSE China 50 Net Tax USD (TR) (-100%) while YANG tracks the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, YXI returned -7.29%/yr vs -36.87%/yr for YANG. Their correlation of 0.93 suggests significant overlap in exposure. YXI charges 0.95%/yr vs 1.07%/yr for YANG.
Performance
YXI vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, YXI achieves a 12.29% return, which is significantly lower than YANG's 28.25% return. Over the past 10 years, YXI has outperformed YANG with an annualized return of -7.29%, while YANG has yielded a comparatively lower -36.87% annualized return.
YXI
- 1D
- -0.91%
- 1M
- 3.13%
- 6M
- 17.42%
- YTD
- 12.29%
- 1Y
- 9.77%
- 3Y*
- -9.43%
- 5Y*
- -2.73%
- 10Y*
- -7.29%
YANG
- 1D
- -4.53%
- 1M
- 6.57%
- 6M
- 48.72%
- YTD
- 28.25%
- 1Y
- 14.90%
- 3Y*
- -42.93%
- 5Y*
- -34.14%
- 10Y*
- -36.87%
YXI vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YXI ProShares Short FTSE China 50 | 12.29% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
YANG Direxion Daily China 3x Bear Shares | 28.25% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
Correlation
The correlation between YXI and YANG is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010 | 0.93 |
The correlation between YXI and YANG has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
YXI vs. YANG — Risk / Return Rank
YXI
YANG
YXI vs. YANG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short FTSE China 50 (YXI) and Direxion Daily China 3x Bear Shares (YANG). 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.
| YXI | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.09 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 0.47 | +0.39 |
| Martin ratioReturn relative to average drawdown | 1.73 | 0.83 | +0.90 |
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Drawdowns
YXI vs. YANG - Drawdown Comparison
The maximum YXI drawdown since its inception was -81.15%, smaller than the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for YXI and YANG.
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Drawdown Indicators
| YXI | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.15% | -99.98% | +18.83% |
Max Drawdown (1Y)Largest decline over 1 year | -11.39% | -31.88% | +20.49% |
Max Drawdown (3Y)Largest decline over 3 years | -53.12% | -94.02% | +40.90% |
Max Drawdown (5Y)Largest decline over 5 years | -57.65% | -97.38% | +39.73% |
Max Drawdown (10Y)Largest decline over 10 years | -61.79% | -99.38% | +37.59% |
Current DrawdownCurrent decline from peak | -77.07% | -99.97% | +22.90% |
Average DrawdownAverage peak-to-trough decline | -54.45% | -90.56% | +36.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.66% | 18.07% | -12.41% |
Volatility
YXI vs. YANG - Volatility Comparison
The current volatility for ProShares Short FTSE China 50 (YXI) is 7.44%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 18.88%. This indicates that YXI experiences smaller price fluctuations and is considered to be less risky than YANG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YXI | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.44% | 18.88% | -11.44% |
Volatility (6M)Calculated over the trailing 6-month period | 15.44% | 42.30% | -26.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.65% | 59.58% | -38.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.47% | 94.43% | -62.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.44% | 81.87% | -54.43% |
YXI vs. YANG - Expense Ratio Comparison
YXI has a 0.95% expense ratio, which is lower than YANG's 1.07% expense ratio.
Dividends
YXI vs. YANG - Dividend Comparison
YXI's dividend yield for the trailing twelve months is around 2.53%, less than YANG's 2.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 2.87% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% |
YXI ProShares Short FTSE China 50 | 2.53% | 3.60% | 4.35% | 2.66% | 0.27% | 0.00% | 0.08% | 1.01% | 0.25% |
Frequently Asked Questions
With a correlation of 0.93, YXI and YANG 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.
YANG has higher volatility (18.88%) compared to YXI (7.44%). In terms of maximum drawdown, YXI dropped -81.15% vs YANG's -99.98%.
On 10-year performance, YXI leads with -7.29% vs -36.87% for YANG. On fees, YXI is cheaper at 0.95% per year. On volatility, YXI has been the lower-risk option at 7.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YXI has performed better with a -7.29% return vs -36.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YXI is cheaper with a 0.95% expense ratio, compared with 1.07% for YANG.
YANG has the higher dividend yield at 2.87%, compared with 2.53% for YXI.
YXI tracks FTSE China 50 Net Tax USD (TR) (-100%), while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for YXI and 1.07% for YANG.
YXI currently has the higher Sharpe Ratio (0.48 vs 0.25), 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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