FXP vs YANG: which held to its multiple?
Over three months against its own daily promise, FXP finished 2.8 points over and YANG 3.2 points over. ProShares UltraShort FTSE China 50 and Direxion Daily FTSE China Bear 3X ETF.
FXP returned −10.8% while −2 times FXI's move would have been −12.8%
YANG returned −17.5% while −3 times FXI's move would have been −19.2%
A percentile among the 125 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | FXP | YANG | FXP | YANG | FXP | YANG |
| 1 month | +8.8% | +12.6% | +7.6% | +11.5% | +1.2 pts | +1.1 pts |
| 3 months | −10.8% | −17.5% | −12.8% | −19.2% | +2.0 pts | +1.7 pts |
| 6 months | +7.1% | +8.8% | +7.2% | +10.8% | −0.1 pts | −2.0 pts |
| 1 year | +37.1% | +54.6% | +31.5% | +47.3% | +5.6 pts | +7.3 pts |
| 3 years | −64.1% | −83.4% | −76.7% | −115.1% | +12.6 pts | +31.7 pts |
| Since launch FXP Jan 2010 · YANG Jan 2010 | −98.0% | −100.0% | −33.8% | −50.7% | −64.2 pts | −49.2 pts |
FXP and YANG over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
FXP and YANG on the same fields, as of Sep 30, 2026. Source: ETFIQ.
FXP in plain words
Three months to Sep 30, 2026: FXP returned −10.8% where its own daily promise gave −13.7%, 2.8 points over. Read the multiple against the whole window instead and −2 times FXI's 6.4% implies −12.8%, which makes FXP look 2.0 points over. 0.8 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. FXP aims to return -2 times FXI's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. FXI moved at 17% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
YANG in plain words
Three months to Sep 30, 2026: YANG returned −17.5% where its own daily promise gave −20.7%, 3.2 points over. Read the multiple against the whole window instead and −3 times FXI's 6.4% implies −19.2%, which makes YANG look 1.7 points over. 1.5 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. YANG aims to return -3 times FXI's move each day, then resets. Over longer, the daily results compound, so the total is not -3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, FXP or YANG?
- Over the window to Sep 30, 2026, FXP finished 2.0 points from what its multiple implies and YANG finished 1.7 points from its own, so YANG came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are FXP and YANG levered on the same thing?
- Yes. Both are levered on iShares China Large-Cap ETF, FXP at -2 times and YANG at -3 times the daily move.
- Which one decays faster, FXP or YANG?
- Decay follows how much the underlying moves about. Over this window FXP’s moved at 17% annualized and YANG’s at 17%, so FXP has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold FXP or YANG for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, FXP against YANG, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/fxp-vs-yang
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, FXP against YANG, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/fxp-vs-yang Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, FXP against YANG, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/fxp-vs-yang
- APA
- ETFIQ. (Sep 30, 2026). FXP against YANG. Retrieved from https://etfiq.com/compare/leverage/fxp-vs-yang
- Markdown
- [FXP against YANG (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/fxp-vs-yang)