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CHAU vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CHAU vs. BNO

Last updated Jun 5, 2026

CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - CHAU is a Leveraged Equities fund tracking the CSI 300 Index (200%), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, CHAU returned 4.49%/yr vs 13.13%/yr for BNO. At a 0.17 correlation, their price movements are largely independent. CHAU charges 1.21%/yr vs 0.90%/yr for BNO.

Performance

CHAU vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CHAU achieves a 16.35% return, which is significantly lower than BNO's 85.31% return. Over the past 10 years, CHAU has underperformed BNO with an annualized return of 4.49%, while BNO has yielded a comparatively higher 13.13% annualized return.

CHAU

1D
-1.18%
1M
2.96%
YTD
16.35%
6M
23.10%
1Y
75.17%
3Y*
13.12%
5Y*
-9.89%
10Y*
4.49%

BNO

1D
-2.71%
1M
-9.80%
YTD
85.31%
6M
79.66%
1Y
88.71%
3Y*
26.74%
5Y*
23.48%
10Y*
13.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CHAU vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CHAU
Direxion Daily CSI 300 China A Share Bull 2x Shares		16.35%47.73%6.61%-28.25%-49.17%-2.84%71.95%70.01%-51.03%74.91%
BNO
United States Brent Oil Fund LP		85.31%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between CHAU and BNO is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.15

Correlation (3Y)
Calculated over the trailing 3-year period

0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.10

Correlation (10Y)
Calculated over the trailing 10-year period

0.17

Correlation (All Time)
Calculated using the full available price history since Apr 17, 2015

0.17

The correlation between CHAU and BNO shifts across timeframes, from -0.15 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

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Direxion Daily CSI 300 China A Share Bull 2x Shares

United States Brent Oil Fund LP

Often compared with CHAU:
CHAU vs. YINNCHAU vs. ASHRCHAU vs. VGTCHAU vs. SPYCHAU vs. GOOGCHAU vs. drnCHAU vs. QQQ
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. UNL

Return for Risk

CHAU vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CHAU
CHAU Risk / Return Rank: 7272
Overall Rank
CHAU Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
CHAU Sortino Ratio Rank: 6363
Sortino Ratio Rank
CHAU Omega Ratio Rank: 6262
Omega Ratio Rank
CHAU Calmar Ratio Rank: 8787
Calmar Ratio Rank
CHAU Martin Ratio Rank: 7878
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5757
Sortino Ratio Rank
BNO Omega Ratio Rank: 6161
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

CHAU vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) and United States Brent Oil Fund LP (BNO). 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.

CHAUBNODifference
Sharpe ratioReturn per unit of total volatility
2.27
2.15

+0.12

Sortino ratioReturn per unit of downside risk
2.91
2.65

+0.25

Omega ratioGain probability vs. loss probability

1.37

1.36

+0.01

Calmar ratioReturn relative to maximum drawdown

4.95

4.99

-0.04

Martin ratioReturn relative to average drawdown

14.80

9.39

+5.42

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CHAU vs. BNO - Sharpe Ratio Comparison

The current CHAU Sharpe Ratio is 2.27, which is comparable to the BNO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of CHAU and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CHAUBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.27

2.15

+0.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.21

0.67

-0.88

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.10

0.36

-0.26

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.07

0.14

-0.21

Drawdowns

CHAU vs. BNO - Drawdown Comparison

The maximum CHAU drawdown since its inception was -79.21%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for CHAU and BNO.

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Drawdown Indicators

CHAUBNODifference

Max Drawdown

Largest peak-to-trough decline

-79.21%

-87.06%

+7.85%

Max Drawdown (1Y)

Largest decline over 1 year

-15.27%

-17.87%

+2.60%

Max Drawdown (3Y)

Largest decline over 3 years

-59.88%

-23.75%

-36.13%

Max Drawdown (5Y)

Largest decline over 5 years

-73.69%

-33.70%

-39.99%

Max Drawdown (10Y)

Largest decline over 10 years

-78.58%

-75.18%

-3.40%

Current Drawdown

Current decline from peak

-53.04%

-12.72%

-40.32%

Average Drawdown

Average peak-to-trough decline

-58.90%

-40.16%

-18.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.09%

9.48%

-4.39%

Volatility

CHAU vs. BNO - Volatility Comparison

The current volatility for Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) is 11.75%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that CHAU experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CHAUBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

11.75%

14.12%

-2.37%

Volatility (6M)

Calculated over the trailing 6-month period

22.75%

36.21%

-13.46%

Volatility (1Y)

Calculated over the trailing 1-year period

33.38%

41.56%

-8.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

47.07%

35.40%

+11.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

47.13%

36.69%

+10.44%

CHAU vs. BNO - Expense Ratio Comparison

CHAU has a 1.21% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

CHAU vs. BNO - Dividend Comparison

CHAU's dividend yield for the trailing twelve months is around 1.75%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
BNO
United States Brent Oil Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
CHAU
Direxion Daily CSI 300 China A Share Bull 2x Shares		1.75%1.97%2.25%3.97%0.77%1.73%0.09%0.58%0.83%

Frequently Asked Questions

CHAU and BNO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (14.12%) compared to CHAU (11.75%). In terms of maximum drawdown, CHAU dropped -79.21% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.13% vs 4.49% for CHAU. On fees, BNO is cheaper at 0.90% per year. On volatility, CHAU has been the lower-risk option at 11.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BNO has performed better with a 13.13% return vs 4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BNO is cheaper with a 0.90% expense ratio, compared with 1.21% for CHAU.

CHAU has the higher dividend yield at 1.75%, compared with 0.00% for BNO.

CHAU is categorized as Leveraged Equities, while BNO is Oil & Gas. CHAU tracks CSI 300 Index (200%), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 1.21% for CHAU and 0.90% for BNO.

CHAU currently has the higher Sharpe Ratio (2.27 vs 2.15), 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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