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CHAU vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CHAU vs. DBE

Last updated Jun 5, 2026

CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - CHAU is a Leveraged Equities fund tracking the CSI 300 Index (200%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, CHAU returned 4.49%/yr vs 11.58%/yr for DBE. At a 0.18 correlation, their price movements are largely independent. CHAU charges 1.21%/yr vs 0.78%/yr for DBE.

Performance

CHAU vs. DBE - 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 Invesco DB Energy Fund (DBE). 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 DBE's 79.04% return. Over the past 10 years, CHAU has underperformed DBE with an annualized return of 4.49%, while DBE has yielded a comparatively higher 11.58% 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%

DBE

1D
-2.52%
1M
-6.01%
YTD
79.04%
6M
69.31%
1Y
81.31%
3Y*
22.41%
5Y*
19.05%
10Y*
11.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CHAU vs. DBE - 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%
DBE
Invesco DB Energy Fund		79.04%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between CHAU and DBE is -0.16, 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

-0.16

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

0.04

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

0.11

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

0.18

The correlation between CHAU and DBE shifts across timeframes, from -0.16 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

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Direxion Daily CSI 300 China A Share Bull 2x Shares

Invesco DB Energy Fund

Often compared with CHAU:
CHAU vs. YINNCHAU vs. ASHRCHAU vs. VGTCHAU vs. SPYCHAU vs. GOOGCHAU vs. drnCHAU vs. qylg
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. XLKDBE vs. COMTDBE vs. GLDDBE vs. TIP

Return for Risk

CHAU vs. DBE — 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
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6262
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6262
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. DBE - 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 Invesco DB Energy Fund (DBE). 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.

CHAUDBEDifference
Sharpe ratioReturn per unit of total volatility
2.27
2.33

-0.07

Sortino ratioReturn per unit of downside risk
2.91
2.87

+0.04

Omega ratioGain probability vs. loss probability

1.37

1.39

-0.02

Calmar ratioReturn relative to maximum drawdown

4.95

5.67

-0.72

Martin ratioReturn relative to average drawdown

14.80

11.08

+3.73

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. DBE - Sharpe Ratio Comparison

The current CHAU Sharpe Ratio is 2.27, which is comparable to the DBE Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of CHAU and DBE, 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

CHAUDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.27

2.33

-0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.21

0.65

-0.86

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.10

0.41

-0.31

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.07

0.09

-0.16

Drawdowns

CHAU vs. DBE - Drawdown Comparison

The maximum CHAU drawdown since its inception was -79.21%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for CHAU and DBE.

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Drawdown Indicators

CHAUDBEDifference

Max Drawdown

Largest peak-to-trough decline

-79.21%

-86.69%

+7.48%

Max Drawdown (1Y)

Largest decline over 1 year

-15.27%

-14.41%

-0.86%

Max Drawdown (3Y)

Largest decline over 3 years

-59.88%

-23.89%

-35.99%

Max Drawdown (5Y)

Largest decline over 5 years

-73.69%

-38.74%

-34.95%

Max Drawdown (10Y)

Largest decline over 10 years

-78.58%

-60.84%

-17.74%

Current Drawdown

Current decline from peak

-53.04%

-32.03%

-21.01%

Average Drawdown

Average peak-to-trough decline

-58.90%

-57.30%

-1.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.09%

7.37%

-2.28%

Volatility

CHAU vs. DBE - Volatility Comparison

The current volatility for Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) is 11.75%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that CHAU experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CHAUDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.75%

13.05%

-1.30%

Volatility (6M)

Calculated over the trailing 6-month period

22.75%

30.97%

-8.22%

Volatility (1Y)

Calculated over the trailing 1-year period

33.38%

35.07%

-1.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

47.07%

29.41%

+17.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

47.13%

28.34%

+18.79%

CHAU vs. DBE - Expense Ratio Comparison

CHAU has a 1.21% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

CHAU vs. DBE - Dividend Comparison

CHAU's dividend yield for the trailing twelve months is around 1.75%, less than DBE's 2.16% yield.

PositionTTM20252024202320222021202020192018
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%
DBE
Invesco DB Energy Fund		2.16%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%

Frequently Asked Questions

CHAU and DBE have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBE has higher volatility (13.05%) compared to CHAU (11.75%). In terms of maximum drawdown, CHAU dropped -79.21% vs DBE's -86.69%.

On 10-year performance, DBE leads with 11.58% vs 4.49% for CHAU. On fees, DBE is cheaper at 0.78% 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, DBE has performed better with a 11.58% return vs 4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DBE is cheaper with a 0.78% expense ratio, compared with 1.21% for CHAU.

DBE has the higher dividend yield at 2.16%, compared with 1.75% for CHAU.

CHAU is categorized as Leveraged Equities, while DBE is Oil & Gas. CHAU tracks CSI 300 Index (200%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 1.21% for CHAU and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.33 vs 2.27), 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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