CHAU vs. ERY
CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) and ERY (Direxion Daily Energy Bear 2X Shares) are both Leveraged Equities funds from Direxion - CHAU tracks the CSI 300 Index (200%) while ERY tracks the Energy Select Sector Index (-300%). Both are passively managed. Over the past 10 years, CHAU returned 3.91%/yr vs -33.15%/yr for ERY. At a correlation of -0.28, they often move in opposite directions. CHAU charges 1.21%/yr vs 1.07%/yr for ERY.
Performance
CHAU vs. ERY - Performance Comparison
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Returns By Period
In the year-to-date period, CHAU achieves a 9.18% return, which is significantly higher than ERY's -42.37% return. Over the past 10 years, CHAU has outperformed ERY with an annualized return of 3.91%, while ERY has yielded a comparatively lower -33.15% annualized return.
CHAU
- 1D
- -6.16%
- 1M
- -6.93%
- YTD
- 9.18%
- 6M
- 12.70%
- 1Y
- 63.46%
- 3Y*
- 11.05%
- 5Y*
- -11.02%
- 10Y*
- 3.91%
ERY
- 1D
- 4.02%
- 1M
- -2.73%
- YTD
- -42.37%
- 6M
- -40.31%
- 1Y
- -53.41%
- 3Y*
- -26.88%
- 5Y*
- -37.56%
- 10Y*
- -33.15%
CHAU vs. ERY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares | 9.18% | 47.73% | 6.61% | -28.25% | -49.17% | -2.84% | 71.95% | 70.01% | -51.03% | 74.91% |
ERY Direxion Daily Energy Bear 2X Shares | -42.37% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
Correlation
The correlation between CHAU and ERY is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.27 |
Correlation (All Time) Calculated using the full available price history since Apr 17, 2015 | -0.28 |
The correlation between CHAU and ERY shifts across timeframes, from -0.28 (all time) to 0.02 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CHAU vs. ERY — Risk / Return Rank
CHAU
ERY
CHAU vs. ERY - 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 Direxion Daily Energy Bear 2X Shares (ERY). 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.
| CHAU | ERY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.19 | ||
| Sortino ratioReturn per unit of downside risk | +4.76 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.77 | +0.55 |
| Calmar ratioReturn relative to maximum drawdown | 4.18 | -0.92 | +5.10 |
| Martin ratioReturn relative to average drawdown | 12.37 | -1.69 | +14.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CHAU | ERY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.88 | -1.31 | +3.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.23 | -0.73 | +0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.08 | -0.47 | +0.55 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.08 | -0.54 | +0.46 |
Drawdowns
CHAU vs. ERY - Drawdown Comparison
The maximum CHAU drawdown since its inception was -79.21%, smaller than the maximum ERY drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for CHAU and ERY.
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Drawdown Indicators
| CHAU | ERY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.21% | -99.99% | +20.78% |
Max Drawdown (1Y)Largest decline over 1 year | -15.27% | -58.18% | +42.91% |
Max Drawdown (3Y)Largest decline over 3 years | -59.88% | -67.94% | +8.06% |
Max Drawdown (5Y)Largest decline over 5 years | -73.59% | -94.04% | +20.45% |
Max Drawdown (10Y)Largest decline over 10 years | -78.58% | -99.66% | +21.08% |
Current DrawdownCurrent decline from peak | -55.94% | -99.99% | +44.05% |
Average DrawdownAverage peak-to-trough decline | -58.90% | -96.93% | +38.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.14% | 33.64% | -28.50% |
Volatility
CHAU vs. ERY - Volatility Comparison
The current volatility for Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) is 12.80%, while Direxion Daily Energy Bear 2X Shares (ERY) has a volatility of 14.54%. This indicates that CHAU experiences smaller price fluctuations and is considered to be less risky than ERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CHAU | ERY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.80% | 14.54% | -1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 23.67% | 32.77% | -9.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.96% | 40.82% | -6.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.13% | 51.90% | -4.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.17% | 70.61% | -23.44% |
CHAU vs. ERY - Expense Ratio Comparison
CHAU has a 1.21% expense ratio, which is higher than ERY's 1.07% expense ratio.
Dividends
CHAU vs. ERY - Dividend Comparison
CHAU's dividend yield for the trailing twelve months is around 1.86%, less than ERY's 3.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares | 1.86% | 1.97% | 2.25% | 3.97% | 0.77% | 1.73% | 0.09% | 0.58% | 0.83% |
ERY Direxion Daily Energy Bear 2X Shares | 3.61% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% |
Frequently Asked Questions
CHAU and ERY have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERY has higher volatility (14.54%) compared to CHAU (12.80%). In terms of maximum drawdown, CHAU dropped -79.21% vs ERY's -99.99%.
On 10-year performance, CHAU leads with 3.91% vs -33.15% for ERY. On fees, ERY is cheaper at 1.07% per year. On volatility, CHAU has been the lower-risk option at 12.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CHAU has performed better with a 3.91% return vs -33.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERY is cheaper with a 1.07% expense ratio, compared with 1.21% for CHAU.
ERY has the higher dividend yield at 3.61%, compared with 1.86% for CHAU.
CHAU tracks CSI 300 Index (200%), while ERY tracks Energy Select Sector Index (-300%). Their fees differ too: 1.21% for CHAU and 1.07% for ERY.
CHAU currently has the higher Sharpe Ratio (1.88 vs -1.31), 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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