CHAU vs. JCHI

Last updated Jul 14, 2026

CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) and JCHI (JPMorgan Active China ETF) are both China Equities funds. CHAU is passively managed, while JCHI is actively managed. Over the past 3 years, CHAU returned 8.70%/yr vs 6.54%/yr for JCHI. Their correlation of 0.83 suggests significant overlap in exposure. CHAU charges 1.21%/yr vs 0.65%/yr for JCHI.

Performance

CHAU vs. JCHI - 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 JPMorgan Active China ETF (JCHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHAU achieves a 5.90% return, which is significantly higher than JCHI's -3.91% return.

CHAU

• 1D: -4.96%
• 1M: -5.32%
• 6M: -2.77%
• YTD: 5.90%
• 1Y: 46.02%
• 3Y*: 8.70%
• 5Y*: -9.88%
• 10Y*: 3.13%

JCHI

• 1D: -1.44%
• 1M: -2.58%
• 6M: -8.18%
• YTD: -3.91%
• 1Y: 8.52%
• 3Y*: 6.54%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CHAU vs. JCHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	5.90%	47.73%	6.61%	-30.95%
JCHI JPMorgan Active China ETF	-3.91%	27.66%	13.77%	-17.31%

Correlation

The correlation between CHAU and JCHI is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Mar 16, 2023	0.83

The correlation between CHAU and JCHI has been stable across timeframes, ranging from 0.82 to 0.83 - a consistent structural relationship.

Return for Risk

CHAU vs. JCHI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CHAU

CHAU Risk / Return Rank: 52
CHAU Sharpe Ratio Rank: 44
CHAU Sortino Ratio Rank: 43
CHAU Omega Ratio Rank: 42
CHAU Calmar Ratio Rank: 74
CHAU Martin Ratio Rank: 58

JCHI

JCHI Risk / Return Rank: 17
JCHI Sharpe Ratio Rank: 18
JCHI Sortino Ratio Rank: 17
JCHI Omega Ratio Rank: 17
JCHI Calmar Ratio Rank: 18
JCHI Martin Ratio Rank: 17

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. JCHI - 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 JPMorgan Active China ETF (JCHI). 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.

	CHAU	JCHI	Difference
Sharpe ratio: Return per unit of total volatility	1.23	0.46	+0.77
Sortino ratio: Return per unit of downside risk	1.79	0.77	+1.02
Omega ratio: Gain probability vs. loss probability	1.22	1.09	+0.13
Calmar ratio: Return relative to maximum drawdown	3.03	0.59	+2.43
Martin ratio: Return relative to average drawdown	7.95	1.25	+6.70

CHAU vs. JCHI - Sharpe Ratio Comparison

The current CHAU Sharpe Ratio is 1.23, which is higher than the JCHI Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of CHAU and JCHI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CHAU vs. JCHI - Drawdown Comparison

The maximum CHAU drawdown since its inception was -79.21%, which is greater than JCHI's maximum drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for CHAU and JCHI.

Drawdown Indicators

	CHAU	JCHI	Difference
Max Drawdown Largest peak-to-trough decline	-79.21%	-29.57%	-49.64%
Max Drawdown (1Y) Largest decline over 1 year	-15.27%	-14.37%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	-59.88%	-27.47%	-32.41%
Max Drawdown (5Y) Largest decline over 5 years	-71.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-78.58%	—	—
Current Drawdown Current decline from peak	-57.26%	-11.47%	-45.79%
Average Drawdown Average peak-to-trough decline	-58.83%	-13.24%	-45.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.81%	6.83%	-1.02%

Volatility

CHAU vs. JCHI - Volatility Comparison

Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) has a higher volatility of 17.36% compared to JPMorgan Active China ETF (JCHI) at 6.02%. This indicates that CHAU's price experiences larger fluctuations and is considered to be riskier than JCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHAU	JCHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.36%	6.02%	+11.34%
Volatility (6M) Calculated over the trailing 6-month period	28.48%	13.42%	+15.06%
Volatility (1Y) Calculated over the trailing 1-year period	37.60%	18.50%	+19.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.52%	24.75%	+22.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.35%	24.75%	+22.60%

CHAU vs. JCHI - Expense Ratio Comparison

CHAU has a 1.21% expense ratio, which is higher than JCHI's 0.65% expense ratio.

Dividends

CHAU vs. JCHI - Dividend Comparison

CHAU's dividend yield for the trailing twelve months is around 2.04%, more than JCHI's 1.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	2.04%	1.97%	2.25%	3.97%	0.77%	1.73%	0.09%	0.58%	0.83%
JCHI JPMorgan Active China ETF	1.88%	1.81%	2.12%	2.13%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CHAU and JCHI in my portfolio?

CHAU and JCHI have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHAU or JCHI?

CHAU has higher volatility (17.36%) compared to JCHI (6.02%). In terms of maximum drawdown, CHAU dropped -79.21% vs JCHI's -29.57%.

Which ETF is better, CHAU or JCHI?

On 3-year performance, CHAU leads with 8.70% vs 6.54% for JCHI. On fees, JCHI is cheaper at 0.65% per year. On volatility, JCHI has been the lower-risk option at 6.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHAU or JCHI?

Over the 3-year period, CHAU has performed better with a 8.70% return vs 6.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHAU or JCHI?

JCHI is cheaper with a 0.65% expense ratio, compared with 1.21% for CHAU.

Which ETF pays a higher dividend yield, CHAU or JCHI?

CHAU has the higher dividend yield at 2.04%, compared with 1.88% for JCHI.

What is the main difference between CHAU and JCHI?

They also come from different issuers: Direxion and JPMorgan. Their fees differ too: 1.21% for CHAU and 0.65% for JCHI.

Which has better risk-adjusted returns?

CHAU currently has the higher Sharpe Ratio (1.23 vs 0.46), 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.