CHAU vs. MMKT

Last updated Jun 25, 2026

CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - CHAU is a Leveraged Equities fund tracking the CSI 300 Index (200%), while MMKT is a Money Market fund actively managed by Texas Capital. CHAU is passively managed, while MMKT is actively managed. Over the past year, CHAU returned 67.44% vs 3.79% for MMKT. At a correlation of -0.07, they often move in opposite directions. CHAU charges 1.21%/yr vs 0.20%/yr for MMKT.

Performance

CHAU vs. MMKT - 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 Texas Capital Government Money Market ETF (MMKT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHAU achieves a 14.98% return, which is significantly higher than MMKT's 1.65% return.

CHAU

• 1D: -1.07%
• 1M: 1.97%
• YTD: 14.98%
• 6M: 15.23%
• 1Y: 67.44%
• 3Y*: 13.80%
• 5Y*: -9.29%
• 10Y*: 5.42%

MMKT

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.65%
• 6M: 1.74%
• 1Y: 3.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CHAU vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	14.98%	47.73%	4.61%
MMKT Texas Capital Government Money Market ETF	1.65%	4.13%	1.22%

Correlation

The correlation between CHAU and MMKT is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	-0.07

Return for Risk

CHAU vs. MMKT — Risk / Return Rank

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

CHAU

CHAU Risk / Return Rank: 70
CHAU Sharpe Ratio Rank: 67
CHAU Sortino Ratio Rank: 60
CHAU Omega Ratio Rank: 59
CHAU Calmar Ratio Rank: 87
CHAU Martin Ratio Rank: 75

MMKT

MMKT Risk / Return Rank: 100
MMKT Sharpe Ratio Rank: 100
MMKT Sortino Ratio Rank: 100
MMKT Omega Ratio Rank: 100
MMKT Calmar Ratio Rank: 100
MMKT Martin Ratio Rank: 100

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. MMKT - 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 Texas Capital Government Money Market ETF (MMKT). 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	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	1.92	16.88	-14.96
Sortino ratio: Return per unit of downside risk	2.51	63.16	-60.65
Omega ratio: Gain probability vs. loss probability	1.32	15.82	-14.50
Calmar ratio: Return relative to maximum drawdown	4.44	152.75	-148.31
Martin ratio: Return relative to average drawdown	12.42	916.29	-903.87

CHAU vs. MMKT - Sharpe Ratio Comparison

The current CHAU Sharpe Ratio is 1.92, which is lower than the MMKT Sharpe Ratio of 16.88. The chart below compares the historical Sharpe Ratios of CHAU and MMKT, 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. MMKT - Drawdown Comparison

The maximum CHAU drawdown since its inception was -79.21%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for CHAU and MMKT.

Drawdown Indicators

	CHAU	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-79.21%	-0.04%	-79.17%
Max Drawdown (1Y) Largest decline over 1 year	-15.27%	-0.02%	-15.25%
Max Drawdown (3Y) Largest decline over 3 years	-59.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-72.59%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-78.58%	—	—
Current Drawdown Current decline from peak	-53.60%	0.00%	-53.60%
Average Drawdown Average peak-to-trough decline	-58.85%	-0.00%	-58.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.45%	0.00%	+5.45%

Volatility

CHAU vs. MMKT - Volatility Comparison

Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) has a higher volatility of 14.52% compared to Texas Capital Government Money Market ETF (MMKT) at 0.04%. This indicates that CHAU's price experiences larger fluctuations and is considered to be riskier than MMKT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHAU	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.52%	0.04%	+14.48%
Volatility (6M) Calculated over the trailing 6-month period	25.57%	0.13%	+25.44%
Volatility (1Y) Calculated over the trailing 1-year period	35.44%	0.23%	+35.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.30%	0.23%	+47.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.21%	0.23%	+46.98%

CHAU vs. MMKT - Expense Ratio Comparison

CHAU has a 1.21% expense ratio, which is higher than MMKT's 0.20% expense ratio.

Dividends

CHAU vs. MMKT - Dividend Comparison

CHAU's dividend yield for the trailing twelve months is around 1.88%, less than MMKT's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	1.88%	1.97%	2.25%	3.97%	0.77%	1.73%	0.09%	0.58%	0.83%
MMKT Texas Capital Government Money Market ETF	3.71%	3.98%	1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CHAU and MMKT in my portfolio?

CHAU and MMKT have a correlation of -0.11, 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 MMKT?

CHAU has higher volatility (14.52%) compared to MMKT (0.04%). In terms of maximum drawdown, CHAU dropped -79.21% vs MMKT's -0.04%.

Which ETF is better, CHAU or MMKT?

On 1-year performance, CHAU leads with 67.44% vs 3.79% for MMKT. On fees, MMKT is cheaper at 0.20% per year. On volatility, MMKT has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHAU or MMKT?

Over the 1-year period, CHAU has performed better with a 67.44% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHAU or MMKT?

MMKT is cheaper with a 0.20% expense ratio, compared with 1.21% for CHAU.

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

MMKT has the higher dividend yield at 3.71%, compared with 1.88% for CHAU.

What is the main difference between CHAU and MMKT?

CHAU is categorized as Leveraged Equities, while MMKT is Money Market. They also come from different issuers: Direxion and Texas Capital. Their fees differ too: 1.21% for CHAU and 0.20% for MMKT.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (16.88 vs 1.92), 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.