CHAU vs. MVLL

Last updated Jun 26, 2026

CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) and MVLL (GraniteShares 2x Long MRVL Daily ETF) are both Leveraged Equities funds - CHAU tracks the CSI 300 Index (200%) while MVLL tracks the Marvell Technology Inc. (MRVL). Both are passively managed. Over the past year, CHAU returned 70.83% vs 598.83% for MVLL. At a 0.32 correlation, their price movements are largely independent. CHAU charges 1.21%/yr vs 1.50%/yr for MVLL.

Performance

CHAU vs. MVLL - 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 GraniteShares 2x Long MRVL Daily ETF (MVLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHAU achieves a 20.36% return, which is significantly lower than MVLL's 621.98% return.

CHAU

• 1D: 4.68%
• 1M: 2.52%
• YTD: 20.36%
• 6M: 20.62%
• 1Y: 70.83%
• 3Y*: 16.21%
• 5Y*: -8.45%
• 10Y*: 5.81%

MVLL

• 1D: 3.74%
• 1M: 48.86%
• YTD: 621.98%
• 6M: 595.95%
• 1Y: 598.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CHAU vs. MVLL - Yearly Performance Comparison

	2026 (YTD)	2025
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	20.36%	42.07%
MVLL GraniteShares 2x Long MRVL Daily ETF	621.98%	-8.44%

Correlation

The correlation between CHAU and MVLL is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	0.32

CHAU vs. MVLL - Sectors Allocation Comparison

Sectors	CHAU	MVLL
Technology	31.1%	66.6%
Financial Services	19.1%	-
Industrials	16.1%	-
Basic Materials	9.4%	-
Consumer Defensive	6.7%	-
Consumer Cyclical	6.4%	-
Healthcare	4.4%	-
Utilities	3.1%	-
Energy	2.5%	-
Communication Services	0.8%	-
Real Estate	0.4%	-

Return for Risk

CHAU vs. MVLL — Risk / Return Rank

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

CHAU

CHAU Risk / Return Rank: 73
CHAU Sharpe Ratio Rank: 72
CHAU Sortino Ratio Rank: 65
CHAU Omega Ratio Rank: 63
CHAU Calmar Ratio Rank: 89
CHAU Martin Ratio Rank: 78

MVLL

MVLL Risk / Return Rank: 93
MVLL Sharpe Ratio Rank: 97
MVLL Sortino Ratio Rank: 88
MVLL Omega Ratio Rank: 88
MVLL Calmar Ratio Rank: 98
MVLL Martin Ratio Rank: 95

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. MVLL - 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 GraniteShares 2x Long MRVL Daily ETF (MVLL). 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	MVLL	Difference
Sharpe ratio: Return per unit of total volatility	2.01	4.18	-2.17
Sortino ratio: Return per unit of downside risk	2.60	3.49	-0.90
Omega ratio: Gain probability vs. loss probability	1.33	1.48	-0.14
Calmar ratio: Return relative to maximum drawdown	4.66	12.35	-7.69
Martin ratio: Return relative to average drawdown	13.04	24.79	-11.75

CHAU vs. MVLL - Sharpe Ratio Comparison

The current CHAU Sharpe Ratio is 2.01, which is lower than the MVLL Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of CHAU and MVLL, 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. MVLL - Drawdown Comparison

The maximum CHAU drawdown since its inception was -79.21%, which is greater than MVLL's maximum drawdown of -59.02%. Use the drawdown chart below to compare losses from any high point for CHAU and MVLL.

Drawdown Indicators

	CHAU	MVLL	Difference
Max Drawdown Largest peak-to-trough decline	-79.21%	-59.02%	-20.19%
Max Drawdown (1Y) Largest decline over 1 year	-15.27%	-48.93%	+33.66%
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	-51.43%	-30.06%	-21.37%
Average Drawdown Average peak-to-trough decline	-58.85%	-22.46%	-36.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.45%	24.33%	-18.88%

Volatility

CHAU vs. MVLL - Volatility Comparison

The current volatility for Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) is 14.69%, while GraniteShares 2x Long MRVL Daily ETF (MVLL) has a volatility of 86.62%. This indicates that CHAU experiences smaller price fluctuations and is considered to be less risky than MVLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHAU	MVLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.69%	86.62%	-71.93%
Volatility (6M) Calculated over the trailing 6-month period	25.91%	113.26%	-87.35%
Volatility (1Y) Calculated over the trailing 1-year period	35.56%	144.62%	-109.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.33%	146.85%	-99.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.22%	146.85%	-99.63%

CHAU vs. MVLL - Expense Ratio Comparison

CHAU has a 1.21% expense ratio, which is lower than MVLL's 1.50% expense ratio.

Dividends

CHAU vs. MVLL - Dividend Comparison

CHAU's dividend yield for the trailing twelve months is around 1.80%, while MVLL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	1.80%	1.97%	2.25%	3.97%	0.77%	1.73%	0.09%	0.58%	0.83%
MVLL GraniteShares 2x Long MRVL Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CHAU and MVLL in my portfolio?

CHAU and MVLL have a correlation of 0.34, 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 MVLL?

MVLL has higher volatility (86.62%) compared to CHAU (14.69%). In terms of maximum drawdown, CHAU dropped -79.21% vs MVLL's -59.02%.

Which ETF is better, CHAU or MVLL?

On 1-year performance, MVLL leads with 598.83% vs 70.83% for CHAU. On fees, CHAU is cheaper at 1.21% per year. On volatility, CHAU has been the lower-risk option at 14.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHAU or MVLL?

Over the 1-year period, MVLL has performed better with a 598.83% return vs 70.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHAU or MVLL?

CHAU is cheaper with a 1.21% expense ratio, compared with 1.50% for MVLL.

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

CHAU has the higher dividend yield at 1.80%, compared with 0.00% for MVLL.

What is the main difference between CHAU and MVLL?

CHAU tracks CSI 300 Index (200%), while MVLL tracks Marvell Technology Inc. (MRVL). They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.21% for CHAU and 1.50% for MVLL.

Which has better risk-adjusted returns?

MVLL currently has the higher Sharpe Ratio (4.18 vs 2.01), 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.