CHAU vs. SPXS
CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - CHAU is a China Equities fund tracking the CSI 300 Index (200%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, CHAU returned 2.81%/yr vs -41.08%/yr for SPXS. At a correlation of -0.40, they often move in opposite directions. CHAU charges 1.21%/yr vs 1.08%/yr for SPXS.
Performance
CHAU vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, CHAU achieves a 0.33% return, which is significantly higher than SPXS's -22.52% return. Over the past 10 years, CHAU has outperformed SPXS with an annualized return of 2.81%, while SPXS has yielded a comparatively lower -41.08% annualized return.
CHAU
- 1D
- -5.35%
- 1M
- -13.41%
- 6M
- -3.46%
- YTD
- 0.33%
- 1Y
- 35.87%
- 3Y*
- 7.74%
- 5Y*
- -10.86%
- 10Y*
- 2.81%
SPXS
- 1D
- 3.13%
- 1M
- -0.87%
- 6M
- -19.69%
- YTD
- -22.52%
- 1Y
- -37.99%
- 3Y*
- -38.44%
- 5Y*
- -33.21%
- 10Y*
- -41.08%
CHAU vs. SPXS - 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 | 0.33% | 47.73% | 6.61% | -28.25% | -49.17% | -2.84% | 71.95% | 70.01% | -51.03% | 74.91% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -22.52% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between CHAU and SPXS is -0.45, 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 | -0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.40 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2015 | -0.40 |
The correlation between CHAU and SPXS shifts across timeframes, from -0.45 (1 year) to -0.28 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CHAU vs. SPXS — Risk / Return Rank
CHAU
SPXS
CHAU vs. SPXS - 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 S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.94 | ||
| Sortino ratioReturn per unit of downside risk | +2.96 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.83 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.87 | -0.87 | +2.74 |
| Martin ratioReturn relative to average drawdown | 5.92 | -1.49 | +7.41 |
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Drawdowns
CHAU vs. SPXS - Drawdown Comparison
The maximum CHAU drawdown since its inception was -79.21%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for CHAU and SPXS.
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Drawdown Indicators
| CHAU | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.21% | -100.00% | +20.79% |
Max Drawdown (1Y)Largest decline over 1 year | -19.27% | -43.64% | +24.37% |
Max Drawdown (3Y)Largest decline over 3 years | -59.88% | -84.13% | +24.25% |
Max Drawdown (5Y)Largest decline over 5 years | -71.97% | -90.11% | +18.14% |
Max Drawdown (10Y)Largest decline over 10 years | -78.58% | -99.56% | +20.98% |
Current DrawdownCurrent decline from peak | -59.51% | -100.00% | +40.49% |
Average DrawdownAverage peak-to-trough decline | -58.83% | -96.31% | +37.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.07% | 25.51% | -19.44% |
Volatility
CHAU vs. SPXS - Volatility Comparison
Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) has a higher volatility of 18.68% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 11.01%. This indicates that CHAU's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CHAU | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.68% | 11.01% | +7.67% |
Volatility (6M)Calculated over the trailing 6-month period | 29.66% | 30.20% | -0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.62% | 37.79% | +0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.64% | 50.74% | -3.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.41% | 53.51% | -6.10% |
CHAU vs. SPXS - Expense Ratio Comparison
CHAU has a 1.21% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
CHAU vs. SPXS - Dividend Comparison
CHAU's dividend yield for the trailing twelve months is around 2.16%, less than SPXS's 4.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares | 2.16% | 1.97% | 2.25% | 3.97% | 0.77% | 1.73% | 0.09% | 0.58% | 0.83% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.38% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
CHAU and SPXS have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CHAU has higher volatility (18.68%) compared to SPXS (11.01%). In terms of maximum drawdown, CHAU dropped -79.21% vs SPXS's -100.00%.
On 10-year performance, CHAU leads with 2.81% vs -41.08% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 11.01%. 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 2.81% return vs -41.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.21% for CHAU.
SPXS has the higher dividend yield at 4.38%, compared with 2.16% for CHAU.
CHAU is categorized as China Equities, while SPXS is Inverse Equities. CHAU tracks CSI 300 Index (200%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.21% for CHAU and 1.08% for SPXS.
CHAU currently has the higher Sharpe Ratio (0.93 vs -1.01), 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.
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