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CHAU vs. SPXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CHAU vs. SPXS

Last updated Jun 5, 2026

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 Leveraged 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 4.49%/yr vs -41.99%/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

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 Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CHAU achieves a 16.35% return, which is significantly higher than SPXS's -26.34% return. Over the past 10 years, CHAU has outperformed SPXS with an annualized return of 4.49%, while SPXS has yielded a comparatively lower -41.99% annualized return.

CHAU

1D
-1.18%
1M
2.96%
YTD
16.35%
6M
23.10%
1Y
75.17%
3Y*
13.12%
5Y*
-9.89%
10Y*
4.49%

SPXS

1D
-1.15%
1M
-12.09%
YTD
-26.34%
6M
-25.57%
1Y
-49.42%
3Y*
-43.02%
5Y*
-34.91%
10Y*
-41.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CHAU vs. SPXS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CHAU
Direxion Daily CSI 300 China A Share Bull 2x Shares		16.35%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		-26.34%-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 -0.38, 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

-0.38

Correlation (3Y)
Calculated over the trailing 3-year period

-0.27

Correlation (5Y)
Calculated over the trailing 5-year period

-0.28

Correlation (10Y)
Calculated over the trailing 10-year period

-0.39

Correlation (All Time)
Calculated using the full available price history since Apr 17, 2015

-0.40

The correlation between CHAU and SPXS shifts across timeframes, from -0.40 (all time) to -0.27 (3 years), reflecting how their relationship changes across market environments.

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Direxion Daily CSI 300 China A Share Bull 2x Shares

Direxion Daily S&P 500 Bear 3X Shares

Often compared with CHAU:
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Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SQQQSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDS

Return for Risk

CHAU vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CHAU
CHAU Risk / Return Rank: 7272
Overall Rank
CHAU Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
CHAU Sortino Ratio Rank: 6363
Sortino Ratio Rank
CHAU Omega Ratio Rank: 6262
Omega Ratio Rank
CHAU Calmar Ratio Rank: 8787
Calmar Ratio Rank
CHAU Martin Ratio Rank: 7878
Martin Ratio Rank
SPXS
SPXS Risk / Return Rank: 00
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 00
Calmar Ratio Rank
SPXS Martin Ratio Rank: 11
Martin Ratio Rank
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. 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.

CHAUSPXSDifference
Sharpe ratioReturn per unit of total volatility
2.27
-1.40

+3.66

Sortino ratioReturn per unit of downside risk
2.91
-2.35

+5.26

Omega ratioGain probability vs. loss probability

1.37

0.75

+0.62

Calmar ratioReturn relative to maximum drawdown

4.95

-0.98

+5.93

Martin ratioReturn relative to average drawdown

14.80

-1.64

+16.44

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CHAU vs. SPXS - Sharpe Ratio Comparison

The current CHAU Sharpe Ratio is 2.27, which is higher than the SPXS Sharpe Ratio of -1.40. The chart below compares the historical Sharpe Ratios of CHAU and SPXS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CHAUSPXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.27

-1.40

+3.66

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.21

-0.70

+0.48

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.10

-0.79

+0.88

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.07

-0.84

+0.76

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

CHAUSPXSDifference

Max Drawdown

Largest peak-to-trough decline

-79.21%

-100.00%

+20.79%

Max Drawdown (1Y)

Largest decline over 1 year

-15.27%

-50.77%

+35.50%

Max Drawdown (3Y)

Largest decline over 3 years

-59.88%

-84.13%

+24.25%

Max Drawdown (5Y)

Largest decline over 5 years

-73.69%

-90.11%

+16.42%

Max Drawdown (10Y)

Largest decline over 10 years

-78.58%

-99.63%

+21.05%

Current Drawdown

Current decline from peak

-53.04%

-100.00%

+46.96%

Average Drawdown

Average peak-to-trough decline

-58.90%

-96.30%

+37.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.09%

30.20%

-25.11%

Volatility

CHAU vs. SPXS - Volatility Comparison

Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) has a higher volatility of 11.75% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.36%. 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

CHAUSPXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.75%

8.36%

+3.39%

Volatility (6M)

Calculated over the trailing 6-month period

22.75%

26.83%

-4.08%

Volatility (1Y)

Calculated over the trailing 1-year period

33.38%

35.52%

-2.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

47.07%

50.38%

-3.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

47.13%

53.53%

-6.40%

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 1.75%, less than SPXS's 4.97% yield.

PositionTTM20252024202320222021202020192018
CHAU
Direxion Daily CSI 300 China A Share Bull 2x Shares		1.75%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		4.97%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 -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CHAU has higher volatility (11.75%) compared to SPXS (8.36%). In terms of maximum drawdown, CHAU dropped -79.21% vs SPXS's -100.00%.

On 10-year performance, CHAU leads with 4.49% vs -41.99% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 8.36%. 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 4.49% return vs -41.99%. 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 4.97%, compared with 1.75% for CHAU.

CHAU is categorized as Leveraged 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 (2.27 vs -1.40), 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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