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 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 5.81%/yr vs -42.33%/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 20.36% return, which is significantly higher than SPXS's -19.79% return. Over the past 10 years, CHAU has outperformed SPXS with an annualized return of 5.81%, while SPXS has yielded a comparatively lower -42.33% annualized 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%
SPXS
- 1D
- 0.04%
- 1M
- 6.38%
- YTD
- -19.79%
- 6M
- -16.59%
- 1Y
- -41.52%
- 3Y*
- -40.72%
- 5Y*
- -33.23%
- 10Y*
- -42.33%
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 | 20.36% | 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 | -19.79% | -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 -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.39 |
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 -0.40 (1 year) to -0.27 (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 | +3.13 | ||
| Sortino ratioReturn per unit of downside risk | +4.35 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 0.81 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 4.66 | -0.91 | +5.57 |
| Martin ratioReturn relative to average drawdown | 13.04 | -1.60 | +14.64 |
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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 | -15.27% | -45.74% | +30.47% |
Max Drawdown (3Y)Largest decline over 3 years | -59.88% | -84.13% | +24.25% |
Max Drawdown (5Y)Largest decline over 5 years | -72.59% | -90.11% | +17.52% |
Max Drawdown (10Y)Largest decline over 10 years | -78.58% | -99.61% | +21.03% |
Current DrawdownCurrent decline from peak | -51.43% | -100.00% | +48.57% |
Average DrawdownAverage peak-to-trough decline | -58.85% | -96.29% | +37.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.45% | 27.24% | -21.79% |
Volatility
CHAU vs. SPXS - Volatility Comparison
Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) and Direxion Daily S&P 500 Bear 3X Shares (SPXS) have volatilities of 14.69% and 14.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 14.69% | 14.10% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 25.91% | 29.36% | -3.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.56% | 37.23% | -1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.33% | 50.68% | -3.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.22% | 53.57% | -6.35% |
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 1.80%, less than SPXS's 4.23% yield.
| 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.23% | 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 -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CHAU has higher volatility (14.69%) compared to SPXS (14.10%). In terms of maximum drawdown, CHAU dropped -79.21% vs SPXS's -100.00%.
On 10-year performance, CHAU leads with 5.81% vs -42.33% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 14.10%. 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 5.81% return vs -42.33%. 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 4.23%, compared with 1.80% 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 (2.01 vs -1.12), 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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