CHAU vs. SPY

Last updated Jun 3, 2026

CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - CHAU is a Leveraged Equities fund tracking the CSI 300 Index (200%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CHAU returned 4.55%/yr vs 15.57%/yr for SPY. At a 0.40 correlation, their price movements are largely independent. CHAU charges 1.21%/yr vs 0.09%/yr for SPY.

Performance

CHAU vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHAU achieves a 17.88% return, which is significantly higher than SPY's 11.69% return. Over the past 10 years, CHAU has underperformed SPY with an annualized return of 4.55%, while SPY has yielded a comparatively higher 15.57% annualized return.

CHAU

• 1D: 4.14%
• 1M: 3.96%
• YTD: 17.88%
• 6M: 24.97%
• 1Y: 83.14%
• 3Y*: 13.00%
• 5Y*: -9.25%
• 10Y*: 4.55%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

CHAU vs. SPY - 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	17.88%	47.73%	6.61%	-28.25%	-49.17%	-2.84%	71.95%	70.01%	-51.03%	74.91%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between CHAU and SPY is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
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 17, 2015	0.40

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

CHAU vs. SPY - Sectors Allocation Comparison

Sectors	CHAU	SPY
Technology	26.3%	35.9%
Financial Services	20.4%	11.8%
Industrials	16.7%	7.8%
Basic Materials	10.7%	1.8%
Consumer Defensive	7.3%	4.8%
Consumer Cyclical	6.7%	10.3%
Healthcare	4.9%	8.4%
Utilities	3.0%	2.4%
Energy	2.7%	3.6%
Communication Services	0.8%	11.3%
Real Estate	0.5%	1.9%

Return for Risk

CHAU vs. SPY — Risk / Return Rank

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

CHAU

CHAU Risk / Return Rank: 76
CHAU Sharpe Ratio Rank: 76
CHAU Sortino Ratio Rank: 67
CHAU Omega Ratio Rank: 65
CHAU Calmar Ratio Rank: 90
CHAU Martin Ratio Rank: 81

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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.

	CHAU	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.50	2.52	-0.02
Sortino ratio Return per unit of downside risk	3.12	3.42	-0.29
Omega ratio Gain probability vs. loss probability	1.40	1.46	-0.06
Calmar ratio Return relative to maximum drawdown	5.49	3.42	+2.07
Martin ratio Return relative to average drawdown	16.51	15.93	+0.59
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. SPY - Sharpe Ratio Comparison

The current CHAU Sharpe Ratio is 2.50, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of CHAU and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CHAU	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.52	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.20	0.84	-1.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.10	0.87	-0.77
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.59	-0.66

Drawdowns

CHAU vs. SPY - Drawdown Comparison

The maximum CHAU drawdown since its inception was -79.21%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CHAU and SPY.

Drawdown Indicators

	CHAU	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-79.21%	-55.19%	-24.02%
Max Drawdown (1Y) Largest decline over 1 year	-15.27%	-8.88%	-6.39%
Max Drawdown (3Y) Largest decline over 3 years	-59.88%	-18.76%	-41.12%
Max Drawdown (5Y) Largest decline over 5 years	-73.69%	-24.50%	-49.19%
Max Drawdown (10Y) Largest decline over 10 years	-78.58%	-33.72%	-44.86%
Current Drawdown Current decline from peak	-52.43%	0.00%	-52.43%
Average Drawdown Average peak-to-trough decline	-58.90%	-9.05%	-49.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	1.91%	+3.17%

Volatility

CHAU vs. SPY - Volatility Comparison

Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) has a higher volatility of 11.80% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that CHAU's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHAU	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.80%	2.75%	+9.05%
Volatility (6M) Calculated over the trailing 6-month period	22.83%	8.89%	+13.94%
Volatility (1Y) Calculated over the trailing 1-year period	33.37%	11.81%	+21.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.09%	17.05%	+30.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.15%	17.94%	+29.21%

CHAU vs. SPY - Expense Ratio Comparison

CHAU has a 1.21% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

CHAU vs. SPY - Dividend Comparison

CHAU's dividend yield for the trailing twelve months is around 1.73%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	1.73%	1.97%	2.25%	3.97%	0.77%	1.73%	0.09%	0.58%	0.83%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both CHAU and SPY in my portfolio?

CHAU and SPY have a correlation of 0.39, 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 SPY?

CHAU has higher volatility (11.80%) compared to SPY (2.75%). In terms of maximum drawdown, CHAU dropped -79.21% vs SPY's -55.19%.

Which ETF is better, CHAU or SPY?

On 10-year performance, SPY leads with 15.57% vs 4.55% for CHAU. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHAU or SPY?

Over the 10-year period, SPY has performed better with a 15.57% return vs 4.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHAU or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.21% for CHAU.

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

CHAU has the higher dividend yield at 1.73%, compared with 0.97% for SPY.

What is the main difference between CHAU and SPY?

CHAU is categorized as Leveraged Equities, while SPY is S&P 500. CHAU tracks CSI 300 Index (200%), while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.21% for CHAU and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 2.50), 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.