CWEB vs. ^HSI
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) is China Equities fund tracking the CSI China Overseas Internet Index (200%), while ^HSI (Hang Seng Index) is an index. Over the past 5 years, CWEB returned -41.16%/yr vs -2.41%/yr for ^HSI. At a 0.46 correlation, their price movements are largely independent.
Performance
CWEB vs. ^HSI - Performance Comparison
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Different Trading Currencies
CWEB is traded in USD, while ^HSI is traded in HKD. To make them comparable, the ^HSI values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, CWEB achieves a -43.05% return, which is significantly lower than ^HSI's -3.12% return.
CWEB
- 1D
- -4.93%
- 1M
- 10.20%
- 6M
- -47.60%
- YTD
- -43.05%
- 1Y
- -44.91%
- 3Y*
- -13.20%
- 5Y*
- -41.16%
- 10Y*
- —
^HSI
- 1D
- 0.00%
- 1M
- 2.83%
- 6M
- -7.33%
- YTD
- -3.12%
- 1Y
- 2.22%
- 3Y*
- 9.44%
- 5Y*
- -2.41%
- 10Y*
- 1.34%
CWEB vs. ^HSI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -43.05% | 29.04% | 0.12% | -32.85% | -59.43% | -79.35% | 116.38% | 51.24% | -63.01% | 166.27% |
^HSI Hang Seng Index | -3.12% | 27.55% | 18.27% | -13.81% | -15.60% | -14.56% | -2.93% | 9.64% | -13.82% | 34.99% |
Correlation
The correlation between CWEB and ^HSI is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2016 | 0.46 |
The correlation between CWEB and ^HSI has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.
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Return for Risk
CWEB vs. ^HSI — Risk / Return Rank
CWEB
^HSI
CWEB vs. ^HSI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) and Hang Seng Index (^HSI). 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.
| CWEB | ^HSI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.03 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 0.12 | -0.77 |
| Martin ratioReturn relative to average drawdown | -1.16 | 0.31 | -1.48 |
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Drawdowns
CWEB vs. ^HSI - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.18%, which is greater than ^HSI's maximum drawdown of -65.19%. Use the drawdown chart below to compare losses from any high point for CWEB and ^HSI.
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Drawdown Indicators
| CWEB | ^HSI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.18% | -65.19% | -32.99% |
Max Drawdown (1Y)Largest decline over 1 year | -69.36% | -19.31% | -50.05% |
Max Drawdown (3Y)Largest decline over 3 years | -69.36% | -25.67% | -43.69% |
Max Drawdown (5Y)Largest decline over 5 years | -94.30% | -47.55% | -46.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -55.87% | — |
Current DrawdownCurrent decline from peak | -97.68% | -24.75% | -72.93% |
Average DrawdownAverage peak-to-trough decline | -65.87% | -28.77% | -37.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.62% | 7.19% | +31.43% |
Volatility
CWEB vs. ^HSI - Volatility Comparison
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 16.81% compared to Hang Seng Index (^HSI) at 5.84%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than ^HSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWEB | ^HSI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.81% | 5.84% | +10.97% |
Volatility (6M)Calculated over the trailing 6-month period | 40.70% | 14.23% | +26.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.06% | 18.95% | +36.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.36% | 25.49% | +68.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.41% | 22.04% | +58.37% |
Frequently Asked Questions
CWEB and ^HSI have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWEB has higher volatility (16.81%) compared to ^HSI (5.84%). In terms of maximum drawdown, CWEB dropped -98.18% vs ^HSI's -65.19%.
^HSI currently has the higher Sharpe Ratio (0.12 vs -0.82), 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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