CWEB vs. BITI
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - CWEB is a China Equities fund tracking the CSI China Overseas Internet Index (200%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, CWEB returned -14.07%/yr vs -31.62%/yr for BITI. At a correlation of -0.26, they often move in opposite directions. CWEB charges 1.30%/yr vs 1.03%/yr for BITI.
Performance
CWEB vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, CWEB achieves a -40.10% return, which is significantly lower than BITI's 24.48% return.
CWEB
- 1D
- 3.40%
- 1M
- 11.42%
- 6M
- -47.01%
- YTD
- -40.10%
- 1Y
- -40.81%
- 3Y*
- -14.07%
- 5Y*
- -40.57%
- 10Y*
- —
BITI
- 1D
- 1.13%
- 1M
- 1.49%
- 6M
- 35.86%
- YTD
- 24.48%
- 1Y
- 64.61%
- 3Y*
- -31.62%
- 5Y*
- —
- 10Y*
- —
CWEB vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -40.10% | 29.04% | 0.12% | -32.85% | -23.29% |
BITI ProShares Short Bitcoin ETF | 24.48% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between CWEB and BITI 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 | -0.22 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.26 |
The correlation between CWEB and BITI shifts across timeframes, from -0.38 (1 year) to -0.22 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CWEB vs. BITI — Risk / Return Rank
CWEB
BITI
CWEB vs. BITI - 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 ProShares Short Bitcoin ETF (BITI). 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 | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.22 | ||
| Sortino ratioReturn per unit of downside risk | -3.00 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.25 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 2.57 | -3.16 |
| Martin ratioReturn relative to average drawdown | -1.06 | 6.38 | -7.44 |
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Drawdowns
CWEB vs. BITI - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.18%, which is greater than BITI's maximum drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for CWEB and BITI.
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Drawdown Indicators
| CWEB | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.18% | -92.16% | -6.02% |
Max Drawdown (1Y)Largest decline over 1 year | -69.36% | -25.28% | -44.08% |
Max Drawdown (3Y)Largest decline over 3 years | -69.36% | -84.63% | +15.27% |
Max Drawdown (5Y)Largest decline over 5 years | -94.46% | — | — |
Current DrawdownCurrent decline from peak | -97.56% | -86.41% | -11.15% |
Average DrawdownAverage peak-to-trough decline | -65.85% | -68.40% | +2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.43% | 10.16% | +28.27% |
Volatility
CWEB vs. BITI - Volatility Comparison
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 17.07% compared to ProShares Short Bitcoin ETF (BITI) at 10.76%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWEB | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.07% | 10.76% | +6.31% |
Volatility (6M)Calculated over the trailing 6-month period | 40.45% | 34.28% | +6.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.88% | 44.15% | +10.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.37% | 52.24% | +42.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.41% | 52.24% | +28.17% |
CWEB vs. BITI - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than BITI's 1.03% expense ratio.
Dividends
CWEB vs. BITI - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 6.06%, less than BITI's 15.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.62% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | 6.06% | 2.77% | 4.59% | 2.63% | 0.00% | 0.00% | 0.00% | 0.64% | 1.59% | 2.98% |
Frequently Asked Questions
CWEB and BITI 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.
CWEB has higher volatility (17.07%) compared to BITI (10.76%). In terms of maximum drawdown, CWEB dropped -98.18% vs BITI's -92.16%.
On 3-year performance, CWEB leads with -14.07% vs -31.62% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, BITI has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CWEB has performed better with a -14.07% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITI is cheaper with a 1.03% expense ratio, compared with 1.30% for CWEB.
BITI has the higher dividend yield at 15.62%, compared with 6.06% for CWEB.
CWEB is categorized as China Equities, while BITI is Cryptocurrency. CWEB tracks CSI China Overseas Internet Index (200%), while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.30% for CWEB and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.47 vs -0.75), 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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