CWEB vs. BNO
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - CWEB is a Leveraged Equities fund tracking the CSI China Overseas Internet Index (200%), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, CWEB returned -43.87%/yr vs 23.48%/yr for BNO. At a 0.12 correlation, their price movements are largely independent. CWEB charges 1.30%/yr vs 0.90%/yr for BNO.
Performance
CWEB vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CWEB achieves a -40.78% return, which is significantly lower than BNO's 85.31% return.
CWEB
- 1D
- -0.84%
- 1M
- -11.43%
- YTD
- -40.78%
- 6M
- -44.28%
- 1Y
- -37.36%
- 3Y*
- -10.15%
- 5Y*
- -43.87%
- 10Y*
- —
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
CWEB vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -40.78% | 29.04% | 0.12% | -32.85% | -59.43% | -79.35% | 116.38% | 51.24% | -63.01% | 166.27% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between CWEB and BNO is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2016 | 0.12 |
The correlation between CWEB and BNO shifts across timeframes, from -0.20 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CWEB vs. BNO — Risk / Return Rank
CWEB
BNO
CWEB vs. BNO - 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 United States Brent Oil Fund LP (BNO). 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.
| CWEB | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.84 | ||
| Sortino ratioReturn per unit of downside risk | -3.49 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.36 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 4.99 | -5.61 |
| Martin ratioReturn relative to average drawdown | -1.17 | 9.39 | -10.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| CWEB | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.69 | 2.15 | -2.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | 0.67 | -1.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.25 | 0.14 | -0.39 |
Drawdowns
CWEB vs. BNO - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.09%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for CWEB and BNO.
Loading charts...
Drawdown Indicators
| CWEB | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.09% | -87.06% | -11.03% |
Max Drawdown (1Y)Largest decline over 1 year | -60.58% | -17.87% | -42.71% |
Max Drawdown (3Y)Largest decline over 3 years | -60.58% | -23.75% | -36.83% |
Max Drawdown (5Y)Largest decline over 5 years | -95.63% | -33.70% | -61.93% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -97.59% | -12.72% | -84.87% |
Average DrawdownAverage peak-to-trough decline | -65.43% | -40.16% | -25.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.03% | 9.48% | +22.55% |
Volatility
CWEB vs. BNO - Volatility Comparison
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 22.74% compared to United States Brent Oil Fund LP (BNO) at 14.12%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CWEB | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.74% | 14.12% | +8.62% |
Volatility (6M)Calculated over the trailing 6-month period | 40.06% | 36.21% | +3.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.37% | 41.56% | +12.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.49% | 35.40% | +59.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.68% | 36.69% | +43.99% |
CWEB vs. BNO - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
CWEB vs. BNO - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 5.70%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | 5.70% | 2.77% | 4.59% | 2.63% | 0.00% | 0.00% | 0.00% | 0.64% | 1.59% | 2.98% |
Frequently Asked Questions
CWEB and BNO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWEB has higher volatility (22.74%) compared to BNO (14.12%). In terms of maximum drawdown, CWEB dropped -98.09% vs BNO's -87.06%.
On 5-year performance, BNO leads with 23.48% vs -43.87% for CWEB. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 14.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 23.48% return vs -43.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 0.90% expense ratio, compared with 1.30% for CWEB.
CWEB has the higher dividend yield at 5.70%, compared with 0.00% for BNO.
CWEB is categorized as Leveraged Equities, while BNO is Oil & Gas. CWEB tracks CSI China Overseas Internet Index (200%), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 1.30% for CWEB and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs -0.69), 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.
Find the right allocation for CWEB and BNO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer