CWEB vs. CHAU

Last updated Jun 5, 2026

CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) are both Leveraged Equities funds from Direxion - CWEB tracks the CSI China Overseas Internet Index (200%) while CHAU tracks the CSI 300 Index (200%). Both are passively managed. Over the past 5 years, CWEB returned -43.87%/yr vs -9.89%/yr for CHAU. A 0.63 correlation means they provide meaningful diversification when combined. CWEB charges 1.30%/yr vs 1.21%/yr for CHAU.

Performance

CWEB vs. CHAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) and Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWEB achieves a -40.78% return, which is significantly lower than CHAU's 16.35% return.

CWEB

• 1D: -0.84%
• 1M: -11.43%
• YTD: -40.78%
• 6M: -44.28%
• 1Y: -37.36%
• 3Y*: -10.15%
• 5Y*: -43.87%
• 10Y*: —

CHAU

• 1D: -1.18%
• 1M: 2.96%
• YTD: 16.35%
• 6M: 23.10%
• 1Y: 75.17%
• 3Y*: 13.12%
• 5Y*: -9.89%
• 10Y*: 4.49%

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

CWEB vs. CHAU - 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%
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	16.35%	47.73%	6.61%	-28.25%	-49.17%	-2.84%	71.95%	70.01%	-51.03%	74.91%

Correlation

The correlation between CWEB and CHAU is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Nov 3, 2016	0.63

The correlation between CWEB and CHAU has been stable across timeframes, ranging from 0.60 to 0.67 - a consistent structural relationship.

CWEB vs. CHAU - Sectors Allocation Comparison

Sectors	CWEB	CHAU
Communication Services	40.0%	0.8%
Consumer Cyclical	38.4%	6.7%
Healthcare	6.8%	4.9%
Real Estate	4.8%	0.5%
Consumer Defensive	4.4%	7.3%
Technology	3.7%	26.3%
Financial Services	2.0%	20.4%
Basic Materials	-	10.7%
Energy	-	2.7%
Industrials	-	16.7%
Utilities	-	3.0%

Return for Risk

CWEB vs. CHAU — Risk / Return Rank

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

CWEB

CWEB Risk / Return Rank: 4
CWEB Sharpe Ratio Rank: 3
CWEB Sortino Ratio Rank: 4
CWEB Omega Ratio Rank: 4
CWEB Calmar Ratio Rank: 4
CWEB Martin Ratio Rank: 3

CHAU

CHAU Risk / Return Rank: 72
CHAU Sharpe Ratio Rank: 70
CHAU Sortino Ratio Rank: 63
CHAU Omega Ratio Rank: 62
CHAU Calmar Ratio Rank: 87
CHAU Martin Ratio Rank: 78

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.

CWEB vs. CHAU - 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 Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU). 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	CHAU	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	2.27	-2.96
Sortino ratio: Return per unit of downside risk	-0.84	2.91	-3.75
Omega ratio: Gain probability vs. loss probability	0.91	1.37	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.62	4.95	-5.57
Martin ratio: Return relative to average drawdown	-1.17	14.80	-15.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWEB vs. CHAU - Sharpe Ratio Comparison

The current CWEB Sharpe Ratio is -0.69, which is lower than the CHAU Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of CWEB and CHAU, 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

	CWEB	CHAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.69	2.27	-2.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.47	-0.21	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.25	-0.07	-0.18

Drawdowns

CWEB vs. CHAU - Drawdown Comparison

The maximum CWEB drawdown since its inception was -98.09%, which is greater than CHAU's maximum drawdown of -79.21%. Use the drawdown chart below to compare losses from any high point for CWEB and CHAU.

Drawdown Indicators

	CWEB	CHAU	Difference
Max Drawdown Largest peak-to-trough decline	-98.09%	-79.21%	-18.88%
Max Drawdown (1Y) Largest decline over 1 year	-60.58%	-15.27%	-45.31%
Max Drawdown (3Y) Largest decline over 3 years	-60.58%	-59.88%	-0.70%
Max Drawdown (5Y) Largest decline over 5 years	-95.63%	-73.69%	-21.94%
Max Drawdown (10Y) Largest decline over 10 years	—	-78.58%	—
Current Drawdown Current decline from peak	-97.59%	-53.04%	-44.55%
Average Drawdown Average peak-to-trough decline	-65.43%	-58.90%	-6.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.03%	5.09%	+26.94%

Volatility

CWEB vs. CHAU - Volatility Comparison

Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 22.74% compared to Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) at 11.75%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than CHAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWEB	CHAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.74%	11.75%	+10.99%
Volatility (6M) Calculated over the trailing 6-month period	40.06%	22.75%	+17.31%
Volatility (1Y) Calculated over the trailing 1-year period	54.37%	33.38%	+20.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.49%	47.07%	+47.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.68%	47.13%	+33.55%

CWEB vs. CHAU - Expense Ratio Comparison

CWEB has a 1.30% expense ratio, which is higher than CHAU's 1.21% expense ratio.

Dividends

CWEB vs. CHAU - Dividend Comparison

CWEB's dividend yield for the trailing twelve months is around 5.70%, more than CHAU's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	1.75%	1.97%	2.25%	3.97%	0.77%	1.73%	0.09%	0.58%	0.83%	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

Can I hold both CWEB and CHAU in my portfolio?

CWEB and CHAU have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CWEB or CHAU?

CWEB has higher volatility (22.74%) compared to CHAU (11.75%). In terms of maximum drawdown, CWEB dropped -98.09% vs CHAU's -79.21%.

Which ETF is better, CWEB or CHAU?

On 5-year performance, CHAU leads with -9.89% vs -43.87% for CWEB. On fees, CHAU is cheaper at 1.21% per year. On volatility, CHAU has been the lower-risk option at 11.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWEB or CHAU?

Over the 5-year period, CHAU has performed better with a -9.89% return vs -43.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWEB or CHAU?

CHAU is cheaper with a 1.21% expense ratio, compared with 1.30% for CWEB.

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

CWEB has the higher dividend yield at 5.70%, compared with 1.75% for CHAU.

What is the main difference between CWEB and CHAU?

CWEB tracks CSI China Overseas Internet Index (200%), while CHAU tracks CSI 300 Index (200%). Their fees differ too: 1.30% for CWEB and 1.21% for CHAU.

Which has better risk-adjusted returns?

CHAU currently has the higher Sharpe Ratio (2.27 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.