CWEB vs. CN

Last updated Jul 17, 2026

CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and CN (Xtrackers MSCI All China Equity ETF) are both China Equities funds - CWEB tracks the CSI China Overseas Internet Index (200%) while CN tracks the MSCI China All Shares. Both are passively managed. A 0.73 correlation means they provide meaningful diversification when combined. CWEB charges 1.30%/yr vs 0.50%/yr for CN.

Performance

CWEB vs. CN - 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 Xtrackers MSCI All China Equity ETF (CN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CWEB

• 1D: 3.40%
• 1M: 11.42%
• 6M: -47.01%
• YTD: -40.10%
• 1Y: -40.81%
• 3Y*: -14.07%
• 5Y*: -40.57%
• 10Y*: —

CN

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CWEB vs. CN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares	-40.10%	29.04%	0.12%	-32.85%	-59.43%	-79.35%	116.38%	51.24%	-63.01%	166.27%
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%

Correlation

The correlation between CWEB and CN is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Nov 2, 2016	0.73

The correlation between CWEB and CN shifts across timeframes, from 0.42 (3 years) to 0.73 (all time), reflecting how their relationship changes across market environments.

CWEB vs. CN - Sectors Allocation Comparison

Sectors	CWEB	CN
Communication Services	41.7%	0.4%
Consumer Cyclical	36.9%	5.4%
Healthcare	6.0%	0.8%
Real Estate	5.2%	0.8%
Consumer Defensive	4.0%	0.3%
Technology	4.0%	0.3%
Financial Services	2.3%	55.1%
Basic Materials	-	0.6%
Energy	-	0.9%
Industrials	-	1.0%
Utilities	-	0.2%

Return for Risk

CWEB vs. CN — 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: 4

CN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. CN - 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 Xtrackers MSCI All China Equity ETF (CN). 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	CN	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	—	—
Sortino ratio: Return per unit of downside risk	-0.96	—	—
Omega ratio: Gain probability vs. loss probability	0.89	—	—
Calmar ratio: Return relative to maximum drawdown	-0.59	—	—
Martin ratio: Return relative to average drawdown	-1.06	—	—

Drawdowns

Drawdown Indicators

	CWEB	CN	Difference
Max Drawdown Largest peak-to-trough decline	-98.18%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-69.36%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-69.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-94.46%	—	—
Current Drawdown Current decline from peak	-97.56%	—	—
Average Drawdown Average peak-to-trough decline	-65.85%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	38.43%	—	—

Volatility

Volatility by Period

	CWEB	CN	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	40.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	54.88%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.37%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.41%	—	—

CWEB vs. CN - Expense Ratio Comparison

CWEB has a 1.30% expense ratio, which is higher than CN's 0.50% expense ratio.

Dividends

CWEB vs. CN - Dividend Comparison

CWEB's dividend yield for the trailing twelve months is around 6.06%, while CN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CWEB and CN in my portfolio?

CWEB and CN have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CWEB or CN?

On fees, CN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CWEB or CN?

CN is cheaper with a 0.50% expense ratio, compared with 1.30% for CWEB.

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

CWEB has the higher dividend yield at 6.06%, compared with 0.00% for CN.

What is the main difference between CWEB and CN?

CWEB tracks CSI China Overseas Internet Index (200%), while CN tracks MSCI China All Shares. They also come from different issuers: Direxion and Deutsche Bank. Their fees differ too: 1.30% for CWEB and 0.50% for CN.