CWEB vs. DBE
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - CWEB is a Leveraged Equities fund tracking the CSI China Overseas Internet Index (200%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, CWEB returned -43.87%/yr vs 19.66%/yr for DBE. At a 0.14 correlation, their price movements are largely independent. CWEB charges 1.30%/yr vs 0.78%/yr for DBE.
Performance
CWEB vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, CWEB achieves a -40.78% return, which is significantly lower than DBE's 83.68% return.
CWEB
- 1D
- -0.84%
- 1M
- -11.43%
- YTD
- -40.78%
- 6M
- -44.28%
- 1Y
- -37.36%
- 3Y*
- -10.15%
- 5Y*
- -43.87%
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
CWEB vs. DBE - 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% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between CWEB and DBE 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 | 0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2016 | 0.14 |
The correlation between CWEB and DBE shifts across timeframes, from -0.20 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CWEB vs. DBE — Risk / Return Rank
CWEB
DBE
CWEB vs. DBE - 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 Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.12 | ||
| Sortino ratioReturn per unit of downside risk | -3.80 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.40 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 5.89 | -6.51 |
| Martin ratioReturn relative to average drawdown | -1.17 | 11.53 | -12.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CWEB | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.69 | 2.43 | -3.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | 0.67 | -1.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.25 | 0.09 | -0.35 |
Drawdowns
CWEB vs. DBE - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.09%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for CWEB and DBE.
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Drawdown Indicators
| CWEB | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.09% | -86.69% | -11.40% |
Max Drawdown (1Y)Largest decline over 1 year | -60.58% | -14.41% | -46.17% |
Max Drawdown (3Y)Largest decline over 3 years | -60.58% | -23.89% | -36.69% |
Max Drawdown (5Y)Largest decline over 5 years | -95.63% | -38.74% | -56.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -97.59% | -30.27% | -67.32% |
Average DrawdownAverage peak-to-trough decline | -65.43% | -57.31% | -8.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.03% | 7.35% | +24.68% |
Volatility
CWEB vs. DBE - Volatility Comparison
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 22.74% compared to Invesco DB Energy Fund (DBE) at 12.95%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWEB | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.74% | 12.95% | +9.79% |
Volatility (6M)Calculated over the trailing 6-month period | 40.06% | 30.86% | +9.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.37% | 34.97% | +19.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.49% | 29.39% | +65.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.68% | 28.33% | +52.35% |
CWEB vs. DBE - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
CWEB vs. DBE - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 5.70%, more than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% |
Frequently Asked Questions
CWEB and DBE 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 DBE (12.95%). In terms of maximum drawdown, CWEB dropped -98.09% vs DBE's -86.69%.
On 5-year performance, DBE leads with 19.66% vs -43.87% for CWEB. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 12.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 19.66% return vs -43.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 1.30% for CWEB.
CWEB has the higher dividend yield at 5.70%, compared with 2.10% for DBE.
CWEB is categorized as Leveraged Equities, while DBE is Oil & Gas. CWEB tracks CSI China Overseas Internet Index (200%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 1.30% for CWEB and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 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.
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