CWEB vs. DRGN

Last updated Jul 17, 2026

CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and DRGN (Themes China Generative Artificial Intelligence ETF) are both China Equities funds - CWEB tracks the CSI China Overseas Internet Index (200%) while DRGN tracks the BITA China Generative AI Select Index. Both are passively managed. Over the past year, CWEB returned -40.81% vs 43.98% for DRGN. A 0.61 correlation means they provide meaningful diversification when combined. CWEB charges 1.30%/yr vs 0.39%/yr for DRGN.

Performance

CWEB vs. DRGN - 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 Themes China Generative Artificial Intelligence ETF (DRGN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWEB achieves a -40.10% return, which is significantly lower than DRGN's 12.82% return.

CWEB

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

DRGN

• 1D: -1.26%
• 1M: 1.07%
• 6M: -2.54%
• YTD: 12.82%
• 1Y: 43.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CWEB vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares	-40.10%	4.65%
DRGN Themes China Generative Artificial Intelligence ETF	12.82%	26.96%

Correlation

The correlation between CWEB and DRGN is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.61

The correlation between CWEB and DRGN has been stable across timeframes, ranging from 0.61 to 0.61 - a consistent structural relationship.

Return for Risk

CWEB vs. DRGN — 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

DRGN

DRGN Risk / Return Rank: 42
DRGN Sharpe Ratio Rank: 43
DRGN Sortino Ratio Rank: 43
DRGN Omega Ratio Rank: 39
DRGN Calmar Ratio Rank: 52
DRGN Martin Ratio Rank: 35

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. DRGN - 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 Themes China Generative Artificial Intelligence ETF (DRGN). 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	DRGN	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	1.24	-1.98
Sortino ratio: Return per unit of downside risk	-0.96	1.83	-2.79
Omega ratio: Gain probability vs. loss probability	0.89	1.21	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.59	2.12	-2.71
Martin ratio: Return relative to average drawdown	-1.06	4.39	-5.46

CWEB vs. DRGN - Sharpe Ratio Comparison

The current CWEB Sharpe Ratio is -0.75, which is lower than the DRGN Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of CWEB and DRGN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CWEB vs. DRGN - Drawdown Comparison

The maximum CWEB drawdown since its inception was -98.18%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for CWEB and DRGN.

Drawdown Indicators

	CWEB	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-98.18%	-20.86%	-77.32%
Max Drawdown (1Y) Largest decline over 1 year	-69.36%	-20.86%	-48.50%
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%	-10.03%	-87.53%
Average Drawdown Average peak-to-trough decline	-65.85%	-8.17%	-57.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.43%	10.04%	+28.39%

Volatility

CWEB vs. DRGN - Volatility Comparison

Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 17.07% compared to Themes China Generative Artificial Intelligence ETF (DRGN) at 12.58%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than DRGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWEB	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.07%	12.58%	+4.49%
Volatility (6M) Calculated over the trailing 6-month period	40.45%	25.24%	+15.21%
Volatility (1Y) Calculated over the trailing 1-year period	54.88%	35.77%	+19.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.37%	35.70%	+58.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.41%	35.70%	+44.71%

CWEB vs. DRGN - Expense Ratio Comparison

CWEB has a 1.30% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

CWEB vs. DRGN - Dividend Comparison

CWEB's dividend yield for the trailing twelve months is around 6.06%, more than DRGN's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
DRGN Themes China Generative Artificial Intelligence ETF	1.08%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CWEB and DRGN in my portfolio?

CWEB and DRGN have a correlation of 0.61, 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 DRGN?

CWEB has higher volatility (17.07%) compared to DRGN (12.58%). In terms of maximum drawdown, CWEB dropped -98.18% vs DRGN's -20.86%.

Which ETF is better, CWEB or DRGN?

On 1-year performance, DRGN leads with 43.98% vs -40.81% for CWEB. On fees, DRGN is cheaper at 0.39% per year. On volatility, DRGN has been the lower-risk option at 12.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWEB or DRGN?

Over the 1-year period, DRGN has performed better with a 43.98% return vs -40.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWEB or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 1.30% for CWEB.

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

CWEB has the higher dividend yield at 6.06%, compared with 1.08% for DRGN.

What is the main difference between CWEB and DRGN?

CWEB tracks CSI China Overseas Internet Index (200%), while DRGN tracks BITA China Generative AI Select Index. They also come from different issuers: Direxion and Themes. Their fees differ too: 1.30% for CWEB and 0.39% for DRGN.

Which has better risk-adjusted returns?

DRGN currently has the higher Sharpe Ratio (1.24 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.