CWEB vs. FXP
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and FXP (ProShares UltraShort FTSE China 50) are both China Equities funds - CWEB tracks the CSI China Overseas Internet Index (200%) while FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%). Both are passively managed. Over the past 5 years, CWEB returned -40.57%/yr vs -17.29%/yr for FXP. At a correlation of -0.86, they often move in opposite directions. CWEB charges 1.30%/yr vs 0.95%/yr for FXP.
Performance
CWEB vs. FXP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CWEB achieves a -40.10% return, which is significantly lower than FXP's 17.49% return.
CWEB
- 1D
- 3.40%
- 1M
- 11.42%
- 6M
- -47.01%
- YTD
- -40.10%
- 1Y
- -40.81%
- 3Y*
- -14.07%
- 5Y*
- -40.57%
- 10Y*
- —
FXP
- 1D
- -0.83%
- 1M
- -0.77%
- 6M
- 29.15%
- YTD
- 17.49%
- 1Y
- 9.66%
- 3Y*
- -27.59%
- 5Y*
- -17.29%
- 10Y*
- -21.55%
CWEB vs. FXP - 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% |
FXP ProShares UltraShort FTSE China 50 | 17.49% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
Correlation
The correlation between CWEB and FXP is -0.89, 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 | -0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2016 | -0.86 |
The correlation between CWEB and FXP has been stable across timeframes, ranging from -0.93 to -0.86 - a consistent structural relationship.
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. FXP — Risk / Return Rank
CWEB
FXP
CWEB vs. FXP - 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 ProShares UltraShort FTSE China 50 (FXP). 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 | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.58 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.07 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 0.44 | -1.03 |
| Martin ratioReturn relative to average drawdown | -1.06 | 0.80 | -1.87 |
Loading charts...
Drawdowns
CWEB vs. FXP - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.18%, roughly equal to the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for CWEB and FXP.
Loading charts...
Drawdown Indicators
| CWEB | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.18% | -99.94% | +1.76% |
Max Drawdown (1Y)Largest decline over 1 year | -69.36% | -21.99% | -47.37% |
Max Drawdown (3Y)Largest decline over 3 years | -69.36% | -82.34% | +12.98% |
Max Drawdown (5Y)Largest decline over 5 years | -94.46% | -87.85% | -6.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.71% | — |
Current DrawdownCurrent decline from peak | -97.56% | -99.92% | +2.36% |
Average DrawdownAverage peak-to-trough decline | -65.85% | -94.17% | +28.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.43% | 12.04% | +26.39% |
Volatility
CWEB vs. FXP - Volatility Comparison
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 17.07% compared to ProShares UltraShort FTSE China 50 (FXP) at 13.71%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than FXP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CWEB | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.07% | 13.71% | +3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 40.45% | 29.15% | +11.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.88% | 40.14% | +14.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.37% | 63.18% | +31.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.41% | 54.76% | +25.65% |
CWEB vs. FXP - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than FXP's 0.95% expense ratio.
Dividends
CWEB vs. FXP - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 6.06%, more than FXP's 3.06% 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% |
FXP ProShares UltraShort FTSE China 50 | 3.06% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% | 0.00% |
Frequently Asked Questions
CWEB and FXP have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWEB has higher volatility (17.07%) compared to FXP (13.71%). In terms of maximum drawdown, CWEB dropped -98.18% vs FXP's -99.94%.
On 5-year performance, FXP leads with -17.29% vs -40.57% for CWEB. On fees, FXP is cheaper at 0.95% per year. On volatility, FXP has been the lower-risk option at 13.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FXP has performed better with a -17.29% return vs -40.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXP is cheaper with a 0.95% expense ratio, compared with 1.30% for CWEB.
CWEB has the higher dividend yield at 6.06%, compared with 3.06% for FXP.
CWEB tracks CSI China Overseas Internet Index (200%), while FXP tracks FTSE China 50 Net Tax USD (TR) (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.30% for CWEB and 0.95% for FXP.
FXP currently has the higher Sharpe Ratio (0.24 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.
Find the right allocation for CWEB and FXP
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