CWEB vs. ISVBF
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and ISVBF (iShares MSCI China A UCITS ETF) are both China Equities funds - CWEB tracks the CSI China Overseas Internet Index (200%) while ISVBF tracks the MSCI China A Inclusion Index. Both are passively managed. Over the past 5 years, CWEB returned -40.57%/yr vs -5.39%/yr for ISVBF. At a 0.31 correlation, their price movements are largely independent. CWEB charges 1.30%/yr vs 0.40%/yr for ISVBF.
Performance
CWEB vs. ISVBF - Performance Comparison
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Returns By Period
In the year-to-date period, CWEB achieves a -40.10% return, which is significantly lower than ISVBF's -9.00% return.
CWEB
- 1D
- 3.40%
- 1M
- 11.42%
- 6M
- -47.01%
- YTD
- -40.10%
- 1Y
- -40.81%
- 3Y*
- -14.07%
- 5Y*
- -40.57%
- 10Y*
- —
ISVBF
- 1D
- -0.31%
- 1M
- 0.48%
- 6M
- -12.46%
- YTD
- -9.00%
- 1Y
- -1.08%
- 3Y*
- 8.53%
- 5Y*
- -5.39%
- 10Y*
- —
CWEB vs. ISVBF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -40.10% | 29.04% | 0.12% | -32.85% | -59.43% | -75.50% |
ISVBF iShares MSCI China A UCITS ETF | -9.00% | 30.64% | 18.96% | -9.28% | -23.01% | -22.12% |
Correlation
The correlation between CWEB and ISVBF 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 (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.31 |
Over the past year, CWEB and ISVBF have become more correlated (0.61) than their long-term average of 0.31, meaning their price movements have been converging.
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Return for Risk
CWEB vs. ISVBF — Risk / Return Rank
CWEB
ISVBF
CWEB vs. ISVBF - 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 iShares MSCI China A UCITS ETF (ISVBF). 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 | ISVBF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.13 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.02 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | -0.05 | -0.55 |
| Martin ratioReturn relative to average drawdown | -1.06 | -0.10 | -0.96 |
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Drawdowns
CWEB vs. ISVBF - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.18%, which is greater than ISVBF's maximum drawdown of -53.78%. Use the drawdown chart below to compare losses from any high point for CWEB and ISVBF.
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Drawdown Indicators
| CWEB | ISVBF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.18% | -53.78% | -44.40% |
Max Drawdown (1Y)Largest decline over 1 year | -69.36% | -24.14% | -45.22% |
Max Drawdown (3Y)Largest decline over 3 years | -69.36% | -24.14% | -45.22% |
Max Drawdown (5Y)Largest decline over 5 years | -94.46% | -52.51% | -41.95% |
Current DrawdownCurrent decline from peak | -97.56% | -26.24% | -71.32% |
Average DrawdownAverage peak-to-trough decline | -65.85% | -32.63% | -33.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.43% | 10.55% | +27.88% |
Volatility
CWEB vs. ISVBF - Volatility Comparison
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 17.07% compared to iShares MSCI China A UCITS ETF (ISVBF) at 7.64%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than ISVBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWEB | ISVBF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.07% | 7.64% | +9.43% |
Volatility (6M)Calculated over the trailing 6-month period | 40.45% | 27.01% | +13.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.88% | 31.44% | +23.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.37% | 30.46% | +63.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.41% | 30.12% | +50.29% |
CWEB vs. ISVBF - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than ISVBF's 0.40% expense ratio.
Dividends
CWEB vs. ISVBF - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 6.06%, while ISVBF has not paid dividends to shareholders.
| 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% |
ISVBF iShares MSCI China A UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CWEB and ISVBF 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.
CWEB has higher volatility (17.07%) compared to ISVBF (7.64%). In terms of maximum drawdown, CWEB dropped -98.18% vs ISVBF's -53.78%.
On 5-year performance, ISVBF leads with -5.39% vs -40.57% for CWEB. On fees, ISVBF is cheaper at 0.40% per year. On volatility, ISVBF has been the lower-risk option at 7.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ISVBF has performed better with a -5.39% return vs -40.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISVBF is cheaper with a 0.40% expense ratio, compared with 1.30% for CWEB.
CWEB has the higher dividend yield at 6.06%, compared with 0.00% for ISVBF.
CWEB tracks CSI China Overseas Internet Index (200%), while ISVBF tracks MSCI China A Inclusion Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.30% for CWEB and 0.40% for ISVBF.
ISVBF currently has the higher Sharpe Ratio (-0.03 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.
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