CWEB vs. KWEB
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and KWEB (KraneShares CSI China Internet ETF) are both exchange-traded funds - CWEB is a Leveraged Equities fund tracking the CSI China Overseas Internet Index (200%), while KWEB is a China Equities fund tracking the CSI Overseas China Internet. Both are passively managed. Over the past 5 years, CWEB returned -43.77%/yr vs -14.28%/yr for KWEB. With a 0.99 correlation, they move nearly in lockstep. CWEB charges 1.30%/yr vs 0.76%/yr for KWEB.
Performance
CWEB vs. KWEB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CWEB achieves a -40.28% return, which is significantly lower than KWEB's -20.06% return.
CWEB
- 1D
- -7.70%
- 1M
- -11.08%
- YTD
- -40.28%
- 6M
- -43.77%
- 1Y
- -33.98%
- 3Y*
- -10.47%
- 5Y*
- -43.77%
- 10Y*
- —
KWEB
- 1D
- -3.92%
- 1M
- -4.79%
- YTD
- -20.06%
- 6M
- -22.24%
- 1Y
- -12.78%
- 3Y*
- 4.05%
- 5Y*
- -14.28%
- 10Y*
- 0.02%
CWEB vs. KWEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -40.28% | 29.04% | 0.12% | -32.85% | -59.43% | -79.35% | 116.38% | 51.24% | -63.01% | 166.27% |
KWEB KraneShares CSI China Internet ETF | -20.06% | 23.55% | 12.01% | -9.06% | -17.24% | -49.01% | 58.23% | 29.92% | -33.80% | 69.73% |
Correlation
The correlation between CWEB and KWEB is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2016 | 0.99 |
The correlation between CWEB and KWEB has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
CWEB vs. KWEB - Sectors Allocation Comparison
Sectors
CWEB
KWEB
Communication Services
Consumer Cyclical
Healthcare
Real Estate
Consumer Defensive
Technology
Financial Services
Basic Materials
-
-
Energy
-
-
Industrials
-
Utilities
-
-
Communication Services
CWEB
KWEB
Consumer Cyclical
CWEB
KWEB
Healthcare
CWEB
KWEB
Real Estate
CWEB
KWEB
Consumer Defensive
CWEB
KWEB
Technology
CWEB
KWEB
Financial Services
CWEB
KWEB
Basic Materials
CWEB
-
KWEB
-
Energy
CWEB
-
KWEB
-
Industrials
CWEB
-
KWEB
Utilities
CWEB
-
KWEB
-
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. KWEB — Risk / Return Rank
CWEB
KWEB
CWEB vs. KWEB - 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 KraneShares CSI China Internet ETF (KWEB). 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 | KWEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.94 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | -0.38 | -0.19 |
| Martin ratioReturn relative to average drawdown | -1.07 | -0.76 | -0.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| CWEB | KWEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.63 | -0.47 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.46 | -0.30 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.00 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.25 | 0.06 | -0.31 |
Drawdowns
CWEB vs. KWEB - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.09%, which is greater than KWEB's maximum drawdown of -80.92%. Use the drawdown chart below to compare losses from any high point for CWEB and KWEB.
Loading charts...
Drawdown Indicators
| CWEB | KWEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.09% | -80.92% | -17.17% |
Max Drawdown (1Y)Largest decline over 1 year | -60.58% | -34.13% | -26.45% |
Max Drawdown (3Y)Largest decline over 3 years | -60.58% | -34.13% | -26.45% |
Max Drawdown (5Y)Largest decline over 5 years | -95.63% | -72.17% | -23.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -80.92% | — |
Current DrawdownCurrent decline from peak | -97.57% | -68.52% | -29.05% |
Average DrawdownAverage peak-to-trough decline | -65.42% | -35.24% | -30.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.81% | 16.85% | +14.96% |
Volatility
CWEB vs. KWEB - Volatility Comparison
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 22.74% compared to KraneShares CSI China Internet ETF (KWEB) at 11.52%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than KWEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CWEB | KWEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.74% | 11.52% | +11.22% |
Volatility (6M)Calculated over the trailing 6-month period | 40.10% | 20.11% | +19.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.37% | 27.25% | +27.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.49% | 47.67% | +46.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.70% | 39.99% | +40.71% |
CWEB vs. KWEB - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than KWEB's 0.76% expense ratio.
Dividends
CWEB vs. KWEB - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 5.65%, less than KWEB's 7.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | 5.65% | 2.77% | 4.59% | 2.63% | 0.00% | 0.00% | 0.00% | 0.64% | 1.59% | 2.98% | 0.00% | 0.00% |
KWEB KraneShares CSI China Internet ETF | 7.70% | 6.16% | 3.51% | 1.71% | 0.00% | 7.07% | 0.29% | 0.08% | 3.40% | 0.58% | 1.19% | 0.46% |
Frequently Asked Questions
With a correlation of 1.00, CWEB and KWEB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
CWEB has higher volatility (22.74%) compared to KWEB (11.52%). In terms of maximum drawdown, CWEB dropped -98.09% vs KWEB's -80.92%.
On 5-year performance, KWEB leads with -14.28% vs -43.77% for CWEB. On fees, KWEB is cheaper at 0.76% per year. On volatility, KWEB has been the lower-risk option at 11.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KWEB has performed better with a -14.28% return vs -43.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KWEB is cheaper with a 0.76% expense ratio, compared with 1.30% for CWEB.
KWEB has the higher dividend yield at 7.70%, compared with 5.65% for CWEB.
CWEB is categorized as Leveraged Equities, while KWEB is China Equities. CWEB tracks CSI China Overseas Internet Index (200%), while KWEB tracks CSI Overseas China Internet. They also come from different issuers: Direxion and CICC. Their fees differ too: 1.30% for CWEB and 0.76% for KWEB.
KWEB currently has the higher Sharpe Ratio (-0.47 vs -0.63), 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 KWEB
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