CWEB vs. KWEB

Last updated Jun 3, 2026

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 -42.72%/yr vs -13.45%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) and KraneShares CSI China Internet ETF (KWEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWEB achieves a -35.30% return, which is significantly lower than KWEB's -16.80% return.

CWEB

• 1D: 6.90%
• 1M: -4.81%
• YTD: -35.30%
• 6M: -40.63%
• 1Y: -28.50%
• 3Y*: -8.05%
• 5Y*: -42.72%
• 10Y*: —

KWEB

• 1D: 3.55%
• 1M: -1.56%
• YTD: -16.80%
• 6M: -20.06%
• 1Y: -9.36%
• 3Y*: 5.45%
• 5Y*: -13.45%
• 10Y*: 0.42%

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

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	-35.30%	29.04%	0.12%	-32.85%	-59.43%	-79.35%	116.38%	51.24%	-63.01%	166.27%
KWEB KraneShares CSI China Internet ETF	-16.80%	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	40.0%	24.8%
Consumer Cyclical	38.4%	37.7%
Healthcare	6.8%	6.0%
Real Estate	4.8%	5.2%
Consumer Defensive	4.4%	3.1%
Technology	3.7%	17.6%
Financial Services	2.0%	2.2%
Basic Materials	-	-
Energy	-	-
Industrials	-	3.1%
Utilities	-	-

Return for Risk

CWEB vs. KWEB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CWEB

CWEB Risk / Return Rank: 5
CWEB Sharpe Ratio Rank: 4
CWEB Sortino Ratio Rank: 5
CWEB Omega Ratio Rank: 5
CWEB Calmar Ratio Rank: 5
CWEB Martin Ratio Rank: 5

KWEB

KWEB Risk / Return Rank: 6
KWEB Sharpe Ratio Rank: 5
KWEB Sortino Ratio Rank: 5
KWEB Omega Ratio Rank: 5
KWEB Calmar Ratio Rank: 6
KWEB Martin Ratio Rank: 6

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. 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 ratio Return per unit of total volatility	-0.53	-0.35	-0.18
Sortino ratio Return per unit of downside risk	-0.51	-0.33	-0.18
Omega ratio Gain probability vs. loss probability	0.94	0.96	-0.02
Calmar ratio Return relative to maximum drawdown	-0.44	-0.24	-0.20
Martin ratio Return relative to average drawdown	-0.84	-0.49	-0.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWEB vs. KWEB - Sharpe Ratio Comparison

The current CWEB Sharpe Ratio is -0.53, which is lower than the KWEB Sharpe Ratio of -0.35. The chart below compares the historical Sharpe Ratios of CWEB and KWEB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CWEB	KWEB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.53	-0.35	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	-0.28	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.24	0.07	-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.

Drawdown Indicators

	CWEB	KWEB	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-97.37%	-67.23%	-30.14%
Average Drawdown Average peak-to-trough decline	-65.41%	-35.23%	-30.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.59%	16.72%	+14.87%

Volatility

CWEB vs. KWEB - Volatility Comparison

Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 21.38% compared to KraneShares CSI China Internet ETF (KWEB) at 10.84%. 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.

Volatility by Period

	CWEB	KWEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.38%	10.84%	+10.54%
Volatility (6M) Calculated over the trailing 6-month period	39.48%	19.79%	+19.69%
Volatility (1Y) Calculated over the trailing 1-year period	53.90%	27.00%	+26.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.47%	47.66%	+46.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.68%	39.98%	+40.70%

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 5.22%, less than KWEB's 7.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares	5.22%	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	7.40%	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

Can I hold both CWEB and KWEB in my portfolio?

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.

Which is riskier, CWEB or KWEB?

CWEB has higher volatility (21.38%) compared to KWEB (10.84%). In terms of maximum drawdown, CWEB dropped -98.09% vs KWEB's -80.92%.

Which ETF is better, CWEB or KWEB?

On 5-year performance, KWEB leads with -13.45% vs -42.72% for CWEB. On fees, KWEB is cheaper at 0.76% per year. On volatility, KWEB has been the lower-risk option at 10.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWEB or KWEB?

Over the 5-year period, KWEB has performed better with a -13.45% return vs -42.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWEB or KWEB?

KWEB is cheaper with a 0.76% expense ratio, compared with 1.30% for CWEB.

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

KWEB has the higher dividend yield at 7.40%, compared with 5.22% for CWEB.

What is the main difference between CWEB and KWEB?

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.

Which has better risk-adjusted returns?

KWEB currently has the higher Sharpe Ratio (-0.35 vs -0.53), 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.