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CWEB vs. KWEB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CWEB vs. KWEB

Last updated Jun 24, 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 Index. Both are passively managed. Over the past 5 years, CWEB returned -45.85%/yr vs -15.81%/yr for KWEB. With a 0.99 correlation, they move nearly in lockstep. CWEB charges 1.30%/yr vs 0.70%/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.

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Returns By Period

In the year-to-date period, CWEB achieves a -52.10% return, which is significantly lower than KWEB's -28.08% return.

CWEB

1D
-4.75%
1M
-18.42%
YTD
-52.10%
6M
-53.54%
1Y
-48.20%
3Y*
-16.02%
5Y*
-45.85%
10Y*
—

KWEB

1D
-2.24%
1M
-8.99%
YTD
-28.08%
6M
-29.18%
1Y
-22.79%
3Y*
0.71%
5Y*
-15.81%
10Y*
-0.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CWEB vs. KWEB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CWEB
Direxion Daily CSI China Internet Index Bull 2x Shares		-52.10%29.04%0.12%-32.85%-59.43%-79.35%116.38%51.24%-63.01%166.27%
KWEB
KraneShares CSI China Internet ETF		-28.08%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 2, 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

41.7%
28.4%

Consumer Cyclical

36.9%
36.0%

Healthcare

6.0%
6.0%

Real Estate

5.2%
3.9%

Consumer Defensive

4.0%
2.7%

Technology

4.0%
17.5%

Financial Services

2.3%
2.0%

Basic Materials

-

-

Energy

-

-

Industrials

-

3.3%

Utilities

-

-

Communication Services

CWEB
41.7%
KWEB
28.4%

Consumer Cyclical

CWEB
36.9%
KWEB
36.0%

Healthcare

CWEB
6.0%
KWEB
6.0%

Real Estate

CWEB
5.2%
KWEB
3.9%

Consumer Defensive

CWEB
4.0%
KWEB
2.7%

Technology

CWEB
4.0%
KWEB
17.5%

Financial Services

CWEB
2.3%
KWEB
2.0%

Basic Materials

CWEB

-

KWEB

-

Energy

CWEB

-

KWEB

-

Industrials

CWEB

-

KWEB
3.3%

Utilities

CWEB

-

KWEB

-

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Direxion Daily CSI China Internet Index Bull 2x Shares

KraneShares CSI China Internet ETF

Often compared with CWEB:
CWEB vs. YINNCWEB vs. CQQQCWEB vs. YANGCWEB vs. CURECWEB vs. FXICWEB vs. ^HSICWEB vs. TQQQ
Often compared with KWEB:
KWEB vs. CQQQKWEB vs. FXIKWEB vs. MCHIKWEB vs. KTECKWEB vs. KLIPKWEB vs. YINNKWEB vs. GXC

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: 22
Overall Rank
CWEB Sharpe Ratio Rank: 22
Sharpe Ratio Rank
CWEB Sortino Ratio Rank: 22
Sortino Ratio Rank
CWEB Omega Ratio Rank: 22
Omega Ratio Rank
CWEB Calmar Ratio Rank: 33
Calmar Ratio Rank
CWEB Martin Ratio Rank: 22
Martin Ratio Rank
KWEB
KWEB Risk / Return Rank: 33
Overall Rank
KWEB Sharpe Ratio Rank: 22
Sharpe Ratio Rank
KWEB Sortino Ratio Rank: 33
Sortino Ratio Rank
KWEB Omega Ratio Rank: 33
Omega Ratio Rank
KWEB Calmar Ratio Rank: 44
Calmar Ratio Rank
KWEB Martin Ratio Rank: 33
Martin Ratio Rank
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.

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.

CWEBKWEBDifference
Sharpe ratioReturn per unit of total volatility
-0.89
-0.84

-0.05

Sortino ratioReturn per unit of downside risk
-1.31
-1.15

-0.16

Omega ratioGain probability vs. loss probability

0.85

0.87

-0.02

Calmar ratioReturn relative to maximum drawdown

-0.72

-0.58

-0.14

Martin ratioReturn relative to average drawdown

-1.38

-1.22

-0.16

CWEB vs. KWEB - Sharpe Ratio Comparison

The current CWEB Sharpe Ratio is -0.89, which is comparable to the KWEB Sharpe Ratio of -0.84. 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.

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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.

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Drawdown Indicators

CWEBKWEBDifference

Max Drawdown

Largest peak-to-trough decline

-98.09%

-80.92%

-17.17%

Max Drawdown (1Y)

Largest decline over 1 year

-67.18%

-39.49%

-27.69%

Max Drawdown (3Y)

Largest decline over 3 years

-67.18%

-39.49%

-27.69%

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

-98.05%

-71.68%

-26.37%

Average Drawdown

Average peak-to-trough decline

-65.64%

-35.36%

-30.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

34.83%

18.70%

+16.13%

Volatility

CWEB vs. KWEB - Volatility Comparison

Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 16.52% compared to KraneShares CSI China Internet ETF (KWEB) at 8.34%. 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.

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Volatility by Period

CWEBKWEBDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.52%

8.34%

+8.18%

Volatility (6M)

Calculated over the trailing 6-month period

40.88%

20.47%

+20.41%

Volatility (1Y)

Calculated over the trailing 1-year period

54.27%

27.17%

+27.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

94.57%

47.70%

+46.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

80.54%

40.00%

+40.54%

CWEB vs. KWEB - Expense Ratio Comparison

CWEB has a 1.30% expense ratio, which is higher than KWEB's 0.70% expense ratio.

Dividends

CWEB vs. KWEB - Dividend Comparison

CWEB's dividend yield for the trailing twelve months is around 7.05%, less than KWEB's 8.56% yield.

PositionTTM20252024202320222021202020192018201720162015
CWEB
Direxion Daily CSI China Internet Index Bull 2x Shares		7.05%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		8.56%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 (16.52%) compared to KWEB (8.34%). In terms of maximum drawdown, CWEB dropped -98.09% vs KWEB's -80.92%.

On 5-year performance, KWEB leads with -15.81% vs -45.85% for CWEB. On fees, KWEB is cheaper at 0.70% per year. On volatility, KWEB has been the lower-risk option at 8.34%. 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 -15.81% return vs -45.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KWEB is cheaper with a 0.70% expense ratio, compared with 1.30% for CWEB.

KWEB has the higher dividend yield at 8.56%, compared with 7.05% 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 Index. They also come from different issuers: Direxion and KraneShares. Their fees differ too: 1.30% for CWEB and 0.70% for KWEB.

KWEB currently has the higher Sharpe Ratio (-0.84 vs -0.89), 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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