CWEB vs. MCHS

Last updated Jul 17, 2026

CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and MCHS (Matthews China Discovery Active ETF) are both China Equities funds. CWEB is passively managed, while MCHS is actively managed. Over the past year, CWEB returned -40.81% vs 44.77% for MCHS. A 0.63 correlation means they provide meaningful diversification when combined. CWEB charges 1.30%/yr vs 0.89%/yr for MCHS.

Performance

CWEB vs. MCHS - 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 Matthews China Discovery Active ETF (MCHS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWEB achieves a -40.10% return, which is significantly lower than MCHS's 31.65% return.

CWEB

• 1D: 3.40%
• 1M: 11.42%
• 6M: -47.01%
• YTD: -40.10%
• 1Y: -40.81%
• 3Y*: -14.07%
• 5Y*: -40.57%
• 10Y*: —

MCHS

• 1D: -5.71%
• 1M: -10.31%
• 6M: 24.60%
• YTD: 31.65%
• 1Y: 44.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CWEB vs. MCHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares	-40.10%	29.04%	16.52%
MCHS Matthews China Discovery Active ETF	31.65%	31.19%	6.53%

Correlation

The correlation between CWEB and MCHS is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.63

Over the past year, the correlation between CWEB and MCHS has dropped to 0.40 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

CWEB vs. MCHS - Sectors Allocation Comparison

Sectors	CWEB	MCHS
Communication Services	41.7%	1.2%
Consumer Cyclical	36.9%	4.5%
Healthcare	6.0%	2.1%
Real Estate	5.2%	1.6%
Consumer Defensive	4.0%	0.8%
Technology	4.0%	49.7%
Financial Services	2.3%	-
Basic Materials	-	8.1%
Energy	-	6.3%
Industrials	-	27.8%
Utilities	-	2.1%

Return for Risk

CWEB vs. MCHS — Risk / Return Rank

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

CWEB

CWEB Risk / Return Rank: 4
CWEB Sharpe Ratio Rank: 3
CWEB Sortino Ratio Rank: 4
CWEB Omega Ratio Rank: 4
CWEB Calmar Ratio Rank: 4
CWEB Martin Ratio Rank: 4

MCHS

MCHS Risk / Return Rank: 59
MCHS Sharpe Ratio Rank: 58
MCHS Sortino Ratio Rank: 52
MCHS Omega Ratio Rank: 59
MCHS Calmar Ratio Rank: 60
MCHS Martin Ratio Rank: 66

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. MCHS - 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 Matthews China Discovery Active ETF (MCHS). 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	MCHS	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	1.56	-2.31
Sortino ratio: Return per unit of downside risk	-0.96	2.06	-3.02
Omega ratio: Gain probability vs. loss probability	0.89	1.29	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.59	2.40	-2.99
Martin ratio: Return relative to average drawdown	-1.06	9.28	-10.34

CWEB vs. MCHS - Sharpe Ratio Comparison

The current CWEB Sharpe Ratio is -0.75, which is lower than the MCHS Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of CWEB and MCHS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CWEB vs. MCHS - Drawdown Comparison

The maximum CWEB drawdown since its inception was -98.18%, which is greater than MCHS's maximum drawdown of -23.75%. Use the drawdown chart below to compare losses from any high point for CWEB and MCHS.

Drawdown Indicators

	CWEB	MCHS	Difference
Max Drawdown Largest peak-to-trough decline	-98.18%	-23.75%	-74.43%
Max Drawdown (1Y) Largest decline over 1 year	-69.36%	-18.75%	-50.61%
Max Drawdown (3Y) Largest decline over 3 years	-69.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-94.46%	—	—
Current Drawdown Current decline from peak	-97.56%	-18.75%	-78.81%
Average Drawdown Average peak-to-trough decline	-65.85%	-7.54%	-58.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.43%	4.84%	+33.59%

Volatility

CWEB vs. MCHS - Volatility Comparison

Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 17.07% compared to Matthews China Discovery Active ETF (MCHS) at 16.23%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than MCHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWEB	MCHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.07%	16.23%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	40.45%	25.92%	+14.53%
Volatility (1Y) Calculated over the trailing 1-year period	54.88%	28.77%	+26.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.37%	30.01%	+64.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.41%	30.01%	+50.40%

CWEB vs. MCHS - Expense Ratio Comparison

CWEB has a 1.30% expense ratio, which is higher than MCHS's 0.89% expense ratio.

Dividends

CWEB vs. MCHS - Dividend Comparison

CWEB's dividend yield for the trailing twelve months is around 6.06%, more than MCHS's 2.71% 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%
MCHS Matthews China Discovery Active ETF	2.71%	3.56%	5.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CWEB and MCHS in my portfolio?

CWEB and MCHS have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CWEB or MCHS?

CWEB has higher volatility (17.07%) compared to MCHS (16.23%). In terms of maximum drawdown, CWEB dropped -98.18% vs MCHS's -23.75%.

Which ETF is better, CWEB or MCHS?

On 1-year performance, MCHS leads with 44.77% vs -40.81% for CWEB. On fees, MCHS is cheaper at 0.89% per year. On volatility, MCHS has been the lower-risk option at 16.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWEB or MCHS?

Over the 1-year period, MCHS has performed better with a 44.77% return vs -40.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWEB or MCHS?

MCHS is cheaper with a 0.89% expense ratio, compared with 1.30% for CWEB.

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

CWEB has the higher dividend yield at 6.06%, compared with 2.71% for MCHS.

What is the main difference between CWEB and MCHS?

They also come from different issuers: Direxion and Matthews. Their fees differ too: 1.30% for CWEB and 0.89% for MCHS.

Which has better risk-adjusted returns?

MCHS currently has the higher Sharpe Ratio (1.56 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.