CWEB vs. SBIT
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - CWEB is a China Equities fund tracking the CSI China Overseas Internet Index (200%), while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, CWEB returned -33.46% vs 98.77% for SBIT. Their -0.27 correlation means they have often moved in opposite directions in the past. CWEB charges 1.30%/yr vs 0.95%/yr for SBIT.
Performance
CWEB vs. SBIT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CWEB achieves a -36.03% return, which is significantly lower than SBIT's 39.44% return.
CWEB
- 1D
- 3.09%
- 1M
- 28.79%
- 6M
- -39.78%
- YTD
- -36.03%
- 1Y
- -33.46%
- 3Y*
- -15.58%
- 5Y*
- -34.28%
- 10Y*
- —
- ALL TIME*
- -19.66%
SBIT
- 1D
- 5.60%
- 1M
- -6.04%
- 6M
- 32.41%
- YTD
- 39.44%
- 1Y
- 98.77%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -42.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.22M | $13.80M | $17.15M | |
| $29.57M | $32.71M | $46.48M |
CWEB vs. SBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -36.03% | 29.04% | 6.34% |
SBIT Proshares Ultrashort Bitcoin ETF | 39.44% | -25.11% | -73.74% |
Correlation
The correlation between CWEB and SBIT is -0.38, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.38 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024 | -0.27 |
The correlation between CWEB and SBIT shifts across timeframes, from -0.38 (1 year) to -0.27 (all time), reflecting how their relationship changes across market environments.
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. SBIT — Risk / Return Rank
CWEB
SBIT
CWEB vs. SBIT - 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 Proshares Ultrashort Bitcoin ETF (SBIT). 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 | SBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.23 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 2.35 | -2.88 |
| Martin ratioReturn relative to average drawdown | -0.92 | 5.19 | -6.10 |
Loading charts...
Drawdowns
CWEB vs. SBIT - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.18%, which is greater than SBIT's maximum drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for CWEB and SBIT.
Loading charts...
Drawdown Indicators
| CWEB | SBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.18% | -91.35% | -6.83% |
Max Drawdown (1Y)Largest decline over 1 year | -69.36% | -47.94% | -21.42% |
Max Drawdown (3Y)Largest decline over 3 years | -69.36% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -92.51% | — | — |
Current DrawdownCurrent decline from peak | -97.39% | -77.87% | -19.52% |
Average DrawdownAverage peak-to-trough decline | -66.00% | -69.07% | +3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.38% | 21.67% | +18.71% |
Volatility
CWEB vs. SBIT - Volatility Comparison
The current volatility for Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) is 15.76%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that CWEB experiences smaller price fluctuations and is considered to be less risky than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CWEB | SBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.76% | 18.09% | -2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 41.53% | 67.10% | -25.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.64% | 88.65% | -33.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 93.18% | 96.10% | -2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.32% | 96.10% | -15.78% |
CWEB vs. SBIT - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than SBIT's 0.95% expense ratio.
Dividends
CWEB vs. SBIT - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 5.68%, more than SBIT's 4.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | 5.68% | 2.77% | 4.59% | 2.63% | 0.00% | 0.00% | 0.00% | 0.64% | 1.59% | 2.98% |
SBIT Proshares Ultrashort Bitcoin ETF | 4.03% | 0.52% | 1.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CWEB and SBIT have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBIT has higher volatility (18.09%) compared to CWEB (15.76%). In terms of maximum drawdown, CWEB dropped -98.18% vs SBIT's -91.35%.
On 1-year performance, SBIT leads with 98.77% vs -33.46% for CWEB. On fees, SBIT is cheaper at 0.95% per year. On volatility, CWEB has been the lower-risk option at 15.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SBIT has performed better with a 98.77% return vs -33.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SBIT is cheaper with a 0.95% expense ratio, compared with 1.30% for CWEB.
CWEB has the higher dividend yield at 5.68%, compared with 4.03% for SBIT.
CWEB is categorized as China Equities, while SBIT is Cryptocurrency. CWEB tracks CSI China Overseas Internet Index (200%), while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.30% for CWEB and 0.95% for SBIT.
SBIT currently has the higher Sharpe Ratio (1.27 vs -0.67), 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 SBIT
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