CWEB vs. SMST
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - CWEB is a China Equities fund tracking the CSI China Overseas Internet Index (200%), while SMST is a Inverse Equities fund actively managed by Defiance. CWEB is passively managed, while SMST is actively managed. Over the past year, CWEB returned -33.46% vs 128.37% for SMST. Their -0.30 correlation means they have often moved in opposite directions in the past. CWEB charges 1.30%/yr vs 1.29%/yr for SMST.
Performance
CWEB vs. SMST - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with CWEB having a -36.03% return and SMST slightly higher at -35.77%.
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%
SMST
- 1D
- 8.37%
- 1M
- 5.47%
- 6M
- -29.35%
- YTD
- -35.77%
- 1Y
- 128.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.22M | $13.80M | $17.15M | |
| $15.35M | $15.12M | $17.58M |
CWEB vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -36.03% | 29.04% | 18.82% |
SMST Defiance Daily Target 2X Short MSTR ETF | -35.77% | -44.36% | -91.71% |
Correlation
The correlation between CWEB and SMST is -0.37, 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. | -0.37 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024 | -0.30 |
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Return for Risk
CWEB vs. SMST — Risk / Return Rank
CWEB
SMST
CWEB vs. SMST - 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 Defiance Daily Target 2X Short MSTR ETF (SMST). 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 | SMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.80 | ||
| Sortino ratioReturn per unit of downside risk | -2.87 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.27 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 2.00 | -2.53 |
| Martin ratioReturn relative to average drawdown | -0.92 | 3.68 | -4.59 |
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Drawdowns
CWEB vs. SMST - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.18%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CWEB and SMST.
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Drawdown Indicators
| CWEB | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.18% | -99.25% | +1.07% |
Max Drawdown (1Y)Largest decline over 1 year | -69.36% | -85.39% | +16.03% |
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% | -97.48% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -66.00% | -91.08% | +25.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.38% | 46.35% | -5.97% |
Volatility
CWEB vs. SMST - Volatility Comparison
The current volatility for Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) is 15.76%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that CWEB experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWEB | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.76% | 38.14% | -22.38% |
Volatility (6M)Calculated over the trailing 6-month period | 41.53% | 135.29% | -93.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.64% | 151.04% | -95.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 93.18% | 166.75% | -73.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.32% | 166.75% | -86.43% |
CWEB vs. SMST - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than SMST's 1.29% expense ratio.
Dividends
CWEB vs. SMST - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 5.68%, while SMST has not paid dividends to shareholders.
| 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% |
SMST Defiance Daily Target 2X Short MSTR ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CWEB and SMST have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMST has higher volatility (38.14%) compared to CWEB (15.76%). In terms of maximum drawdown, CWEB dropped -98.18% vs SMST's -99.25%.
On 1-year performance, SMST leads with 128.37% vs -33.46% for CWEB. On fees, SMST is cheaper at 1.29% 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, SMST has performed better with a 128.37% return vs -33.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMST is cheaper with a 1.29% expense ratio, compared with 1.30% for CWEB.
CWEB has the higher dividend yield at 5.68%, compared with 0.00% for SMST.
CWEB is categorized as China Equities, while SMST is Inverse Equities. They also come from different issuers: Direxion and Defiance. Their fees differ too: 1.30% for CWEB and 1.29% for SMST.
SMST currently has the higher Sharpe Ratio (1.13 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.
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