CWEB vs. SOXL

Last updated Jun 4, 2026

CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds from Direxion - CWEB tracks the CSI China Overseas Internet Index (200%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 5 years, CWEB returned -43.77%/yr vs 48.72%/yr for SOXL. At a 0.49 correlation, their price movements are largely independent. CWEB charges 1.30%/yr vs 0.75%/yr for SOXL.

Performance

CWEB vs. SOXL - 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 Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWEB achieves a -40.28% return, which is significantly lower than SOXL's 567.48% return.

CWEB

• 1D: -7.70%
• 1M: -11.08%
• YTD: -40.28%
• 6M: -43.77%
• 1Y: -33.98%
• 3Y*: -10.47%
• 5Y*: -43.77%
• 10Y*: —

SOXL

• 1D: 5.34%
• 1M: 119.95%
• YTD: 567.48%
• 6M: 502.28%
• 1Y: 1,438.30%
• 3Y*: 135.13%
• 5Y*: 48.72%
• 10Y*: 65.39%

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

CWEB vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares	-40.28%	29.04%	0.12%	-32.85%	-59.43%	-79.35%	116.38%	51.24%	-63.01%	166.27%
SOXL Direxion Daily Semiconductor Bull 3X ETF	567.48%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between CWEB and SOXL is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Nov 3, 2016	0.49

The correlation between CWEB and SOXL shifts across timeframes, from 0.38 (3 years) to 0.49 (all time), reflecting how their relationship changes across market environments.

CWEB vs. SOXL - Sectors Allocation Comparison

Sectors	CWEB	SOXL
Communication Services	40.0%	-
Consumer Cyclical	38.4%	-
Healthcare	6.8%	-
Real Estate	4.8%	-
Consumer Defensive	4.4%	-
Technology	3.7%	100.0%
Financial Services	2.0%	-
Basic Materials	-	-
Energy	-	-
Industrials	-	-
Utilities	-	-

Return for Risk

CWEB vs. SOXL — 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: 4
CWEB Sortino Ratio Rank: 4
CWEB Omega Ratio Rank: 4
CWEB Calmar Ratio Rank: 4
CWEB Martin Ratio Rank: 4

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 95
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

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. SOXL - 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 Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	14.28	-14.91
Sortino ratio: Return per unit of downside risk	-0.70	5.17	-5.87
Omega ratio: Gain probability vs. loss probability	0.92	1.72	-0.80
Calmar ratio: Return relative to maximum drawdown	-0.56	33.47	-34.03
Martin ratio: Return relative to average drawdown	-1.07	114.79	-115.86
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. SOXL - Sharpe Ratio Comparison

The current CWEB Sharpe Ratio is -0.63, which is lower than the SOXL Sharpe Ratio of 14.28. The chart below compares the historical Sharpe Ratios of CWEB and SOXL, 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	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	14.28	-14.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.46	0.46	-0.92
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.25	0.52	-0.77

Drawdowns

CWEB vs. SOXL - Drawdown Comparison

The maximum CWEB drawdown since its inception was -98.09%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for CWEB and SOXL.

Drawdown Indicators

	CWEB	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-98.09%	-90.46%	-7.63%
Max Drawdown (1Y) Largest decline over 1 year	-60.58%	-43.47%	-17.11%
Max Drawdown (3Y) Largest decline over 3 years	-60.58%	-87.88%	+27.30%
Max Drawdown (5Y) Largest decline over 5 years	-95.63%	-90.46%	-5.17%
Max Drawdown (10Y) Largest decline over 10 years	—	-90.46%	—
Current Drawdown Current decline from peak	-97.57%	0.00%	-97.57%
Average Drawdown Average peak-to-trough decline	-65.42%	-35.01%	-30.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.81%	12.65%	+19.16%

Volatility

CWEB vs. SOXL - Volatility Comparison

The current volatility for Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) is 22.74%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 40.82%. This indicates that CWEB experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWEB	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.74%	40.82%	-18.08%
Volatility (6M) Calculated over the trailing 6-month period	40.10%	81.29%	-41.19%
Volatility (1Y) Calculated over the trailing 1-year period	54.37%	102.11%	-47.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.49%	107.25%	-12.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.70%	99.04%	-18.34%

CWEB vs. SOXL - Expense Ratio Comparison

CWEB has a 1.30% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

CWEB vs. SOXL - Dividend Comparison

CWEB's dividend yield for the trailing twelve months is around 5.65%, more than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares	5.65%	2.77%	4.59%	2.63%	0.00%	0.00%	0.00%	0.64%	1.59%	2.98%	0.00%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%

Frequently Asked Questions

Can I hold both CWEB and SOXL in my portfolio?

CWEB and SOXL have a correlation of 0.45, 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 SOXL?

SOXL has higher volatility (40.82%) compared to CWEB (22.74%). In terms of maximum drawdown, CWEB dropped -98.09% vs SOXL's -90.46%.

Which ETF is better, CWEB or SOXL?

On 5-year performance, SOXL leads with 48.72% vs -43.77% for CWEB. On fees, SOXL is cheaper at 0.75% per year. On volatility, CWEB has been the lower-risk option at 22.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWEB or SOXL?

Over the 5-year period, SOXL has performed better with a 48.72% return vs -43.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWEB or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 1.30% for CWEB.

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

CWEB has the higher dividend yield at 5.65%, compared with 0.03% for SOXL.

What is the main difference between CWEB and SOXL?

CWEB tracks CSI China Overseas Internet Index (200%), while SOXL tracks ICE Semiconductor Index. Their fees differ too: 1.30% for CWEB and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (14.28 vs -0.63), 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.