CWEB vs. SOXS
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - CWEB is a China Equities fund tracking the CSI China Overseas Internet Index (200%), while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 5 years, CWEB returned -40.57%/yr vs -79.52%/yr for SOXS. At a correlation of -0.48, they often move in opposite directions. CWEB charges 1.30%/yr vs 1.08%/yr for SOXS.
Performance
CWEB vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, CWEB achieves a -40.10% return, which is significantly higher than SOXS's -91.53% return.
CWEB
- 1D
- 3.40%
- 1M
- 11.42%
- 6M
- -47.01%
- YTD
- -40.10%
- 1Y
- -40.81%
- 3Y*
- -14.07%
- 5Y*
- -40.57%
- 10Y*
- —
SOXS
- 1D
- 13.14%
- 1M
- 13.65%
- 6M
- -87.79%
- YTD
- -91.53%
- 1Y
- -96.24%
- 3Y*
- -84.87%
- 5Y*
- -79.52%
- 10Y*
- -78.37%
CWEB vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -40.10% | 29.04% | 0.12% | -32.85% | -59.43% | -79.35% | 116.38% | 51.24% | -63.01% | 166.27% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.53% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
Correlation
The correlation between CWEB and SOXS is -0.39, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.39 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2016 | -0.48 |
The correlation between CWEB and SOXS shifts across timeframes, from -0.48 (all time) to -0.35 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CWEB vs. SOXS — Risk / Return Rank
CWEB
SOXS
CWEB vs. SOXS - 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 Bear 3x Shares (SOXS). 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 | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.72 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | -0.98 | +0.39 |
| Martin ratioReturn relative to average drawdown | -1.06 | -1.41 | +0.34 |
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Drawdowns
CWEB vs. SOXS - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.18%, roughly equal to the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for CWEB and SOXS.
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Drawdown Indicators
| CWEB | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.18% | -100.00% | +1.82% |
Max Drawdown (1Y)Largest decline over 1 year | -69.36% | -97.89% | +28.53% |
Max Drawdown (3Y)Largest decline over 3 years | -69.36% | -99.87% | +30.51% |
Max Drawdown (5Y)Largest decline over 5 years | -94.46% | -99.98% | +5.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -97.56% | -100.00% | +2.44% |
Average DrawdownAverage peak-to-trough decline | -65.85% | -92.63% | +26.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.43% | 68.36% | -29.93% |
Volatility
CWEB vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) is 17.07%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 59.41%. This indicates that CWEB experiences smaller price fluctuations and is considered to be less risky than SOXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWEB | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.07% | 59.41% | -42.34% |
Volatility (6M)Calculated over the trailing 6-month period | 40.45% | 109.76% | -69.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.88% | 126.44% | -71.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.37% | 113.26% | -18.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.41% | 103.02% | -22.61% |
CWEB vs. SOXS - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than SOXS's 1.08% expense ratio.
Dividends
CWEB vs. SOXS - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 6.06%, less than SOXS's 43.65% 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% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 43.65% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% | 0.00% |
Frequently Asked Questions
CWEB and SOXS have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (59.41%) compared to CWEB (17.07%). In terms of maximum drawdown, CWEB dropped -98.18% vs SOXS's -100.00%.
On 5-year performance, CWEB leads with -40.57% vs -79.52% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, CWEB has been the lower-risk option at 17.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CWEB has performed better with a -40.57% return vs -79.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXS is cheaper with a 1.08% expense ratio, compared with 1.30% for CWEB.
SOXS has the higher dividend yield at 43.65%, compared with 6.06% for CWEB.
CWEB is categorized as China Equities, while SOXS is Inverse Equities. CWEB tracks CSI China Overseas Internet Index (200%), while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 1.30% for CWEB and 1.08% for SOXS.
CWEB currently has the higher Sharpe Ratio (-0.75 vs -0.76), 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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