CWEB vs. SOXS
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both Leveraged Equities funds from Direxion - CWEB tracks the CSI China Overseas Internet Index (200%) while SOXS tracks the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 5 years, CWEB returned -43.77%/yr vs -79.66%/yr for SOXS. At a correlation of -0.49, 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 -40.28% return, which is significantly higher than SOXS's -92.10% return.
CWEB
- 1D
- -7.70%
- 1M
- -11.08%
- YTD
- -40.28%
- 6M
- -43.77%
- 1Y
- -33.98%
- 3Y*
- -10.47%
- 5Y*
- -43.77%
- 10Y*
- —
SOXS
- 1D
- -5.03%
- 1M
- -62.97%
- YTD
- -92.10%
- 6M
- -91.70%
- 1Y
- -97.75%
- 3Y*
- -86.64%
- 5Y*
- -79.66%
- 10Y*
- -78.92%
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 | -40.28% | 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 | -92.10% | -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 -0.45, 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 | -0.45 |
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 SOXS shifts across timeframes, from -0.49 (all time) to -0.38 (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.
| CWEB | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +3.24 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.58 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | -1.00 | +0.44 |
| Martin ratioReturn relative to average drawdown | -1.07 | -1.44 | +0.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CWEB | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.63 | -0.96 | +0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.46 | -0.74 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.25 | -0.79 | +0.54 |
Drawdowns
CWEB vs. SOXS - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.09%, 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 | -98.09% | -100.00% | +1.91% |
Max Drawdown (1Y)Largest decline over 1 year | -60.58% | -97.68% | +37.10% |
Max Drawdown (3Y)Largest decline over 3 years | -60.58% | -99.80% | +39.22% |
Max Drawdown (5Y)Largest decline over 5 years | -95.63% | -99.97% | +4.34% |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -97.57% | -100.00% | +2.43% |
Average DrawdownAverage peak-to-trough decline | -65.42% | -92.60% | +27.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.81% | 68.64% | -36.83% |
Volatility
CWEB vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) is 22.74%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.22%. 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 | 22.74% | 44.22% | -21.48% |
Volatility (6M)Calculated over the trailing 6-month period | 40.10% | 83.94% | -43.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.37% | 102.18% | -47.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.49% | 108.21% | -13.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.70% | 100.48% | -19.78% |
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 5.65%, less than SOXS's 68.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 68.34% | 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 -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (44.22%) compared to CWEB (22.74%). In terms of maximum drawdown, CWEB dropped -98.09% vs SOXS's -100.00%.
On 5-year performance, CWEB leads with -43.77% vs -79.66% for SOXS. On fees, SOXS is cheaper at 1.08% 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.
Over the 5-year period, CWEB has performed better with a -43.77% return vs -79.66%. 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 68.34%, compared with 5.65% for CWEB.
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 (-0.63 vs -0.96), 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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