CWEB vs. SPXS
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - CWEB is a Leveraged Equities fund tracking the CSI China Overseas Internet Index (200%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 5 years, CWEB returned -45.85%/yr vs -33.53%/yr for SPXS. At a correlation of -0.47, they often move in opposite directions. CWEB charges 1.30%/yr vs 1.08%/yr for SPXS.
Performance
CWEB vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, CWEB achieves a -52.10% return, which is significantly lower than SPXS's -20.76% return.
CWEB
- 1D
- -4.75%
- 1M
- -18.42%
- YTD
- -52.10%
- 6M
- -53.54%
- 1Y
- -48.20%
- 3Y*
- -16.02%
- 5Y*
- -45.85%
- 10Y*
- —
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
CWEB vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -52.10% | 29.04% | 0.12% | -32.85% | -59.43% | -79.35% | 116.38% | 51.24% | -63.01% | 166.27% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -20.76% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between CWEB and SPXS is -0.48, 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 | -0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.40 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2016 | -0.47 |
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Return for Risk
CWEB vs. SPXS — Risk / Return Rank
CWEB
SPXS
CWEB vs. SPXS - 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 S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.79 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | -0.94 | +0.23 |
| Martin ratioReturn relative to average drawdown | -1.38 | -1.63 | +0.25 |
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Drawdowns
CWEB vs. SPXS - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.09%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for CWEB and SPXS.
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Drawdown Indicators
| CWEB | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.09% | -100.00% | +1.91% |
Max Drawdown (1Y)Largest decline over 1 year | -67.18% | -46.94% | -20.24% |
Max Drawdown (3Y)Largest decline over 3 years | -67.18% | -84.13% | +16.95% |
Max Drawdown (5Y)Largest decline over 5 years | -95.63% | -90.11% | -5.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -98.05% | -100.00% | +1.95% |
Average DrawdownAverage peak-to-trough decline | -65.64% | -96.29% | +30.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.83% | 29.25% | +5.58% |
Volatility
CWEB vs. SPXS - Volatility Comparison
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 16.52% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 14.08%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWEB | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.52% | 14.08% | +2.44% |
Volatility (6M)Calculated over the trailing 6-month period | 40.88% | 29.38% | +11.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.27% | 37.37% | +16.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.57% | 50.68% | +43.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.54% | 53.59% | +26.95% |
CWEB vs. SPXS - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
CWEB vs. SPXS - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 7.05%, more than SPXS's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | 7.05% | 2.77% | 4.59% | 2.63% | 0.00% | 0.00% | 0.00% | 0.64% | 1.59% | 2.98% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.62% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
CWEB and SPXS have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWEB has higher volatility (16.52%) compared to SPXS (14.08%). In terms of maximum drawdown, CWEB dropped -98.09% vs SPXS's -100.00%.
On 5-year performance, SPXS leads with -33.53% vs -45.85% for CWEB. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 14.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPXS has performed better with a -33.53% return vs -45.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.30% for CWEB.
CWEB has the higher dividend yield at 7.05%, compared with 4.62% for SPXS.
CWEB is categorized as Leveraged Equities, while SPXS is Inverse Equities. CWEB tracks CSI China Overseas Internet Index (200%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.30% for CWEB and 1.08% for SPXS.
CWEB currently has the higher Sharpe Ratio (-0.89 vs -1.19), 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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