CWEB vs. TERG

Last updated Jun 4, 2026

CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. CWEB is passively managed, while TERG is actively managed. At a 0.41 correlation, their price movements are largely independent. CWEB charges 1.30%/yr vs 0.75%/yr for TERG.

Performance

CWEB vs. TERG - 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 Leverage Shares 2X Long TER Daily ETF (TERG). 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 TERG's 229.64% return.

CWEB

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

TERG

• 1D: 8.49%
• 1M: 39.95%
• YTD: 229.64%
• 6M: 218.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CWEB vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares	-40.28%	-10.22%
TERG Leverage Shares 2X Long TER Daily ETF	229.64%	28.17%

Correlation

The correlation between CWEB and TERG is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.41

Return for Risk

CWEB vs. TERG — 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

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. TERG - 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 Leverage Shares 2X Long TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	—	—
Sortino ratio: Return per unit of downside risk	-0.70	—	—
Omega ratio: Gain probability vs. loss probability	0.92	—	—
Calmar ratio: Return relative to maximum drawdown	-0.56	—	—
Martin ratio: Return relative to average drawdown	-1.07	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CWEB	TERG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.25	9.90	-10.15

Drawdowns

CWEB vs. TERG - Drawdown Comparison

The maximum CWEB drawdown since its inception was -98.09%, which is greater than TERG's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for CWEB and TERG.

Drawdown Indicators

	CWEB	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-98.09%	-49.52%	-48.57%
Max Drawdown (1Y) Largest decline over 1 year	-60.58%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-60.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-95.63%	—	—
Current Drawdown Current decline from peak	-97.57%	-15.98%	-81.59%
Average Drawdown Average peak-to-trough decline	-65.42%	-13.73%	-51.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.81%	—	—

Volatility

Volatility by Period

	CWEB	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	40.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	54.37%	139.25%	-84.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.49%	139.25%	-44.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.70%	139.25%	-58.55%

CWEB vs. TERG - Expense Ratio Comparison

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

Dividends

CWEB vs. TERG - Dividend Comparison

CWEB's dividend yield for the trailing twelve months is around 5.65%, while TERG 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	5.65%	2.77%	4.59%	2.63%	0.00%	0.00%	0.00%	0.64%	1.59%	2.98%
TERG Leverage Shares 2X Long TER Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CWEB and TERG in my portfolio?

CWEB and TERG have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CWEB or TERG?

On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CWEB or TERG?

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

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

CWEB has the higher dividend yield at 5.65%, compared with 0.00% for TERG.

What is the main difference between CWEB and TERG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.30% for CWEB and 0.75% for TERG.