CWEB vs. TMF

Last updated Jun 4, 2026

CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - CWEB is a Leveraged Equities fund tracking the CSI China Overseas Internet Index (200%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 5 years, CWEB returned -43.77%/yr vs -30.52%/yr for TMF. At a correlation of -0.06, they often move in opposite directions. CWEB charges 1.30%/yr vs 1.01%/yr for TMF.

Performance

CWEB vs. TMF - 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 20+ Year Treasury Bull 3X ETF (TMF). 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 TMF's -6.13% return.

CWEB

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

TMF

• 1D: -1.14%
• 1M: 1.22%
• YTD: -6.13%
• 6M: -11.63%
• 1Y: 0.90%
• 3Y*: -20.78%
• 5Y*: -30.52%
• 10Y*: -16.56%

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

CWEB vs. TMF - 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%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-6.13%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%

Correlation

The correlation between CWEB and TMF is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.00
Correlation (All Time) Calculated using the full available price history since Nov 3, 2016	-0.06

The correlation between CWEB and TMF shifts across timeframes, from -0.06 (all time) to 0.08 (3 years), reflecting how their relationship changes across market environments.

CWEB vs. TMF - Sectors Allocation Comparison

Sectors	CWEB	TMF
Communication Services	40.0%	-
Consumer Cyclical	38.4%	-
Healthcare	6.8%	-
Real Estate	4.8%	-
Consumer Defensive	4.4%	-
Technology	3.7%	-
Financial Services	2.0%	18.7%
Basic Materials	-	-
Energy	-	-
Industrials	-	-
Utilities	-	-

Return for Risk

CWEB vs. TMF — 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

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 9
TMF Martin Ratio Rank: 9

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. TMF - 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 20+ Year Treasury Bull 3X ETF (TMF). 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	TMF	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	0.03	-0.66
Sortino ratio: Return per unit of downside risk	-0.70	0.25	-0.95
Omega ratio: Gain probability vs. loss probability	0.92	1.03	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.56	0.03	-0.60
Martin ratio: Return relative to average drawdown	-1.07	0.08	-1.15
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. TMF - Sharpe Ratio Comparison

The current CWEB Sharpe Ratio is -0.63, which is lower than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of CWEB and TMF, 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	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	0.03	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.46	-0.66	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.25	-0.14	-0.12

Drawdowns

CWEB vs. TMF - Drawdown Comparison

The maximum CWEB drawdown since its inception was -98.09%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for CWEB and TMF.

Drawdown Indicators

	CWEB	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-98.09%	-92.89%	-5.20%
Max Drawdown (1Y) Largest decline over 1 year	-60.58%	-26.51%	-34.07%
Max Drawdown (3Y) Largest decline over 3 years	-60.58%	-56.31%	-4.27%
Max Drawdown (5Y) Largest decline over 5 years	-95.63%	-88.81%	-6.82%
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-97.57%	-92.23%	-5.34%
Average Drawdown Average peak-to-trough decline	-65.42%	-43.63%	-21.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.81%	11.49%	+20.32%

Volatility

CWEB vs. TMF - Volatility Comparison

Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 22.74% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.09%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWEB	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.74%	8.09%	+14.65%
Volatility (6M) Calculated over the trailing 6-month period	40.10%	19.01%	+21.09%
Volatility (1Y) Calculated over the trailing 1-year period	54.37%	28.76%	+25.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.49%	46.75%	+47.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.70%	43.92%	+36.78%

CWEB vs. TMF - Expense Ratio Comparison

CWEB has a 1.30% expense ratio, which is higher than TMF's 1.01% expense ratio.

Dividends

CWEB vs. TMF - Dividend Comparison

CWEB's dividend yield for the trailing twelve months is around 5.65%, more than TMF's 4.15% 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%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.15%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both CWEB and TMF in my portfolio?

CWEB and TMF have a correlation of 0.08, 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 TMF?

CWEB has higher volatility (22.74%) compared to TMF (8.09%). In terms of maximum drawdown, CWEB dropped -98.09% vs TMF's -92.89%.

Which ETF is better, CWEB or TMF?

On 5-year performance, TMF leads with -30.52% vs -43.77% for CWEB. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 8.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWEB or TMF?

Over the 5-year period, TMF has performed better with a -30.52% 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 TMF?

TMF is cheaper with a 1.01% expense ratio, compared with 1.30% for CWEB.

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

CWEB has the higher dividend yield at 5.65%, compared with 4.15% for TMF.

What is the main difference between CWEB and TMF?

CWEB is categorized as Leveraged Equities, while TMF is Leveraged Bonds. CWEB tracks CSI China Overseas Internet Index (200%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.30% for CWEB and 1.01% for TMF.

Which has better risk-adjusted returns?

TMF currently has the higher Sharpe Ratio (0.03 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.