CWEB vs. UGA
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - CWEB is a Leveraged Equities fund tracking the CSI China Overseas Internet Index (200%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, CWEB returned -45.85%/yr vs 22.69%/yr for UGA. At a 0.12 correlation, their price movements are largely independent. CWEB charges 1.30%/yr vs 0.75%/yr for UGA.
Performance
CWEB vs. UGA - 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 UGA's 64.09% return.
CWEB
- 1D
- -4.75%
- 1M
- -18.42%
- YTD
- -52.10%
- 6M
- -53.54%
- 1Y
- -48.20%
- 3Y*
- -16.02%
- 5Y*
- -45.85%
- 10Y*
- —
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
CWEB vs. UGA - 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% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between CWEB and UGA is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2016 | 0.12 |
The correlation between CWEB and UGA shifts across timeframes, from -0.13 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CWEB vs. UGA — Risk / Return Rank
CWEB
UGA
CWEB vs. UGA - 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 United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.62 | ||
| Sortino ratioReturn per unit of downside risk | -3.56 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.30 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 3.17 | -3.89 |
| Martin ratioReturn relative to average drawdown | -1.38 | 9.39 | -10.78 |
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Drawdowns
CWEB vs. UGA - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.09%, which is greater than UGA's maximum drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CWEB and UGA.
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Drawdown Indicators
| CWEB | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.09% | -86.59% | -11.50% |
Max Drawdown (1Y)Largest decline over 1 year | -67.18% | -18.96% | -48.22% |
Max Drawdown (3Y)Largest decline over 3 years | -67.18% | -26.68% | -40.50% |
Max Drawdown (5Y)Largest decline over 5 years | -95.63% | -38.11% | -57.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -98.05% | -18.05% | -80.00% |
Average DrawdownAverage peak-to-trough decline | -65.64% | -36.69% | -28.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.83% | 6.43% | +28.40% |
Volatility
CWEB vs. UGA - Volatility Comparison
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 16.52% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWEB | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.52% | 9.24% | +7.28% |
Volatility (6M)Calculated over the trailing 6-month period | 40.88% | 30.57% | +10.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.27% | 35.22% | +19.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.57% | 34.45% | +60.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.54% | 37.22% | +43.32% |
CWEB vs. UGA - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
CWEB vs. UGA - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 7.05%, while UGA 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 | 7.05% | 2.77% | 4.59% | 2.63% | 0.00% | 0.00% | 0.00% | 0.64% | 1.59% | 2.98% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CWEB and UGA have a correlation of -0.13, 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 UGA (9.24%). In terms of maximum drawdown, CWEB dropped -98.09% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs -45.85% for CWEB. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 22.69% return vs -45.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 1.30% for CWEB.
CWEB has the higher dividend yield at 7.05%, compared with 0.00% for UGA.
CWEB is categorized as Leveraged Equities, while UGA is Oil & Gas. CWEB tracks CSI China Overseas Internet Index (200%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 1.30% for CWEB and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs -0.89), 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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