CWEB vs. USOY
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - CWEB is a Leveraged Equities fund tracking the CSI China Overseas Internet Index (200%), while USOY is a Derivative Income fund actively managed by Defiance. CWEB is passively managed, while USOY is actively managed. Over the past year, CWEB returned -33.98% vs 57.29% for USOY. At a correlation of -0.01, they often move in opposite directions. CWEB charges 1.30%/yr vs 1.22%/yr for USOY.
Performance
CWEB vs. USOY - Performance Comparison
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Returns By Period
In the year-to-date period, CWEB achieves a -40.28% return, which is significantly lower than USOY's 62.18% return.
CWEB
- 1D
- -7.70%
- 1M
- -11.08%
- YTD
- -40.28%
- 6M
- -43.77%
- 1Y
- -33.98%
- 3Y*
- -10.47%
- 5Y*
- -43.77%
- 10Y*
- —
USOY
- 1D
- 1.45%
- 1M
- -3.43%
- YTD
- 62.18%
- 6M
- 59.35%
- 1Y
- 57.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CWEB vs. USOY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -40.28% | 29.04% | -13.56% |
USOY Defiance Oil Enhanced Options Income ETF | 62.18% | -7.93% | 7.27% |
Correlation
The correlation between CWEB and USOY is -0.21, 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 | -0.21 |
Correlation (All Time) Calculated using the full available price history since May 13, 2024 | -0.01 |
Over the past year, the inverse relationship between CWEB and USOY has strengthened: their correlation has moved from -0.01 to -0.21, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CWEB vs. USOY — Risk / Return Rank
CWEB
USOY
CWEB vs. USOY - 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 Defiance Oil Enhanced Options Income ETF (USOY). 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 | USOY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.52 | ||
| Sortino ratioReturn per unit of downside risk | -3.00 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.35 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 4.03 | -4.59 |
| Martin ratioReturn relative to average drawdown | -1.07 | 7.74 | -8.81 |
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 | USOY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.63 | 1.89 | -2.52 |
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 | 0.99 | -1.24 |
Drawdowns
CWEB vs. USOY - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.09%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for CWEB and USOY.
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Drawdown Indicators
| CWEB | USOY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.09% | -17.46% | -80.63% |
Max Drawdown (1Y)Largest decline over 1 year | -60.58% | -14.29% | -46.29% |
Max Drawdown (3Y)Largest decline over 3 years | -60.58% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -95.63% | — | — |
Current DrawdownCurrent decline from peak | -97.57% | -5.11% | -92.46% |
Average DrawdownAverage peak-to-trough decline | -65.42% | -6.47% | -58.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.81% | 7.42% | +24.39% |
Volatility
CWEB vs. USOY - Volatility Comparison
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 22.74% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 11.62%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWEB | USOY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.74% | 11.62% | +11.12% |
Volatility (6M)Calculated over the trailing 6-month period | 40.10% | 27.18% | +12.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.37% | 30.44% | +23.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.49% | 26.13% | +68.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.70% | 26.13% | +54.57% |
CWEB vs. USOY - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than USOY's 1.22% expense ratio.
Dividends
CWEB vs. USOY - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 5.65%, less than USOY's 54.16% 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% |
USOY Defiance Oil Enhanced Options Income ETF | 54.16% | 104.32% | 48.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CWEB and USOY have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWEB has higher volatility (22.74%) compared to USOY (11.62%). In terms of maximum drawdown, CWEB dropped -98.09% vs USOY's -17.46%.
On 1-year performance, USOY leads with 57.29% vs -33.98% for CWEB. On fees, USOY is cheaper at 1.22% per year. On volatility, USOY has been the lower-risk option at 11.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USOY has performed better with a 57.29% return vs -33.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USOY is cheaper with a 1.22% expense ratio, compared with 1.30% for CWEB.
USOY has the higher dividend yield at 54.16%, compared with 5.65% for CWEB.
CWEB is categorized as Leveraged Equities, while USOY is Derivative Income. They also come from different issuers: Direxion and Defiance. Their fees differ too: 1.30% for CWEB and 1.22% for USOY.
USOY currently has the higher Sharpe Ratio (1.89 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.
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