CWEB vs. WEBL

Last updated Jun 26, 2026

CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and WEBL (Daily Dow Jones Internet Bull 3X Shares) are both Leveraged Equities funds from Direxion - CWEB tracks the CSI China Overseas Internet Index (200%) while WEBL tracks the Dow Jones Internet Composite Index (300%). Both are passively managed. Over the past 5 years, CWEB returned -46.97%/yr vs -24.48%/yr for WEBL. At a 0.48 correlation, their price movements are largely independent. CWEB charges 1.30%/yr vs 1.17%/yr for WEBL.

Performance

CWEB vs. WEBL - 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 Daily Dow Jones Internet Bull 3X Shares (WEBL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWEB achieves a -55.28% return, which is significantly lower than WEBL's -23.93% return.

CWEB

• 1D: -5.35%
• 1M: -25.71%
• YTD: -55.28%
• 6M: -56.43%
• 1Y: -53.75%
• 3Y*: -18.20%
• 5Y*: -46.97%
• 10Y*: —

WEBL

• 1D: -3.84%
• 1M: -20.51%
• YTD: -23.93%
• 6M: -26.32%
• 1Y: -23.48%
• 3Y*: 26.22%
• 5Y*: -24.48%
• 10Y*: —

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

CWEB vs. WEBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares	-55.28%	29.04%	0.12%	-32.85%	-59.43%	-79.35%	116.38%	8.23%
WEBL Daily Dow Jones Internet Bull 3X Shares	-23.93%	2.37%	76.78%	165.50%	-91.04%	2.73%	132.56%	10.36%

Correlation

The correlation between CWEB and WEBL is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019	0.48

The correlation between CWEB and WEBL shifts across timeframes, from 0.37 (3 years) to 0.48 (all time), reflecting how their relationship changes across market environments.

CWEB vs. WEBL - Sectors Allocation Comparison

Sectors	CWEB	WEBL
Communication Services	41.7%	27.0%
Consumer Cyclical	36.9%	25.5%
Healthcare	6.0%	1.2%
Real Estate	5.2%	-
Consumer Defensive	4.0%	-
Technology	4.0%	43.1%
Financial Services	2.3%	2.0%
Basic Materials	-	-
Energy	-	-
Industrials	-	1.3%
Utilities	-	-

Return for Risk

CWEB vs. WEBL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CWEB

CWEB Risk / Return Rank: 2
CWEB Sharpe Ratio Rank: 2
CWEB Sortino Ratio Rank: 1
CWEB Omega Ratio Rank: 2
CWEB Calmar Ratio Rank: 3
CWEB Martin Ratio Rank: 1

WEBL

WEBL Risk / Return Rank: 6
WEBL Sharpe Ratio Rank: 6
WEBL Sortino Ratio Rank: 7
WEBL Omega Ratio Rank: 7
WEBL Calmar Ratio Rank: 6
WEBL Martin Ratio Rank: 6

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. WEBL - 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 Daily Dow Jones Internet Bull 3X Shares (WEBL). 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	WEBL	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	-0.40	-0.60
Sortino ratio: Return per unit of downside risk	-1.59	-0.21	-1.37
Omega ratio: Gain probability vs. loss probability	0.82	0.97	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.78	-0.42	-0.36
Martin ratio: Return relative to average drawdown	-1.52	-0.87	-0.66

CWEB vs. WEBL - Sharpe Ratio Comparison

The current CWEB Sharpe Ratio is -1.00, which is lower than the WEBL Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of CWEB and WEBL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CWEB vs. WEBL - Drawdown Comparison

The maximum CWEB drawdown since its inception was -98.18%, roughly equal to the maximum WEBL drawdown of -94.44%. Use the drawdown chart below to compare losses from any high point for CWEB and WEBL.

Drawdown Indicators

	CWEB	WEBL	Difference
Max Drawdown Largest peak-to-trough decline	-98.18%	-94.44%	-3.74%
Max Drawdown (1Y) Largest decline over 1 year	-69.36%	-56.57%	-12.79%
Max Drawdown (3Y) Largest decline over 3 years	-69.36%	-60.82%	-8.54%
Max Drawdown (5Y) Largest decline over 5 years	-95.85%	-94.44%	-1.41%
Current Drawdown Current decline from peak	-98.18%	-77.61%	-20.57%
Average Drawdown Average peak-to-trough decline	-65.67%	-58.98%	-6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.36%	27.17%	+8.19%

Volatility

CWEB vs. WEBL - Volatility Comparison

The current volatility for Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) is 16.01%, while Daily Dow Jones Internet Bull 3X Shares (WEBL) has a volatility of 22.67%. This indicates that CWEB experiences smaller price fluctuations and is considered to be less risky than WEBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWEB	WEBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.01%	22.67%	-6.66%
Volatility (6M) Calculated over the trailing 6-month period	41.01%	46.74%	-5.73%
Volatility (1Y) Calculated over the trailing 1-year period	54.08%	58.70%	-4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.56%	81.01%	+13.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.53%	82.82%	-2.29%

CWEB vs. WEBL - Expense Ratio Comparison

CWEB has a 1.30% expense ratio, which is higher than WEBL's 1.17% expense ratio.

Dividends

CWEB vs. WEBL - Dividend Comparison

CWEB's dividend yield for the trailing twelve months is around 8.12%, more than WEBL's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares	8.12%	2.77%	4.59%	2.63%	0.00%	0.00%	0.00%	0.64%	1.59%	2.98%
WEBL Daily Dow Jones Internet Bull 3X Shares	0.21%	0.25%	0.00%	0.00%	0.00%	4.79%	0.00%	0.06%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CWEB and WEBL in my portfolio?

CWEB and WEBL have a correlation of 0.40, 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 WEBL?

WEBL has higher volatility (22.67%) compared to CWEB (16.01%). In terms of maximum drawdown, CWEB dropped -98.18% vs WEBL's -94.44%.

Which ETF is better, CWEB or WEBL?

On 5-year performance, WEBL leads with -24.48% vs -46.97% for CWEB. On fees, WEBL is cheaper at 1.17% per year. On volatility, CWEB has been the lower-risk option at 16.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWEB or WEBL?

Over the 5-year period, WEBL has performed better with a -24.48% return vs -46.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWEB or WEBL?

WEBL is cheaper with a 1.17% expense ratio, compared with 1.30% for CWEB.

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

CWEB has the higher dividend yield at 8.12%, compared with 0.21% for WEBL.

What is the main difference between CWEB and WEBL?

CWEB tracks CSI China Overseas Internet Index (200%), while WEBL tracks Dow Jones Internet Composite Index (300%). Their fees differ too: 1.30% for CWEB and 1.17% for WEBL.

Which has better risk-adjusted returns?

WEBL currently has the higher Sharpe Ratio (-0.40 vs -1.00), 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.