CWEB vs. YANG
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and YANG (Direxion Daily China 3x Bear Shares) are both Leveraged Equities funds from Direxion - CWEB tracks the CSI China Overseas Internet Index (200%) while YANG tracks the FTSE China 50 Index (-300%). Both are passively managed. Over the past 5 years, CWEB returned -46.39%/yr vs -29.71%/yr for YANG. At a correlation of -0.86, they often move in opposite directions. CWEB charges 1.30%/yr vs 1.07%/yr for YANG.
Performance
CWEB vs. YANG - Performance Comparison
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Returns By Period
In the year-to-date period, CWEB achieves a -52.76% return, which is significantly lower than YANG's 52.79% return.
CWEB
- 1D
- -1.84%
- 1M
- -19.53%
- YTD
- -52.76%
- 6M
- -53.97%
- 1Y
- -51.88%
- 3Y*
- -16.41%
- 5Y*
- -46.39%
- 10Y*
- —
YANG
- 1D
- 4.38%
- 1M
- 27.86%
- YTD
- 52.79%
- 6M
- 56.08%
- 1Y
- 31.48%
- 3Y*
- -42.86%
- 5Y*
- -29.71%
- 10Y*
- -37.54%
CWEB vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -52.76% | 29.04% | 0.12% | -32.85% | -59.43% | -79.35% | 116.38% | 51.24% | -63.01% | 166.27% |
YANG Direxion Daily China 3x Bear Shares | 52.79% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
Correlation
The correlation between CWEB and YANG is -0.89, 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 | -0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2016 | -0.86 |
The correlation between CWEB and YANG has been stable across timeframes, ranging from -0.93 to -0.86 - a consistent structural relationship.
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Return for Risk
CWEB vs. YANG — Risk / Return Rank
CWEB
YANG
CWEB vs. YANG - 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 China 3x Bear Shares (YANG). 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 | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.63 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.14 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 0.90 | -1.66 |
| Martin ratioReturn relative to average drawdown | -1.48 | 1.51 | -2.99 |
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Drawdowns
CWEB vs. YANG - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.09%, roughly equal to the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for CWEB and YANG.
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Drawdown Indicators
| CWEB | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.09% | -99.98% | +1.89% |
Max Drawdown (1Y)Largest decline over 1 year | -67.63% | -35.33% | -32.30% |
Max Drawdown (3Y)Largest decline over 3 years | -67.63% | -94.02% | +26.39% |
Max Drawdown (5Y)Largest decline over 5 years | -95.63% | -97.38% | +1.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.53% | — |
Current DrawdownCurrent decline from peak | -98.08% | -99.97% | +1.89% |
Average DrawdownAverage peak-to-trough decline | -65.66% | -90.53% | +24.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.09% | 20.85% | +14.24% |
Volatility
CWEB vs. YANG - Volatility Comparison
The current volatility for Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) is 15.86%, while Direxion Daily China 3x Bear Shares (YANG) has a volatility of 18.03%. This indicates that CWEB experiences smaller price fluctuations and is considered to be less risky than YANG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWEB | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.86% | 18.03% | -2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 40.79% | 43.56% | -2.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.22% | 59.05% | -4.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.54% | 94.56% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.53% | 81.91% | -1.38% |
CWEB vs. YANG - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than YANG's 1.07% expense ratio.
Dividends
CWEB vs. YANG - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 7.69%, more than YANG's 2.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | 7.69% | 2.77% | 4.59% | 2.63% | 0.00% | 0.00% | 0.00% | 0.64% | 1.59% | 2.98% |
YANG Direxion Daily China 3x Bear Shares | 2.41% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% | 0.00% |
Frequently Asked Questions
CWEB and YANG have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (18.03%) compared to CWEB (15.86%). In terms of maximum drawdown, CWEB dropped -98.09% vs YANG's -99.98%.
On 5-year performance, YANG leads with -29.71% vs -46.39% for CWEB. On fees, YANG is cheaper at 1.07% per year. On volatility, CWEB has been the lower-risk option at 15.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, YANG has performed better with a -29.71% return vs -46.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YANG is cheaper with a 1.07% expense ratio, compared with 1.30% for CWEB.
CWEB has the higher dividend yield at 7.69%, compared with 2.41% for YANG.
CWEB tracks CSI China Overseas Internet Index (200%), while YANG tracks FTSE China 50 Index (-300%). Their fees differ too: 1.30% for CWEB and 1.07% for YANG.
YANG currently has the higher Sharpe Ratio (0.54 vs -0.97), 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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