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 -43.87%/yr vs -33.67%/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 -40.78% return, which is significantly lower than YANG's 19.18% return.
CWEB
- 1D
- -0.84%
- 1M
- -11.43%
- YTD
- -40.78%
- 6M
- -44.28%
- 1Y
- -37.36%
- 3Y*
- -10.15%
- 5Y*
- -43.87%
- 10Y*
- —
YANG
- 1D
- 0.64%
- 1M
- 6.83%
- YTD
- 19.18%
- 6M
- 25.26%
- 1Y
- -7.77%
- 3Y*
- -47.00%
- 5Y*
- -33.67%
- 10Y*
- -38.45%
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 | -40.78% | 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 | 19.18% | -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 -0.90, 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 | -0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 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.
| CWEB | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.03 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | -0.20 | -0.42 |
| Martin ratioReturn relative to average drawdown | -1.17 | -0.32 | -0.85 |
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 | YANG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.69 | -0.13 | -0.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | -0.36 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.47 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.25 | -0.49 | +0.24 |
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 | -60.58% | -38.85% | -21.73% |
Max Drawdown (3Y)Largest decline over 3 years | -60.58% | -94.02% | +33.44% |
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 | -97.59% | -99.97% | +2.38% |
Average DrawdownAverage peak-to-trough decline | -65.43% | -90.52% | +25.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.03% | 24.39% | +7.64% |
Volatility
CWEB vs. YANG - Volatility Comparison
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 22.74% compared to Direxion Daily China 3x Bear Shares (YANG) at 21.22%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier 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 | 22.74% | 21.22% | +1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 40.06% | 42.61% | -2.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.37% | 58.74% | -4.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.49% | 94.43% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.68% | 82.10% | -1.42% |
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 5.70%, more than YANG's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | 5.70% | 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 | 3.43% | 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 -0.90, 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 YANG (21.22%). In terms of maximum drawdown, CWEB dropped -98.09% vs YANG's -99.98%.
On 5-year performance, YANG leads with -33.67% vs -43.87% for CWEB. On fees, YANG is cheaper at 1.07% per year. On volatility, YANG has been the lower-risk option at 21.22%. 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 -33.67% return vs -43.87%. 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 5.70%, compared with 3.43% 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 (-0.13 vs -0.69), 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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