CWEB vs. YCS
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - CWEB is a China Equities fund tracking the CSI China Overseas Internet Index (200%), while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, CWEB returned -41.83%/yr vs 24.01%/yr for YCS. At a correlation of -0.00, they often move in opposite directions. CWEB charges 1.30%/yr vs 1.00%/yr for YCS.
Performance
CWEB vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, CWEB achieves a -44.59% return, which is significantly lower than YCS's 10.29% return.
CWEB
- 1D
- -0.63%
- 1M
- -1.85%
- 6M
- -49.69%
- YTD
- -44.59%
- 1Y
- -40.66%
- 3Y*
- -14.15%
- 5Y*
- -41.83%
- 10Y*
- —
YCS
- 1D
- -0.78%
- 1M
- 2.50%
- 6M
- 8.31%
- YTD
- 10.29%
- 1Y
- 29.06%
- 3Y*
- 20.30%
- 5Y*
- 24.01%
- 10Y*
- 13.13%
CWEB vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -44.59% | 29.04% | 0.12% | -32.85% | -59.43% | -79.35% | 116.38% | 51.24% | -63.01% | 166.27% |
YCS ProShares UltraShort Yen | 10.29% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between CWEB and YCS is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2016 | -0.00 |
The correlation between CWEB and YCS shifts across timeframes, from -0.15 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CWEB vs. YCS — Risk / Return Rank
CWEB
YCS
CWEB vs. YCS - 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 ProShares UltraShort Yen (YCS). 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 | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.63 | ||
| Sortino ratioReturn per unit of downside risk | -3.34 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.35 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 3.76 | -4.36 |
| Martin ratioReturn relative to average drawdown | -1.10 | 11.88 | -12.98 |
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Drawdowns
CWEB vs. YCS - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.18%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for CWEB and YCS.
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Drawdown Indicators
| CWEB | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.18% | -49.56% | -48.62% |
Max Drawdown (1Y)Largest decline over 1 year | -69.36% | -8.30% | -61.06% |
Max Drawdown (3Y)Largest decline over 3 years | -69.36% | -23.05% | -46.31% |
Max Drawdown (5Y)Largest decline over 5 years | -94.78% | -27.32% | -67.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -97.74% | -1.01% | -96.73% |
Average DrawdownAverage peak-to-trough decline | -65.80% | -19.82% | -45.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.65% | 2.62% | +35.03% |
Volatility
CWEB vs. YCS - Volatility Comparison
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 15.59% compared to ProShares UltraShort Yen (YCS) at 3.05%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWEB | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.59% | 3.05% | +12.54% |
Volatility (6M)Calculated over the trailing 6-month period | 41.12% | 11.94% | +29.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.01% | 16.66% | +38.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.36% | 21.09% | +73.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.44% | 18.75% | +61.69% |
CWEB vs. YCS - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than YCS's 1.00% expense ratio.
Dividends
CWEB vs. YCS - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 6.55%, while YCS 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 | 6.55% | 2.77% | 4.59% | 2.63% | 0.00% | 0.00% | 0.00% | 0.64% | 1.59% | 2.98% |
YCS ProShares UltraShort Yen | 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 YCS have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWEB has higher volatility (15.59%) compared to YCS (3.05%). In terms of maximum drawdown, CWEB dropped -98.18% vs YCS's -49.56%.
On 5-year performance, YCS leads with 24.01% vs -41.83% for CWEB. On fees, YCS is cheaper at 1.00% per year. On volatility, YCS has been the lower-risk option at 3.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, YCS has performed better with a 24.01% return vs -41.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YCS is cheaper with a 1.00% expense ratio, compared with 1.30% for CWEB.
CWEB has the higher dividend yield at 6.55%, compared with 0.00% for YCS.
CWEB is categorized as China Equities, while YCS is Leveraged Currency. CWEB tracks CSI China Overseas Internet Index (200%), while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.30% for CWEB and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.87 vs -0.75), 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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