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 Leveraged 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 -44.79%/yr vs 23.50%/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 -49.71% return, which is significantly lower than YCS's 9.78% return.
CWEB
- 1D
- -1.57%
- 1M
- -14.35%
- YTD
- -49.71%
- 6M
- -51.73%
- 1Y
- -44.54%
- 3Y*
- -14.65%
- 5Y*
- -44.79%
- 10Y*
- —
YCS
- 1D
- 0.40%
- 1M
- 3.71%
- YTD
- 9.78%
- 6M
- 9.63%
- 1Y
- 31.36%
- 3Y*
- 18.43%
- 5Y*
- 23.50%
- 10Y*
- 13.63%
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 | -49.71% | 29.04% | 0.12% | -32.85% | -59.43% | -79.35% | 116.38% | 51.24% | -63.01% | 166.27% |
YCS ProShares UltraShort Yen | 9.78% | 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 -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
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 -0.17 (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 | -2.69 | ||
| Sortino ratioReturn per unit of downside risk | -3.51 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.35 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 3.79 | -4.48 |
| Martin ratioReturn relative to average drawdown | -1.29 | 11.86 | -13.15 |
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Drawdowns
CWEB vs. YCS - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.09%, 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 | -98.09% | -49.56% | -48.53% |
Max Drawdown (1Y)Largest decline over 1 year | -65.54% | -8.30% | -57.24% |
Max Drawdown (3Y)Largest decline over 3 years | -65.54% | -23.05% | -42.49% |
Max Drawdown (5Y)Largest decline over 5 years | -95.63% | -27.32% | -68.31% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -97.95% | 0.00% | -97.95% |
Average DrawdownAverage peak-to-trough decline | -65.63% | -19.88% | -45.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.57% | 2.65% | +31.92% |
Volatility
CWEB vs. YCS - Volatility Comparison
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 16.25% compared to ProShares UltraShort Yen (YCS) at 2.22%. 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 | 16.25% | 2.22% | +14.03% |
Volatility (6M)Calculated over the trailing 6-month period | 40.73% | 12.19% | +28.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.19% | 16.96% | +37.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.56% | 21.10% | +73.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.55% | 18.96% | +61.59% |
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 6.71%, 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 | 6.71% | 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 -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWEB has higher volatility (16.25%) compared to YCS (2.22%). In terms of maximum drawdown, CWEB dropped -98.09% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.50% vs -44.79% for CWEB. On fees, YCS is cheaper at 1.00% per year. On volatility, YCS has been the lower-risk option at 2.22%. 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 23.50% return vs -44.79%. 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 6.71%, compared with 0.00% for YCS.
CWEB is categorized as Leveraged 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 (1.86 vs -0.83), 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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