FCA vs. CHAU

Last updated Jun 3, 2026

FCA (First Trust China AlphaDEX Fund) and CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) are both exchange-traded funds - FCA is a China Equities fund tracking the NASDAQ AlphaDEX China Index, while CHAU is a Leveraged Equities fund tracking the CSI 300 Index (200%). Both are passively managed. Over the past 10 years, FCA returned 9.89%/yr vs 4.55%/yr for CHAU. A 0.60 correlation means they provide meaningful diversification when combined. FCA charges 0.80%/yr vs 1.21%/yr for CHAU.

Performance

FCA vs. CHAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust China AlphaDEX Fund (FCA) and Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCA achieves a 11.53% return, which is significantly lower than CHAU's 17.88% return. Over the past 10 years, FCA has outperformed CHAU with an annualized return of 9.89%, while CHAU has yielded a comparatively lower 4.55% annualized return.

FCA

• 1D: 2.01%
• 1M: -4.08%
• YTD: 11.53%
• 6M: 9.85%
• 1Y: 44.90%
• 3Y*: 20.06%
• 5Y*: 5.02%
• 10Y*: 9.89%

CHAU

• 1D: 4.14%
• 1M: 3.96%
• YTD: 17.88%
• 6M: 24.97%
• 1Y: 83.14%
• 3Y*: 13.00%
• 5Y*: -9.25%
• 10Y*: 4.55%

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

FCA vs. CHAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCA First Trust China AlphaDEX Fund	11.53%	45.20%	14.07%	-8.28%	-17.61%	-0.65%	11.80%	18.72%	-18.30%	60.26%
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	17.88%	47.73%	6.61%	-28.25%	-49.17%	-2.84%	71.95%	70.01%	-51.03%	74.91%

Correlation

The correlation between FCA and CHAU is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Apr 17, 2015	0.60

The correlation between FCA and CHAU has been stable across timeframes, ranging from 0.60 to 0.64 - a consistent structural relationship.

FCA vs. CHAU - Sectors Allocation Comparison

Sectors	FCA	CHAU
Industrials	25.2%	16.7%
Financial Services	19.7%	20.4%
Basic Materials	19.1%	10.7%
Energy	14.8%	2.7%
Technology	10.3%	26.3%
Healthcare	3.0%	4.9%
Communication Services	2.9%	0.8%
Utilities	2.4%	3.0%
Real Estate	1.1%	0.5%
Consumer Cyclical	1.1%	6.7%
Consumer Defensive	0.5%	7.3%

Return for Risk

FCA vs. CHAU — Risk / Return Rank

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

FCA

FCA Risk / Return Rank: 62
FCA Sharpe Ratio Rank: 59
FCA Sortino Ratio Rank: 53
FCA Omega Ratio Rank: 55
FCA Calmar Ratio Rank: 80
FCA Martin Ratio Rank: 65

CHAU

CHAU Risk / Return Rank: 76
CHAU Sharpe Ratio Rank: 76
CHAU Sortino Ratio Rank: 67
CHAU Omega Ratio Rank: 65
CHAU Calmar Ratio Rank: 90
CHAU Martin Ratio Rank: 81

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.

FCA vs. CHAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust China AlphaDEX Fund (FCA) and Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU). 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.

	FCA	CHAU	Difference
Sharpe ratio Return per unit of total volatility	2.02	2.50	-0.48
Sortino ratio Return per unit of downside risk	2.58	3.12	-0.54
Omega ratio Gain probability vs. loss probability	1.34	1.40	-0.06
Calmar ratio Return relative to maximum drawdown	4.19	5.49	-1.30
Martin ratio Return relative to average drawdown	12.06	16.51	-4.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCA vs. CHAU - Sharpe Ratio Comparison

The current FCA Sharpe Ratio is 2.02, which is comparable to the CHAU Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of FCA and CHAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FCA	CHAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	2.50	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	-0.20	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.10	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	-0.07	+0.20

Drawdowns

FCA vs. CHAU - Drawdown Comparison

The maximum FCA drawdown since its inception was -45.56%, smaller than the maximum CHAU drawdown of -79.21%. Use the drawdown chart below to compare losses from any high point for FCA and CHAU.

Drawdown Indicators

	FCA	CHAU	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-79.21%	+33.65%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-15.27%	+4.14%
Max Drawdown (3Y) Largest decline over 3 years	-26.13%	-59.88%	+33.75%
Max Drawdown (5Y) Largest decline over 5 years	-42.47%	-73.69%	+31.22%
Max Drawdown (10Y) Largest decline over 10 years	-42.47%	-78.58%	+36.11%
Current Drawdown Current decline from peak	-8.87%	-52.43%	+43.56%
Average Drawdown Average peak-to-trough decline	-21.62%	-58.90%	+37.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.87%	5.08%	-1.21%

Volatility

FCA vs. CHAU - Volatility Comparison

The current volatility for First Trust China AlphaDEX Fund (FCA) is 8.36%, while Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) has a volatility of 11.80%. This indicates that FCA experiences smaller price fluctuations and is considered to be less risky than CHAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCA	CHAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.36%	11.80%	-3.44%
Volatility (6M) Calculated over the trailing 6-month period	16.57%	22.83%	-6.26%
Volatility (1Y) Calculated over the trailing 1-year period	22.31%	33.37%	-11.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.59%	47.09%	-19.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.63%	47.15%	-20.52%

FCA vs. CHAU - Expense Ratio Comparison

FCA has a 0.80% expense ratio, which is lower than CHAU's 1.21% expense ratio.

Dividends

FCA vs. CHAU - Dividend Comparison

FCA's dividend yield for the trailing twelve months is around 2.31%, more than CHAU's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	1.73%	1.97%	2.25%	3.97%	0.77%	1.73%	0.09%	0.58%	0.83%	0.00%	0.00%	0.00%
FCA First Trust China AlphaDEX Fund	2.31%	2.67%	5.17%	5.70%	6.00%	4.91%	4.12%	3.73%	3.10%	2.30%	2.51%	4.13%

Frequently Asked Questions

Can I hold both FCA and CHAU in my portfolio?

FCA and CHAU have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCA or CHAU?

CHAU has higher volatility (11.80%) compared to FCA (8.36%). In terms of maximum drawdown, FCA dropped -45.56% vs CHAU's -79.21%.

Which ETF is better, FCA or CHAU?

On 10-year performance, FCA leads with 9.89% vs 4.55% for CHAU. On fees, FCA is cheaper at 0.80% per year. On volatility, FCA has been the lower-risk option at 8.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCA or CHAU?

Over the 10-year period, FCA has performed better with a 9.89% return vs 4.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCA or CHAU?

FCA is cheaper with a 0.80% expense ratio, compared with 1.21% for CHAU.

Which ETF pays a higher dividend yield, FCA or CHAU?

FCA has the higher dividend yield at 2.31%, compared with 1.73% for CHAU.

What is the main difference between FCA and CHAU?

FCA is categorized as China Equities, while CHAU is Leveraged Equities. FCA tracks NASDAQ AlphaDEX China Index, while CHAU tracks CSI 300 Index (200%). They also come from different issuers: First Trust and Direxion. Their fees differ too: 0.80% for FCA and 1.21% for CHAU.

Which has better risk-adjusted returns?

CHAU currently has the higher Sharpe Ratio (2.50 vs 2.02), 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.