KWEB vs. CWEB

Last updated Jun 23, 2026

KWEB (KraneShares CSI China Internet ETF) and CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) are both exchange-traded funds - KWEB is a China Equities fund tracking the CSI Overseas China Internet Index, while CWEB is a Leveraged Equities fund tracking the CSI China Overseas Internet Index (200%). Both are passively managed. Over the past 5 years, KWEB returned -15.02%/yr vs -44.79%/yr for CWEB. With a 0.99 correlation, they move nearly in lockstep. KWEB charges 0.70%/yr vs 1.30%/yr for CWEB.

Performance

KWEB vs. CWEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares CSI China Internet ETF (KWEB) and Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KWEB achieves a -26.43% return, which is significantly higher than CWEB's -49.71% return.

KWEB

• 1D: -0.75%
• 1M: -6.91%
• YTD: -26.43%
• 6M: -27.93%
• 1Y: -20.19%
• 3Y*: 1.48%
• 5Y*: -15.02%
• 10Y*: -0.35%

CWEB

• 1D: -1.57%
• 1M: -14.35%
• YTD: -49.71%
• 6M: -51.73%
• 1Y: -44.54%
• 3Y*: -14.65%
• 5Y*: -44.79%
• 10Y*: —

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

KWEB vs. CWEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KWEB KraneShares CSI China Internet ETF	-26.43%	23.55%	12.01%	-9.06%	-17.24%	-49.01%	58.23%	29.92%	-33.80%	69.73%
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%

Correlation

The correlation between KWEB and CWEB is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Nov 2, 2016	0.99

The correlation between KWEB and CWEB has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

KWEB vs. CWEB - Sectors Allocation Comparison

Sectors	KWEB	CWEB
Consumer Cyclical	36.0%	36.9%
Communication Services	28.4%	41.7%
Technology	17.5%	4.0%
Healthcare	6.0%	6.0%
Real Estate	3.9%	5.2%
Industrials	3.3%	-
Consumer Defensive	2.7%	4.0%
Financial Services	2.0%	2.3%
Basic Materials	-	-
Energy	-	-
Utilities	-	-

Return for Risk

KWEB vs. CWEB — Risk / Return Rank

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

KWEB

KWEB Risk / Return Rank: 3
KWEB Sharpe Ratio Rank: 3
KWEB Sortino Ratio Rank: 3
KWEB Omega Ratio Rank: 3
KWEB Calmar Ratio Rank: 4
KWEB Martin Ratio Rank: 4

CWEB

CWEB Risk / Return Rank: 3
CWEB Sharpe Ratio Rank: 2
CWEB Sortino Ratio Rank: 3
CWEB Omega Ratio Rank: 3
CWEB Calmar Ratio Rank: 3
CWEB Martin Ratio Rank: 2

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.

KWEB vs. CWEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB) and Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB). 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.

	KWEB	CWEB	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	-0.83	+0.08
Sortino ratio: Return per unit of downside risk	-0.98	-1.15	+0.16
Omega ratio: Gain probability vs. loss probability	0.89	0.87	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.53	-0.68	+0.15
Martin ratio: Return relative to average drawdown	-1.09	-1.29	+0.20

KWEB vs. CWEB - Sharpe Ratio Comparison

The current KWEB Sharpe Ratio is -0.75, which is comparable to the CWEB Sharpe Ratio of -0.83. The chart below compares the historical Sharpe Ratios of KWEB and CWEB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KWEB vs. CWEB - Drawdown Comparison

The maximum KWEB drawdown since its inception was -80.92%, smaller than the maximum CWEB drawdown of -98.09%. Use the drawdown chart below to compare losses from any high point for KWEB and CWEB.

Drawdown Indicators

	KWEB	CWEB	Difference
Max Drawdown Largest peak-to-trough decline	-80.92%	-98.09%	+17.17%
Max Drawdown (1Y) Largest decline over 1 year	-38.11%	-65.54%	+27.43%
Max Drawdown (3Y) Largest decline over 3 years	-38.11%	-65.54%	+27.43%
Max Drawdown (5Y) Largest decline over 5 years	-72.17%	-95.63%	+23.46%
Max Drawdown (10Y) Largest decline over 10 years	-80.92%	—	—
Current Drawdown Current decline from peak	-71.03%	-97.95%	+26.92%
Average Drawdown Average peak-to-trough decline	-35.35%	-65.63%	+30.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.53%	34.57%	-16.04%

Volatility

KWEB vs. CWEB - Volatility Comparison

The current volatility for KraneShares CSI China Internet ETF (KWEB) is 8.24%, while Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a volatility of 16.25%. This indicates that KWEB experiences smaller price fluctuations and is considered to be less risky than CWEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KWEB	CWEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.24%	16.25%	-8.01%
Volatility (6M) Calculated over the trailing 6-month period	20.40%	40.73%	-20.33%
Volatility (1Y) Calculated over the trailing 1-year period	27.13%	54.19%	-27.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.70%	94.56%	-46.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.01%	80.55%	-40.54%

KWEB vs. CWEB - Expense Ratio Comparison

KWEB has a 0.70% expense ratio, which is lower than CWEB's 1.30% expense ratio.

Dividends

KWEB vs. CWEB - Dividend Comparison

KWEB's dividend yield for the trailing twelve months is around 8.37%, more than CWEB's 6.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
KWEB KraneShares CSI China Internet ETF	8.37%	6.16%	3.51%	1.71%	0.00%	7.07%	0.29%	0.08%	3.40%	0.58%	1.19%	0.46%

Frequently Asked Questions

Can I hold both KWEB and CWEB in my portfolio?

With a correlation of 1.00, KWEB and CWEB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, KWEB or CWEB?

CWEB has higher volatility (16.25%) compared to KWEB (8.24%). In terms of maximum drawdown, KWEB dropped -80.92% vs CWEB's -98.09%.

Which ETF is better, KWEB or CWEB?

On 5-year performance, KWEB leads with -15.02% vs -44.79% for CWEB. On fees, KWEB is cheaper at 0.70% per year. On volatility, KWEB has been the lower-risk option at 8.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KWEB or CWEB?

Over the 5-year period, KWEB has performed better with a -15.02% return vs -44.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KWEB or CWEB?

KWEB is cheaper with a 0.70% expense ratio, compared with 1.30% for CWEB.

Which ETF pays a higher dividend yield, KWEB or CWEB?

KWEB has the higher dividend yield at 8.37%, compared with 6.71% for CWEB.

What is the main difference between KWEB and CWEB?

KWEB is categorized as China Equities, while CWEB is Leveraged Equities. KWEB tracks CSI Overseas China Internet Index, while CWEB tracks CSI China Overseas Internet Index (200%). They also come from different issuers: KraneShares and Direxion. Their fees differ too: 0.70% for KWEB and 1.30% for CWEB.

Which has better risk-adjusted returns?

KWEB currently has the higher Sharpe Ratio (-0.75 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.