WEBS vs. WEBL

Last updated Jun 3, 2026

WEBS (Daily Dow Jones Internet Bear 3X Shares) and WEBL (Daily Dow Jones Internet Bull 3X Shares) are both Leveraged Equities funds from Direxion tracking the Dow Jones Internet Composite Index (300%). Both are passively managed. Over the past 5 years, WEBS returned -38.11%/yr vs -14.83%/yr for WEBL. At a correlation of -0.99, they often move in opposite directions. WEBS charges 1.07%/yr vs 1.17%/yr for WEBL.

Performance

WEBS vs. WEBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Daily Dow Jones Internet Bear 3X Shares (WEBS) and Daily Dow Jones Internet Bull 3X Shares (WEBL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WEBS achieves a -21.45% return, which is significantly lower than WEBL's 8.76% return.

WEBS

• 1D: 4.02%
• 1M: -19.57%
• YTD: -21.45%
• 6M: -18.76%
• 1Y: -35.37%
• 3Y*: -50.43%
• 5Y*: -38.11%
• 10Y*: —

WEBL

• 1D: -3.91%
• 1M: 22.49%
• YTD: 8.76%
• 6M: 4.92%
• 1Y: 17.72%
• 3Y*: 39.89%
• 5Y*: -14.83%
• 10Y*: —

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

WEBS vs. WEBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
WEBS Daily Dow Jones Internet Bear 3X Shares	-21.45%	-40.66%	-56.62%	-75.58%	117.15%	-39.82%	-87.18%	-13.16%
WEBL Daily Dow Jones Internet Bull 3X Shares	8.76%	2.37%	76.78%	165.50%	-91.04%	2.73%	132.56%	13.47%

Correlation

The correlation between WEBS and WEBL is -1.00, 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	-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 8, 2019	-0.99

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

Return for Risk

WEBS vs. WEBL — Risk / Return Rank

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

WEBS

WEBS Risk / Return Rank: 3
WEBS Sharpe Ratio Rank: 4
WEBS Sortino Ratio Rank: 4
WEBS Omega Ratio Rank: 4
WEBS Calmar Ratio Rank: 3
WEBS Martin Ratio Rank: 1

WEBL

WEBL Risk / Return Rank: 14
WEBL Sharpe Ratio Rank: 13
WEBL Sortino Ratio Rank: 16
WEBL Omega Ratio Rank: 16
WEBL Calmar Ratio Rank: 13
WEBL Martin Ratio Rank: 12

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.

WEBS vs. WEBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Daily Dow Jones Internet Bear 3X Shares (WEBS) and Daily Dow Jones Internet Bull 3X Shares (WEBL). 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.

	WEBS	WEBL	Difference
Sharpe ratio Return per unit of total volatility	-0.62	0.32	-0.94
Sortino ratio Return per unit of downside risk	-0.70	0.79	-1.49
Omega ratio Gain probability vs. loss probability	0.92	1.10	-0.17
Calmar ratio Return relative to maximum drawdown	-0.69	0.37	-1.06
Martin ratio Return relative to average drawdown	-1.60	0.81	-2.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WEBS vs. WEBL - Sharpe Ratio Comparison

The current WEBS Sharpe Ratio is -0.62, which is lower than the WEBL Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of WEBS and WEBL, 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

	WEBS	WEBL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.62	0.32	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.47	-0.18	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	0.04	-0.63

Drawdowns

WEBS vs. WEBL - Drawdown Comparison

The maximum WEBS drawdown since its inception was -99.63%, which is greater than WEBL's maximum drawdown of -94.44%. Use the drawdown chart below to compare losses from any high point for WEBS and WEBL.

Drawdown Indicators

	WEBS	WEBL	Difference
Max Drawdown Largest peak-to-trough decline	-99.63%	-94.44%	-5.19%
Max Drawdown (1Y) Largest decline over 1 year	-53.54%	-56.57%	+3.03%
Max Drawdown (3Y) Largest decline over 3 years	-90.33%	-60.82%	-29.51%
Max Drawdown (5Y) Largest decline over 5 years	-97.09%	-94.44%	-2.65%
Current Drawdown Current decline from peak	-99.62%	-67.99%	-31.63%
Average Drawdown Average peak-to-trough decline	-91.09%	-58.86%	-32.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.08%	25.95%	-2.87%

Volatility

WEBS vs. WEBL - Volatility Comparison

Daily Dow Jones Internet Bear 3X Shares (WEBS) and Daily Dow Jones Internet Bull 3X Shares (WEBL) have volatilities of 14.22% and 13.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WEBS	WEBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.22%	13.79%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	43.06%	42.99%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	57.33%	56.36%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.78%	80.65%	+1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.84%	82.87%	+6.97%

WEBS vs. WEBL - Expense Ratio Comparison

WEBS has a 1.07% expense ratio, which is lower than WEBL's 1.17% expense ratio.

Dividends

WEBS vs. WEBL - Dividend Comparison

WEBS's dividend yield for the trailing twelve months is around 4.16%, more than WEBL's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
WEBL Daily Dow Jones Internet Bull 3X Shares	0.18%	0.25%	0.00%	0.00%	0.00%	4.79%	0.00%	0.06%
WEBS Daily Dow Jones Internet Bear 3X Shares	4.16%	3.77%	8.02%	8.51%	0.20%	0.00%	1.11%	0.11%

Frequently Asked Questions

Can I hold both WEBS and WEBL in my portfolio?

WEBS and WEBL have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WEBS or WEBL?

WEBS has higher volatility (14.22%) compared to WEBL (13.79%). In terms of maximum drawdown, WEBS dropped -99.63% vs WEBL's -94.44%.

Which ETF is better, WEBS or WEBL?

On 5-year performance, WEBL leads with -14.83% vs -38.11% for WEBS. On fees, WEBS is cheaper at 1.07% per year. On volatility, WEBL has been the lower-risk option at 13.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WEBS or WEBL?

Over the 5-year period, WEBL has performed better with a -14.83% return vs -38.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WEBS or WEBL?

WEBS is cheaper with a 1.07% expense ratio, compared with 1.17% for WEBL.

Which ETF pays a higher dividend yield, WEBS or WEBL?

WEBS has the higher dividend yield at 4.16%, compared with 0.18% for WEBL.

What is the main difference between WEBS and WEBL?

Both ETFs track Dow Jones Internet Composite Index (300%). Their fees differ too: 1.07% for WEBS and 1.17% for WEBL.

Which has better risk-adjusted returns?

WEBL currently has the higher Sharpe Ratio (0.32 vs -0.62), 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.