XPP vs. CWEB
Compare and contrast key facts about ProShares Ultra FTSE China 50 (XPP) and Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB).
XPP and CWEB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XPP is a passively managed fund by ProShares that tracks the performance of the FTSE/Xinhua China 25 Index (200%). It was launched on Jun 2, 2009. CWEB is a passively managed fund by Direxion that tracks the performance of the CSI China Overseas Internet Index (200%). It was launched on Nov 2, 2016. Both XPP and CWEB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
XPP vs. CWEB - Performance Comparison
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XPP vs. CWEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XPP ProShares Ultra FTSE China 50 | -16.13% | 45.84% | 38.18% | -34.77% | -50.06% | -40.45% | 7.07% | 24.88% | -31.36% | 80.21% |
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -33.52% | 29.04% | 0.12% | -32.85% | -59.43% | -79.35% | 116.38% | 51.24% | -63.01% | 166.27% |
Returns By Period
In the year-to-date period, XPP achieves a -16.13% return, which is significantly higher than CWEB's -33.52% return.
XPP
- 1D
- -1.79%
- 1M
- -8.28%
- YTD
- -16.13%
- 6M
- -28.23%
- 1Y
- -7.96%
- 3Y*
- 1.80%
- 5Y*
- -20.38%
- 10Y*
- -5.13%
CWEB
- 1D
- -1.23%
- 1M
- -15.96%
- YTD
- -33.52%
- 6M
- -53.39%
- 1Y
- -37.03%
- 3Y*
- -16.84%
- 5Y*
- -45.23%
- 10Y*
- —
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XPP vs. CWEB - Expense Ratio Comparison
XPP has a 0.95% expense ratio, which is lower than CWEB's 1.30% expense ratio.
Return for Risk
XPP vs. CWEB — Risk / Return Rank
XPP
CWEB
XPP vs. CWEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.
| XPP | CWEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.17 | -0.63 | +0.46 |
Sortino ratioReturn per unit of downside risk | 0.09 | -0.67 | +0.76 |
Omega ratioGain probability vs. loss probability | 1.01 | 0.92 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | -0.26 | -0.65 | +0.39 |
Martin ratioReturn relative to average drawdown | -0.66 | -1.52 | +0.86 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XPP | CWEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.17 | -0.63 | +0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.33 | -0.48 | +0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.09 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | -0.24 | +0.15 |
Correlation
The correlation between XPP and CWEB is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
XPP vs. CWEB - Dividend Comparison
XPP's dividend yield for the trailing twelve months is around 2.59%, less than CWEB's 5.08% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XPP ProShares Ultra FTSE China 50 | 2.59% | 2.32% | 2.96% | 2.87% | 0.00% | 0.00% | 0.00% | 3.81% | 1.47% | 0.00% |
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | 5.08% | 2.77% | 4.59% | 2.63% | 0.00% | 0.00% | 0.00% | 0.64% | 1.59% | 2.98% |
Drawdowns
XPP vs. CWEB - Drawdown Comparison
The maximum XPP drawdown since its inception was -89.90%, smaller than the maximum CWEB drawdown of -98.09%. Use the drawdown chart below to compare losses from any high point for XPP and CWEB.
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Drawdown Indicators
| XPP | CWEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.90% | -98.09% | +8.19% |
Max Drawdown (1Y)Largest decline over 1 year | -32.09% | -56.15% | +24.06% |
Max Drawdown (5Y)Largest decline over 5 years | -85.54% | -96.62% | +11.08% |
Max Drawdown (10Y)Largest decline over 10 years | -89.90% | — | — |
Current DrawdownCurrent decline from peak | -77.80% | -97.29% | +19.49% |
Average DrawdownAverage peak-to-trough decline | -47.52% | -64.84% | +17.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.74% | 23.96% | -11.22% |
Volatility
XPP vs. CWEB - Volatility Comparison
The current volatility for ProShares Ultra FTSE China 50 (XPP) is 13.51%, while Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a volatility of 17.51%. This indicates that XPP 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.
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Volatility by Period
| XPP | CWEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.51% | 17.51% | -4.00% |
Volatility (6M)Calculated over the trailing 6-month period | 29.10% | 38.34% | -9.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.46% | 58.92% | -11.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.66% | 94.37% | -31.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.97% | 80.95% | -25.98% |