YANG vs. CWEB
YANG (Direxion Daily China 3x Bear Shares) and CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) are both Leveraged Equities funds from Direxion - YANG tracks the FTSE China 50 Index (-300%) while CWEB tracks the CSI China Overseas Internet Index (200%). Both are passively managed. Over the past 5 years, YANG returned -31.21%/yr vs -45.85%/yr for CWEB. At a correlation of -0.86, they often move in opposite directions. YANG charges 1.07%/yr vs 1.30%/yr for CWEB.
Performance
YANG vs. CWEB - Performance Comparison
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Returns By Period
In the year-to-date period, YANG achieves a 45.69% return, which is significantly higher than CWEB's -52.10% return.
YANG
- 1D
- 4.97%
- 1M
- 21.92%
- YTD
- 45.69%
- 6M
- 48.59%
- 1Y
- 15.02%
- 3Y*
- -43.76%
- 5Y*
- -31.21%
- 10Y*
- -37.83%
CWEB
- 1D
- -4.75%
- 1M
- -18.42%
- YTD
- -52.10%
- 6M
- -53.54%
- 1Y
- -48.20%
- 3Y*
- -16.02%
- 5Y*
- -45.85%
- 10Y*
- —
YANG vs. CWEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 45.69% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -52.10% | 29.04% | 0.12% | -32.85% | -59.43% | -79.35% | 116.38% | 51.24% | -63.01% | 166.27% |
Correlation
The correlation between YANG and CWEB is -0.89, 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 | -0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2016 | -0.86 |
The correlation between YANG and CWEB has been stable across timeframes, ranging from -0.93 to -0.86 - a consistent structural relationship.
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Return for Risk
YANG vs. CWEB — Risk / Return Rank
YANG
CWEB
YANG vs. CWEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) 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.
| YANG | CWEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +2.08 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.85 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | -0.72 | +1.15 |
| Martin ratioReturn relative to average drawdown | 0.72 | -1.38 | +2.11 |
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Drawdowns
YANG vs. CWEB - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, roughly equal to the maximum CWEB drawdown of -98.09%. Use the drawdown chart below to compare losses from any high point for YANG and CWEB.
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Drawdown Indicators
| YANG | CWEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -98.09% | -1.89% |
Max Drawdown (1Y)Largest decline over 1 year | -35.33% | -67.18% | +31.85% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -67.18% | -26.84% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -95.63% | -1.75% |
Max Drawdown (10Y)Largest decline over 10 years | -99.53% | — | — |
Current DrawdownCurrent decline from peak | -99.97% | -98.05% | -1.92% |
Average DrawdownAverage peak-to-trough decline | -90.53% | -65.64% | -24.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.47% | 34.83% | -13.36% |
Volatility
YANG vs. CWEB - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 17.73% compared to Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) at 16.52%. This indicates that YANG's price experiences larger fluctuations and is considered to be riskier 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
| YANG | CWEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.73% | 16.52% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 43.44% | 40.88% | +2.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.03% | 54.27% | +4.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.55% | 94.57% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.91% | 80.54% | +1.37% |
YANG vs. CWEB - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is lower than CWEB's 1.30% expense ratio.
Dividends
YANG vs. CWEB - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 2.80%, less than CWEB's 7.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | 7.05% | 2.77% | 4.59% | 2.63% | 0.00% | 0.00% | 0.00% | 0.64% | 1.59% | 2.98% |
YANG Direxion Daily China 3x Bear Shares | 2.80% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% | 0.00% |
Frequently Asked Questions
YANG and CWEB have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (17.73%) compared to CWEB (16.52%). In terms of maximum drawdown, YANG dropped -99.98% vs CWEB's -98.09%.
On 5-year performance, YANG leads with -31.21% vs -45.85% for CWEB. On fees, YANG is cheaper at 1.07% per year. On volatility, CWEB has been the lower-risk option at 16.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, YANG has performed better with a -31.21% return vs -45.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YANG is cheaper with a 1.07% expense ratio, compared with 1.30% for CWEB.
CWEB has the higher dividend yield at 7.05%, compared with 2.80% for YANG.
YANG tracks FTSE China 50 Index (-300%), while CWEB tracks CSI China Overseas Internet Index (200%). Their fees differ too: 1.07% for YANG and 1.30% for CWEB.
YANG currently has the higher Sharpe Ratio (0.26 vs -0.89), 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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