CHAU vs SPY
Direxion Daily CSI 300 China A Share Bull 2X ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. CHAU delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | CHAU | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.19% | 0.09% | |
| AUM | $89M | $789.1B | |
| Dividend Yield | 1.80% | 1.01% | |
| Holdings | 10 | 505 | |
| YTD Return | +3.93% | +13.68% | |
| 1Y Return | +33.96% | +21.53% | |
| 3Y Return (annualized) | +10.46% | +21.44% | |
| 5Y Return (annualized) | -8.89% | +13.18% | |
| Volatility (annualized) | 45.6% | 15.3% | |
| Max Drawdown | -79.7% | -56.5% | |
| Fund Family | Direxion Shares ETF Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Apr 16, 2015 | Jan 22, 1993 |
CHAU vs SPY Performance
Direxion Daily CSI 300 China A Share Bull 2X ETF (CHAU) is a ETF from Direxion Shares ETF Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CHAU returned +33.96% while SPY returned +21.53%. Year to date, CHAU is up 3.93% versus a gain of 13.68% for SPY.
Over three years, CHAU compounded at +10.46% per year against +21.44% for SPY; over five years the annualized figures are -8.89% and +13.18% respectively. Across the full 11-year window we track, SPY has the edge at +8.85% annualized vs -4.89%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CHAU has been the more volatile fund, with annualized monthly volatility of 45.6% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -79.7% for CHAU and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.40. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CHAU charges 1.19% per year while SPY charges 0.09%. On a $10,000 position that is $119 vs $9 annually, a gap of $110 per year that compounds over a long holding period. On income, CHAU currently yields 1.80% against 1.01% for SPY.
Holdings Overlap
CHAU and SPY share 0 holdings out of 508 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CHAU or SPY?
CHAU has an expense ratio of 1.19% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $110 per year of difference.
Which performed better, CHAU or SPY?
Over the past year CHAU returned +33.96% vs +21.53% for SPY, so CHAU leads on 1-year performance. Over the longest common window we track (11 years), CHAU annualized -4.89% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, CHAU or SPY?
CHAU has been the more volatile fund at 45.6% annualized versus 15.3% for SPY. Worst drawdown: CHAU -79.7% vs SPY -56.5%.
Should I hold both CHAU and SPY?
CHAU and SPY have a monthly-return correlation of 0.40, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CHAU and SPY?
CHAU and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, CHAU or SPY?
CHAU yields 1.80% while SPY yields 1.01%, so CHAU currently pays the higher dividend yield.
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