CWEB vs SPY
Direxion Daily CSI China Internet Index Bull 2X ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CWEB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.27% | 0.09% | |
| AUM | $215M | $821.1B | |
| Dividend Yield | 5.67% | 1.01% | |
| Holdings | 9 | 505 | |
| YTD Return | -47.60% | +14.24% | |
| 1Y Return | -46.85% | +21.71% | |
| 3Y Return (annualized) | -13.65% | +22.10% | |
| 5Y Return (annualized) | -33.82% | +13.21% | |
| Volatility (annualized) | 72.1% | 15.3% | |
| Max Drawdown | -98.2% | -56.5% | |
| Fund Family | Direxion Shares ETF Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Nov 2, 2016 | Jan 22, 1993 |
CWEB vs SPY Performance
Direxion Daily CSI China Internet Index Bull 2X ETF (CWEB) 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 CWEB returned -46.85% while SPY returned +21.71%. Year to date, CWEB is down 47.60% versus a gain of 14.24% for SPY.
Over three years, CWEB compounded at -13.65% per year against +22.10% for SPY; over five years the annualized figures are -33.82% and +13.21% respectively. Across the full 10-year window we track, SPY has the edge at +8.86% annualized vs -20.91%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CWEB has been the more volatile fund, with annualized monthly volatility of 72.1% 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 -98.2% for CWEB 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 0.25. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CWEB charges 1.27% per year while SPY charges 0.09%. On a $10,000 position that is $127 vs $9 annually, a gap of $118 per year that compounds over a long holding period. On income, CWEB currently yields 5.67% against 1.01% for SPY.
Holdings Overlap
CWEB 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, CWEB or SPY?
CWEB has an expense ratio of 1.27% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $118 per year of difference.
Which performed better, CWEB or SPY?
Over the past year CWEB returned -46.85% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (10 years), CWEB annualized -20.91% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, CWEB or SPY?
CWEB has been the more volatile fund at 72.1% annualized versus 15.3% for SPY. Worst drawdown: CWEB -98.2% vs SPY -56.5%.
Should I hold both CWEB and SPY?
CWEB and SPY have a monthly-return correlation of 0.25, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CWEB and SPY?
CWEB and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, CWEB or SPY?
CWEB yields 5.67% while SPY yields 1.01%, so CWEB currently pays the higher dividend yield.
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