2846.HK vs. 3191.HK

Last updated Jul 22, 2026

2846.HK (iShares Core CSI 300 ETF) and 3191.HK (Global X China Semiconductor ETF) are both China Equities funds - 2846.HK tracks the CSI 300 Index while 3191.HK tracks the Factset China Semiconductor Index. Both are passively managed. Over the past 5 years, 2846.HK returned -0.33%/yr vs 7.55%/yr for 3191.HK. A 0.65 correlation means they provide meaningful diversification when combined. 2846.HK charges 0.38%/yr vs 0.68%/yr for 3191.HK.

Performance

2846.HK vs. 3191.HK - Performance Comparison

The chart below illustrates the hypothetical performance of a HK$10,000 investment in iShares Core CSI 300 ETF (2846.HK) and Global X China Semiconductor ETF (3191.HK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 2846.HK achieves a 6.74% return, which is significantly lower than 3191.HK's 71.39% return.

2846.HK

• 1D: -0.11%
• 1M: -4.29%
• 6M: 4.34%
• YTD: 6.74%
• 1Y: 24.47%
• 3Y*: 11.76%
• 5Y*: -0.33%
• 10Y*: 7.23%
• ALL TIME*: 3.39%

3191.HK

• 1D: 11.82%
• 1M: -4.07%
• 6M: 47.98%
• YTD: 71.39%
• 1Y: 141.11%
• 3Y*: 36.31%
• 5Y*: 7.55%
• 10Y*: —
• ALL TIME*: 12.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
2846.HK iShares Core CSI 300 ETF	HK$5.85M	HK$5.36M	HK$4.89M

2846.HK vs. 3191.HK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
2846.HK iShares Core CSI 300 ETF	6.74%	25.69%	14.25%	-11.18%	-27.18%	-1.25%	17.69%
3191.HK Global X China Semiconductor ETF	71.39%	41.08%	11.15%	-6.56%	-39.25%	19.31%	9.26%

Correlation

The correlation between 2846.HK and 3191.HK is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Aug 6, 2020	0.65

The correlation between 2846.HK and 3191.HK has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

Return for Risk

2846.HK vs. 3191.HK — Risk / Return Rank

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

2846.HK

2846.HK Risk / Return Rank: 52
2846.HK Sharpe Ratio Rank: 45
2846.HK Sortino Ratio Rank: 43
2846.HK Omega Ratio Rank: 42
2846.HK Calmar Ratio Rank: 63
2846.HK Martin Ratio Rank: 67

3191.HK

3191.HK Risk / Return Rank: 92
3191.HK Sharpe Ratio Rank: 95
3191.HK Sortino Ratio Rank: 90
3191.HK Omega Ratio Rank: 89
3191.HK Calmar Ratio Rank: 94
3191.HK Martin Ratio Rank: 90

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.

2846.HK vs. 3191.HK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core CSI 300 ETF (2846.HK) and Global X China Semiconductor ETF (3191.HK). 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.

	2846.HK	3191.HK	Difference
Sharpe ratio: Return per unit of total volatility	1.21	2.97	-1.75
Sortino ratio: Return per unit of downside risk	1.70	3.24	-1.54
Omega ratio: Gain probability vs. loss probability	1.21	1.43	-0.22
Calmar ratio: Return relative to maximum drawdown	2.38	5.23	-2.85
Martin ratio: Return relative to average drawdown	8.87	15.46	-6.59

2846.HK vs. 3191.HK - Sharpe Ratio Comparison

The current 2846.HK Sharpe Ratio is 1.21, which is lower than the 3191.HK Sharpe Ratio of 2.97. The chart below compares the historical Sharpe Ratios of 2846.HK and 3191.HK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

2846.HK vs. 3191.HK - Drawdown Comparison

The maximum 2846.HK drawdown since its inception was -51.06%, smaller than the maximum 3191.HK drawdown of -63.76%. Use the drawdown chart below to compare losses from any high point for 2846.HK and 3191.HK.

Drawdown Indicators

	2846.HK	3191.HK	Difference
Max Drawdown Largest peak-to-trough decline	-51.06%	-63.76%	+12.70%
Max Drawdown (1Y) Largest decline over 1 year	-10.05%	-27.98%	+17.93%
Max Drawdown (3Y) Largest decline over 3 years	-30.47%	-40.94%	+10.47%
Max Drawdown (5Y) Largest decline over 5 years	-42.55%	-63.76%	+21.21%
Max Drawdown (10Y) Largest decline over 10 years	-48.87%	—	—
Current Drawdown Current decline from peak	-14.59%	-19.47%	+4.88%
Average Drawdown Average peak-to-trough decline	-28.18%	-33.28%	+5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	9.35%	-6.69%

Volatility

2846.HK vs. 3191.HK - Volatility Comparison

The current volatility for iShares Core CSI 300 ETF (2846.HK) is 9.27%, while Global X China Semiconductor ETF (3191.HK) has a volatility of 28.26%. This indicates that 2846.HK experiences smaller price fluctuations and is considered to be less risky than 3191.HK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	2846.HK	3191.HK	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	28.26%	-18.99%
Volatility (6M) Calculated over the trailing 6-month period	15.20%	41.50%	-26.30%
Volatility (1Y) Calculated over the trailing 1-year period	19.70%	49.32%	-29.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.60%	41.82%	-18.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.88%	41.22%	-18.34%

2846.HK vs. 3191.HK - Expense Ratio Comparison

2846.HK has a 0.38% expense ratio, which is lower than 3191.HK's 0.68% expense ratio.

Dividends

2846.HK vs. 3191.HK - Dividend Comparison

2846.HK's dividend yield for the trailing twelve months is around 1.30%, while 3191.HK has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
2846.HK iShares Core CSI 300 ETF	1.30%	1.39%	1.15%	1.60%	1.10%	0.84%	1.14%	1.33%	1.78%	0.93%	1.94%	1.73%
3191.HK Global X China Semiconductor ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both 2846.HK and 3191.HK in my portfolio?

2846.HK and 3191.HK have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 2846.HK or 3191.HK?

On fees, 2846.HK is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 2846.HK or 3191.HK?

2846.HK is cheaper with a 0.38% expense ratio, compared with 0.68% for 3191.HK.

What is the main difference between 2846.HK and 3191.HK?

2846.HK tracks CSI 300 Index, while 3191.HK tracks Factset China Semiconductor Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.38% for 2846.HK and 0.68% for 3191.HK.