36BZ.DE vs. CXSE
36BZ.DE (iShares MSCI China A UCITS ETF) and CXSE (WisdomTree China ex-State-Owned Enterprises Fund) are both China Equities funds - 36BZ.DE tracks the MSCI China A Inclusion while CXSE tracks the WisdomTree China ex-State-Owned Enterprises Index. Both are passively managed. Over the past 10 years, 36BZ.DE returned 6.59%/yr vs 6.77%/yr for CXSE. A 0.65 correlation means they provide meaningful diversification when combined. 36BZ.DE charges 0.40%/yr vs 0.32%/yr for CXSE.
Performance
36BZ.DE vs. CXSE - Performance Comparison
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Different Trading Currencies
36BZ.DE is traded in EUR, while CXSE is traded in USD. To make them comparable, the CXSE values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, 36BZ.DE achieves a 15.45% return, which is significantly higher than CXSE's -0.17% return. Both investments have delivered pretty close results over the past 10 years, with 36BZ.DE having a 6.59% annualized return and CXSE not far ahead at 6.77%.
36BZ.DE
- 1D
- 1.79%
- 1M
- 4.41%
- YTD
- 15.45%
- 6M
- 16.87%
- 1Y
- 39.56%
- 3Y*
- 12.03%
- 5Y*
- 0.72%
- 10Y*
- 6.59%
CXSE
- 1D
- 0.72%
- 1M
- -1.86%
- YTD
- -0.17%
- 6M
- -1.33%
- 1Y
- 16.61%
- 3Y*
- 8.63%
- 5Y*
- -8.27%
- 10Y*
- 6.77%
36BZ.DE vs. CXSE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
36BZ.DE iShares MSCI China A UCITS ETF | 15.45% | 10.31% | 19.89% | -17.15% | -21.23% | 13.32% | 28.64% | 37.19% | -23.59% | 15.12% |
CXSE WisdomTree China ex-State-Owned Enterprises Fund | -0.17% | 20.74% | 15.73% | -20.48% | -24.94% | -17.96% | 46.25% | 41.08% | -25.19% | 59.20% |
Correlation
The correlation between 36BZ.DE and CXSE is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2015 | 0.65 |
The correlation between 36BZ.DE and CXSE has been stable across timeframes, ranging from 0.65 to 0.75 - a consistent structural relationship.
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Return for Risk
36BZ.DE vs. CXSE — Risk / Return Rank
36BZ.DE
CXSE
36BZ.DE vs. CXSE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China A UCITS ETF (36BZ.DE) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). 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.
| 36BZ.DE | CXSE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.57 | ||
| Sortino ratioReturn per unit of downside risk | +1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.15 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 5.85 | 1.02 | +4.83 |
| Martin ratioReturn relative to average drawdown | 14.96 | 1.94 | +13.02 |
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Drawdowns
36BZ.DE vs. CXSE - Drawdown Comparison
The maximum 36BZ.DE drawdown since its inception was -53.33%, smaller than the maximum CXSE drawdown of -66.54%. Use the drawdown chart below to compare losses from any high point for 36BZ.DE and CXSE.
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Drawdown Indicators
| 36BZ.DE | CXSE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.33% | -66.54% | +13.21% |
Max Drawdown (1Y)Largest decline over 1 year | -6.73% | -16.33% | +9.60% |
Max Drawdown (3Y)Largest decline over 3 years | -27.99% | -30.82% | +2.83% |
Max Drawdown (5Y)Largest decline over 5 years | -41.98% | -60.83% | +18.85% |
Max Drawdown (10Y)Largest decline over 10 years | -43.43% | -66.54% | +23.11% |
Current DrawdownCurrent decline from peak | -5.49% | -45.27% | +39.78% |
Average DrawdownAverage peak-to-trough decline | -30.10% | -25.62% | -4.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 8.59% | -5.95% |
Volatility
36BZ.DE vs. CXSE - Volatility Comparison
The current volatility for iShares MSCI China A UCITS ETF (36BZ.DE) is 6.21%, while WisdomTree China ex-State-Owned Enterprises Fund (CXSE) has a volatility of 6.66%. This indicates that 36BZ.DE experiences smaller price fluctuations and is considered to be less risky than CXSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 36BZ.DE | CXSE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | 6.66% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 11.96% | 14.68% | -2.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.76% | 21.17% | -4.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.57% | 30.94% | -9.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.15% | 28.08% | -5.93% |
36BZ.DE vs. CXSE - Expense Ratio Comparison
36BZ.DE has a 0.40% expense ratio, which is higher than CXSE's 0.32% expense ratio.
Dividends
36BZ.DE vs. CXSE - Dividend Comparison
36BZ.DE has not paid dividends to shareholders, while CXSE's dividend yield for the trailing twelve months is around 1.50%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
36BZ.DE iShares MSCI China A UCITS 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% |
CXSE WisdomTree China ex-State-Owned Enterprises Fund | 1.50% | 1.95% | 1.70% | 1.71% | 1.55% | 0.86% | 0.54% | 0.96% | 1.49% | 1.24% | 1.39% | 2.50% |
Frequently Asked Questions
36BZ.DE and CXSE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CXSE is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CXSE is cheaper with a 0.32% expense ratio, compared with 0.40% for 36BZ.DE.
36BZ.DE tracks MSCI China A Inclusion, while CXSE tracks WisdomTree China ex-State-Owned Enterprises Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.40% for 36BZ.DE and 0.32% for CXSE.
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