ASHR vs. CHAU

Last updated Jun 23, 2026

ASHR (Xtrackers Harvest CSI 300 China A-Shares ETF) and CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) are both exchange-traded funds - ASHR is a China Equities fund tracking the CSI 300 Index, while CHAU is a Leveraged Equities fund tracking the CSI 300 Index (200%). Both are passively managed. Over the past 10 years, ASHR returned 6.32%/yr vs 6.25%/yr for CHAU. With a 1.00 correlation, they move nearly in lockstep. ASHR charges 0.65%/yr vs 1.21%/yr for CHAU.

Performance

ASHR vs. CHAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) and Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASHR achieves a 13.55% return, which is significantly lower than CHAU's 24.29% return. Both investments have delivered pretty close results over the past 10 years, with ASHR having a 6.32% annualized return and CHAU not far behind at 6.25%.

ASHR

• 1D: 2.64%
• 1M: 5.52%
• YTD: 13.55%
• 6M: 14.38%
• 1Y: 42.93%
• 3Y*: 14.04%
• 5Y*: 0.31%
• 10Y*: 6.32%

CHAU

• 1D: 5.05%
• 1M: 10.22%
• YTD: 24.29%
• 6M: 26.02%
• 1Y: 89.25%
• 3Y*: 16.79%
• 5Y*: -6.95%
• 10Y*: 6.25%

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

ASHR vs. CHAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF	13.55%	27.02%	11.95%	-12.52%	-27.52%	-1.57%	36.29%	36.50%	-28.45%	33.47%
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	24.29%	47.73%	6.61%	-28.25%	-49.17%	-2.84%	71.95%	70.01%	-51.03%	74.91%

Correlation

The correlation between ASHR and CHAU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Apr 16, 2015	1.00

The correlation between ASHR and CHAU has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

ASHR vs. CHAU - Sectors Allocation Comparison

Sectors	ASHR	CHAU
Technology	31.1%	31.1%
Financial Services	19.1%	19.1%
Industrials	16.1%	16.1%
Basic Materials	9.4%	9.4%
Consumer Defensive	6.7%	6.7%
Consumer Cyclical	6.4%	6.4%
Healthcare	4.4%	4.4%
Utilities	3.1%	3.1%
Energy	2.5%	2.5%
Communication Services	0.8%	0.8%
Real Estate	0.4%	0.4%

Return for Risk

ASHR vs. CHAU — Risk / Return Rank

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

ASHR

ASHR Risk / Return Rank: 82
ASHR Sharpe Ratio Rank: 80
ASHR Sortino Ratio Rank: 79
ASHR Omega Ratio Rank: 76
ASHR Calmar Ratio Rank: 91
ASHR Martin Ratio Rank: 83

CHAU

CHAU Risk / Return Rank: 81
CHAU Sharpe Ratio Rank: 84
CHAU Sortino Ratio Rank: 74
CHAU Omega Ratio Rank: 71
CHAU Calmar Ratio Rank: 92
CHAU Martin Ratio Rank: 84

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.

ASHR vs. CHAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) and Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU). 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.

	ASHR	CHAU	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.58	-0.12
Sortino ratio: Return per unit of downside risk	3.36	3.16	+0.20
Omega ratio: Gain probability vs. loss probability	1.43	1.41	+0.03
Calmar ratio: Return relative to maximum drawdown	5.61	5.88	-0.27
Martin ratio: Return relative to average drawdown	16.31	16.55	-0.24

ASHR vs. CHAU - Sharpe Ratio Comparison

The current ASHR Sharpe Ratio is 2.46, which is comparable to the CHAU Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of ASHR and CHAU, 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

ASHR vs. CHAU - Drawdown Comparison

The maximum ASHR drawdown since its inception was -51.30%, smaller than the maximum CHAU drawdown of -79.21%. Use the drawdown chart below to compare losses from any high point for ASHR and CHAU.

Drawdown Indicators

	ASHR	CHAU	Difference
Max Drawdown Largest peak-to-trough decline	-51.30%	-79.21%	+27.91%
Max Drawdown (1Y) Largest decline over 1 year	-7.69%	-15.27%	+7.58%
Max Drawdown (3Y) Largest decline over 3 years	-33.12%	-59.88%	+26.76%
Max Drawdown (5Y) Largest decline over 5 years	-44.59%	-72.59%	+28.00%
Max Drawdown (10Y) Largest decline over 10 years	-51.30%	-78.58%	+27.28%
Current Drawdown Current decline from peak	-13.00%	-49.84%	+36.84%
Average Drawdown Average peak-to-trough decline	-29.13%	-58.86%	+29.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	5.41%	-2.77%

Volatility

ASHR vs. CHAU - Volatility Comparison

The current volatility for Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) is 6.41%, while Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) has a volatility of 12.69%. This indicates that ASHR experiences smaller price fluctuations and is considered to be less risky than CHAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASHR	CHAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	12.69%	-6.28%
Volatility (6M) Calculated over the trailing 6-month period	12.47%	24.59%	-12.12%
Volatility (1Y) Calculated over the trailing 1-year period	17.58%	34.84%	-17.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.96%	47.22%	-23.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.09%	47.22%	-23.13%

ASHR vs. CHAU - Expense Ratio Comparison

ASHR has a 0.65% expense ratio, which is lower than CHAU's 1.21% expense ratio.

Dividends

ASHR vs. CHAU - Dividend Comparison

ASHR's dividend yield for the trailing twelve months is around 2.03%, more than CHAU's 1.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF	2.03%	2.31%	1.13%	2.48%	1.13%	0.88%	0.81%	0.98%	1.32%	0.84%	0.73%	30.13%
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	1.64%	1.97%	2.25%	3.97%	0.77%	1.73%	0.09%	0.58%	0.83%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ASHR and CHAU in my portfolio?

With a correlation of 1.00, ASHR and CHAU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ASHR or CHAU?

CHAU has higher volatility (12.69%) compared to ASHR (6.41%). In terms of maximum drawdown, ASHR dropped -51.30% vs CHAU's -79.21%.

Which ETF is better, ASHR or CHAU?

On 10-year performance, ASHR leads with 6.32% vs 6.25% for CHAU. On fees, ASHR is cheaper at 0.65% per year. On volatility, ASHR has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASHR or CHAU?

Over the 10-year period, ASHR has performed better with a 6.32% return vs 6.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASHR or CHAU?

ASHR is cheaper with a 0.65% expense ratio, compared with 1.21% for CHAU.

Which ETF pays a higher dividend yield, ASHR or CHAU?

ASHR has the higher dividend yield at 2.03%, compared with 1.64% for CHAU.

What is the main difference between ASHR and CHAU?

ASHR is categorized as China Equities, while CHAU is Leveraged Equities. ASHR tracks CSI 300 Index, while CHAU tracks CSI 300 Index (200%). They also come from different issuers: DWS and Direxion. Their fees differ too: 0.65% for ASHR and 1.21% for CHAU.

Which has better risk-adjusted returns?

CHAU currently has the higher Sharpe Ratio (2.58 vs 2.46), 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.