ASHR vs. SPY

Last updated Jun 23, 2026

ASHR (Xtrackers Harvest CSI 300 China A-Shares ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ASHR is a China Equities fund tracking the CSI 300 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ASHR returned 6.32%/yr vs 15.70%/yr for SPY. At a 0.38 correlation, their price movements are largely independent. ASHR charges 0.65%/yr vs 0.09%/yr for SPY.

Performance

ASHR vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 higher than SPY's 9.74% return. Over the past 10 years, ASHR has underperformed SPY with an annualized return of 6.32%, while SPY has yielded a comparatively higher 15.70% annualized return.

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%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

ASHR vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ASHR and SPY is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Nov 6, 2013	0.38

The correlation between ASHR and SPY shifts across timeframes, from 0.27 (3 years) to 0.42 (1 year), reflecting how their relationship changes across market environments.

ASHR vs. SPY - Sectors Allocation Comparison

Sectors	ASHR	SPY
Technology	31.1%	39.0%
Financial Services	19.1%	11.1%
Industrials	16.1%	7.8%
Basic Materials	9.4%	1.7%
Consumer Defensive	6.7%	4.5%
Consumer Cyclical	6.4%	9.9%
Healthcare	4.4%	8.3%
Utilities	3.1%	2.1%
Energy	2.5%	3.1%
Communication Services	0.8%	10.6%
Real Estate	0.4%	1.8%

Return for Risk

ASHR vs. SPY — 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

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.16	+0.30
Sortino ratio: Return per unit of downside risk	3.36	2.91	+0.45
Omega ratio: Gain probability vs. loss probability	1.43	1.39	+0.04
Calmar ratio: Return relative to maximum drawdown	5.61	3.01	+2.59
Martin ratio: Return relative to average drawdown	16.31	13.54	+2.77

ASHR vs. SPY - Sharpe Ratio Comparison

The current ASHR Sharpe Ratio is 2.46, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of ASHR and SPY, 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. SPY - Drawdown Comparison

The maximum ASHR drawdown since its inception was -51.30%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ASHR and SPY.

Drawdown Indicators

	ASHR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-51.30%	-55.19%	+3.89%
Max Drawdown (1Y) Largest decline over 1 year	-7.69%	-8.88%	+1.19%
Max Drawdown (3Y) Largest decline over 3 years	-33.12%	-18.76%	-14.36%
Max Drawdown (5Y) Largest decline over 5 years	-44.59%	-24.50%	-20.09%
Max Drawdown (10Y) Largest decline over 10 years	-51.30%	-33.72%	-17.58%
Current Drawdown Current decline from peak	-13.00%	-1.75%	-11.25%
Average Drawdown Average peak-to-trough decline	-29.13%	-9.04%	-20.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	1.97%	+0.67%

Volatility

ASHR vs. SPY - Volatility Comparison

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) has a higher volatility of 6.41% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that ASHR's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASHR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	4.64%	+1.77%
Volatility (6M) Calculated over the trailing 6-month period	12.47%	9.75%	+2.72%
Volatility (1Y) Calculated over the trailing 1-year period	17.58%	12.43%	+5.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.96%	17.14%	+6.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.09%	17.99%	+6.10%

ASHR vs. SPY - Expense Ratio Comparison

ASHR has a 0.65% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ASHR vs. SPY - Dividend Comparison

ASHR's dividend yield for the trailing twelve months is around 2.03%, more than SPY's 1.01% 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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ASHR and SPY in my portfolio?

ASHR and SPY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASHR or SPY?

ASHR has higher volatility (6.41%) compared to SPY (4.64%). In terms of maximum drawdown, ASHR dropped -51.30% vs SPY's -55.19%.

Which ETF is better, ASHR or SPY?

On 10-year performance, SPY leads with 15.70% vs 6.32% for ASHR. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASHR or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 6.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASHR or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.65% for ASHR.

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

ASHR has the higher dividend yield at 2.03%, compared with 1.01% for SPY.

What is the main difference between ASHR and SPY?

ASHR is categorized as China Equities, while SPY is S&P 500. ASHR tracks CSI 300 Index, while SPY tracks S&P 500 Index. They also come from different issuers: DWS and State Street. Their fees differ too: 0.65% for ASHR and 0.09% for SPY.

Which has better risk-adjusted returns?

ASHR currently has the higher Sharpe Ratio (2.46 vs 2.16), 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.