ASHS vs. CHAU

Last updated Jun 3, 2026

ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) and CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) are both exchange-traded funds - ASHS is a China Equities fund tracking the CSI 500 Index, while CHAU is a Leveraged Equities fund tracking the CSI 300 Index (200%). Both are passively managed. Over the past 10 years, ASHS returned 3.28%/yr vs 4.55%/yr for CHAU. Their correlation of 0.84 suggests significant overlap in exposure. ASHS charges 0.65%/yr vs 1.21%/yr for CHAU.

Performance

ASHS vs. CHAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) 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, ASHS achieves a 15.30% return, which is significantly lower than CHAU's 17.88% return. Over the past 10 years, ASHS has underperformed CHAU with an annualized return of 3.28%, while CHAU has yielded a comparatively higher 4.55% annualized return.

ASHS

• 1D: 0.78%
• 1M: -1.03%
• YTD: 15.30%
• 6M: 23.86%
• 1Y: 59.58%
• 3Y*: 13.47%
• 5Y*: 4.14%
• 10Y*: 3.28%

CHAU

• 1D: 4.14%
• 1M: 3.96%
• YTD: 17.88%
• 6M: 24.97%
• 1Y: 83.14%
• 3Y*: 13.00%
• 5Y*: -9.25%
• 10Y*: 4.55%

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

ASHS vs. CHAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	15.30%	39.48%	2.68%	-10.03%	-24.78%	17.66%	28.22%	24.53%	-35.91%	7.90%
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	17.88%	47.73%	6.61%	-28.25%	-49.17%	-2.84%	71.95%	70.01%	-51.03%	74.91%

Correlation

The correlation between ASHS and CHAU is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 17, 2015	0.84

The correlation between ASHS and CHAU has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

ASHS vs. CHAU - Sectors Allocation Comparison

Sectors	ASHS	CHAU
Technology	29.8%	26.3%
Industrials	19.7%	16.7%
Basic Materials	19.4%	10.7%
Healthcare	7.2%	4.9%
Financial Services	6.3%	20.4%
Consumer Cyclical	5.8%	6.7%
Energy	3.2%	2.7%
Communication Services	3.2%	0.8%
Consumer Defensive	2.6%	7.3%
Utilities	2.2%	3.0%
Real Estate	0.7%	0.5%

Return for Risk

ASHS vs. CHAU — Risk / Return Rank

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

ASHS

ASHS Risk / Return Rank: 76
ASHS Sharpe Ratio Rank: 80
ASHS Sortino Ratio Rank: 73
ASHS Omega Ratio Rank: 72
ASHS Calmar Ratio Rank: 81
ASHS Martin Ratio Rank: 73

CHAU

CHAU Risk / Return Rank: 76
CHAU Sharpe Ratio Rank: 76
CHAU Sortino Ratio Rank: 67
CHAU Omega Ratio Rank: 65
CHAU Calmar Ratio Rank: 90
CHAU Martin Ratio Rank: 81

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.

ASHS vs. CHAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) 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.

	ASHS	CHAU	Difference
Sharpe ratio Return per unit of total volatility	2.65	2.50	+0.15
Sortino ratio Return per unit of downside risk	3.35	3.12	+0.23
Omega ratio Gain probability vs. loss probability	1.43	1.40	+0.03
Calmar ratio Return relative to maximum drawdown	4.25	5.49	-1.24
Martin ratio Return relative to average drawdown	14.22	16.51	-2.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASHS vs. CHAU - Sharpe Ratio Comparison

The current ASHS Sharpe Ratio is 2.65, which is comparable to the CHAU Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of ASHS 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.

Sharpe Ratios by Period

	ASHS	CHAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	2.50	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	-0.20	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.10	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	-0.07	+0.26

Drawdowns

ASHS vs. CHAU - Drawdown Comparison

The maximum ASHS drawdown since its inception was -69.90%, smaller than the maximum CHAU drawdown of -79.21%. Use the drawdown chart below to compare losses from any high point for ASHS and CHAU.

Drawdown Indicators

	ASHS	CHAU	Difference
Max Drawdown Largest peak-to-trough decline	-69.90%	-79.21%	+9.31%
Max Drawdown (1Y) Largest decline over 1 year	-14.03%	-15.27%	+1.24%
Max Drawdown (3Y) Largest decline over 3 years	-34.13%	-59.88%	+25.75%
Max Drawdown (5Y) Largest decline over 5 years	-47.81%	-73.69%	+25.88%
Max Drawdown (10Y) Largest decline over 10 years	-47.81%	-78.58%	+30.77%
Current Drawdown Current decline from peak	-33.45%	-52.43%	+18.98%
Average Drawdown Average peak-to-trough decline	-48.57%	-58.90%	+10.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	5.08%	-0.89%

Volatility

ASHS vs. CHAU - Volatility Comparison

The current volatility for Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) is 7.40%, while Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) has a volatility of 11.80%. This indicates that ASHS 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

	ASHS	CHAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	11.80%	-4.40%
Volatility (6M) Calculated over the trailing 6-month period	17.00%	22.83%	-5.83%
Volatility (1Y) Calculated over the trailing 1-year period	22.59%	33.37%	-10.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.46%	47.09%	-20.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.58%	47.15%	-21.57%

ASHS vs. CHAU - Expense Ratio Comparison

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

Dividends

ASHS vs. CHAU - Dividend Comparison

ASHS has not paid dividends to shareholders, while CHAU's dividend yield for the trailing twelve months is around 1.73%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	0.00%	0.00%	0.69%	0.65%	1.90%	0.76%	0.43%	0.57%	0.00%	0.00%	0.00%	8.34%
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	1.73%	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 ASHS and CHAU in my portfolio?

ASHS and CHAU have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASHS or CHAU?

CHAU has higher volatility (11.80%) compared to ASHS (7.40%). In terms of maximum drawdown, ASHS dropped -69.90% vs CHAU's -79.21%.

Which ETF is better, ASHS or CHAU?

On 10-year performance, CHAU leads with 4.55% vs 3.28% for ASHS. On fees, ASHS is cheaper at 0.65% per year. On volatility, ASHS has been the lower-risk option at 7.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASHS or CHAU?

Over the 10-year period, CHAU has performed better with a 4.55% return vs 3.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASHS or CHAU?

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

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

CHAU has the higher dividend yield at 1.73%, compared with 0.00% for ASHS.

What is the main difference between ASHS and CHAU?

ASHS is categorized as China Equities, while CHAU is Leveraged Equities. ASHS tracks CSI 500 Index, while CHAU tracks CSI 300 Index (200%). They also come from different issuers: Deutsche Bank and Direxion. Their fees differ too: 0.65% for ASHS and 1.21% for CHAU.

Which has better risk-adjusted returns?

ASHS currently has the higher Sharpe Ratio (2.65 vs 2.50), 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.