ASHS vs. CN

Last updated Jun 3, 2026

ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) and CN (Xtrackers MSCI All China Equity ETF) are both China Equities funds from Deutsche Bank - ASHS tracks the CSI 500 Index while CN tracks the MSCI China All Shares. Both are passively managed. A 0.65 correlation means they provide meaningful diversification when combined. ASHS charges 0.65%/yr vs 0.50%/yr for CN.

Performance

ASHS vs. CN - 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 Xtrackers MSCI All China Equity ETF (CN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

CN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ASHS vs. CN - 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%
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%

Correlation

The correlation between ASHS and CN is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since May 22, 2014	0.65

The correlation between ASHS and CN shifts across timeframes, from 0.32 (3 years) to 0.65 (all time), reflecting how their relationship changes across market environments.

ASHS vs. CN - Sectors Allocation Comparison

Sectors	ASHS	CN
Technology	29.8%	0.3%
Industrials	19.7%	1.0%
Basic Materials	19.4%	0.6%
Healthcare	7.2%	0.8%
Financial Services	6.3%	55.1%
Consumer Cyclical	5.8%	5.4%
Energy	3.2%	0.9%
Communication Services	3.2%	0.4%
Consumer Defensive	2.6%	0.3%
Utilities	2.2%	0.2%
Real Estate	0.7%	0.8%

Return for Risk

ASHS vs. CN — 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

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. CN - 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 Xtrackers MSCI All China Equity ETF (CN). 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	CN	Difference
Sharpe ratio Return per unit of total volatility	2.65	—	—
Sortino ratio Return per unit of downside risk	3.35	—	—
Omega ratio Gain probability vs. loss probability	1.43	—	—
Calmar ratio Return relative to maximum drawdown	4.25	—	—
Martin ratio Return relative to average drawdown	14.22	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ASHS	CN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	—	—

Drawdowns

Drawdown Indicators

	ASHS	CN	Difference
Max Drawdown Largest peak-to-trough decline	-69.90%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-14.03%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-34.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-47.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.81%	—	—
Current Drawdown Current decline from peak	-33.45%	—	—
Average Drawdown Average peak-to-trough decline	-48.57%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	—	—

Volatility

Volatility by Period

	ASHS	CN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.59%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.46%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.58%	—	—

ASHS vs. CN - Expense Ratio Comparison

ASHS has a 0.65% expense ratio, which is higher than CN's 0.50% expense ratio.

Dividends

ASHS vs. CN - Dividend Comparison

Neither ASHS nor CN has paid dividends to shareholders.

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%
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%

Frequently Asked Questions

Can I hold both ASHS and CN in my portfolio?

ASHS and CN have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ASHS or CN?

On fees, CN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ASHS or CN?

CN is cheaper with a 0.50% expense ratio, compared with 0.65% for ASHS.

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

ASHS and CN have nearly identical dividend yields, around 0.00%.

What is the main difference between ASHS and CN?

ASHS tracks CSI 500 Index, while CN tracks MSCI China All Shares. Their fees differ too: 0.65% for ASHS and 0.50% for CN.