ASHS vs. DRGN

Last updated Jun 3, 2026

ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - ASHS is a China Equities fund tracking the CSI 500 Index, while DRGN is a Technology Equities fund tracking the BITA China Generative AI Select Index. Both are passively managed. A 0.73 correlation means they provide meaningful diversification when combined. ASHS charges 0.65%/yr vs 0.39%/yr for DRGN.

Performance

ASHS vs. DRGN - 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 Themes China Generative Artificial Intelligence ETF (DRGN). 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 DRGN's 16.07% 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%

DRGN

• 1D: 3.59%
• 1M: 4.57%
• YTD: 16.07%
• 6M: 17.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ASHS vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	15.30%	28.72%
DRGN Themes China Generative Artificial Intelligence ETF	16.07%	26.41%

Correlation

The correlation between ASHS and DRGN is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.73

Return for Risk

ASHS vs. DRGN — 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. DRGN - 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 Themes China Generative Artificial Intelligence ETF (DRGN). 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	DRGN	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	DRGN	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	1.56	-1.37

Drawdowns

ASHS vs. DRGN - Drawdown Comparison

The maximum ASHS drawdown since its inception was -69.90%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for ASHS and DRGN.

Drawdown Indicators

	ASHS	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-69.90%	-20.86%	-49.04%
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%	-7.44%	-26.01%
Average Drawdown Average peak-to-trough decline	-48.57%	-7.94%	-40.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	—	—

Volatility

Volatility by Period

	ASHS	DRGN	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%	34.93%	-12.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.46%	34.93%	-8.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.58%	34.93%	-9.35%

ASHS vs. DRGN - Expense Ratio Comparison

ASHS has a 0.65% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

ASHS vs. DRGN - Dividend Comparison

ASHS has not paid dividends to shareholders, while DRGN's dividend yield for the trailing twelve months is around 1.05%.

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%
DRGN Themes China Generative Artificial Intelligence ETF	1.05%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ASHS and DRGN in my portfolio?

ASHS and DRGN have a correlation of 0.73, 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 DRGN?

On fees, DRGN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ASHS or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.65% for ASHS.

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

DRGN has the higher dividend yield at 1.05%, compared with 0.00% for ASHS.

What is the main difference between ASHS and DRGN?

ASHS is categorized as China Equities, while DRGN is Technology Equities. ASHS tracks CSI 500 Index, while DRGN tracks BITA China Generative AI Select Index. They also come from different issuers: Deutsche Bank and Themes. Their fees differ too: 0.65% for ASHS and 0.39% for DRGN.