ASHS vs. DRGN

Last updated Jul 17, 2026

ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both China Equities funds - ASHS tracks the CSI 500 Index while DRGN tracks the BITA China Generative AI Select Index. Both are passively managed. Over the past year, ASHS returned 42.00% vs 43.98% for DRGN. 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 10.21% return, which is significantly lower than DRGN's 12.82% return.

ASHS

• 1D: -2.86%
• 1M: -6.52%
• 6M: -0.37%
• YTD: 10.21%
• 1Y: 42.00%
• 3Y*: 12.63%
• 5Y*: 2.59%
• 10Y*: 2.43%

DRGN

• 1D: -1.26%
• 1M: 1.07%
• 6M: -2.54%
• YTD: 12.82%
• 1Y: 43.98%
• 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	10.21%	28.40%
DRGN Themes China Generative Artificial Intelligence ETF	12.82%	26.96%

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 (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.73

The correlation between ASHS and DRGN has been stable across timeframes, ranging from 0.73 to 0.73 - a consistent structural relationship.

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: 63
ASHS Sharpe Ratio Rank: 63
ASHS Sortino Ratio Rank: 58
ASHS Omega Ratio Rank: 56
ASHS Calmar Ratio Rank: 74
ASHS Martin Ratio Rank: 63

DRGN

DRGN Risk / Return Rank: 42
DRGN Sharpe Ratio Rank: 43
DRGN Sortino Ratio Rank: 43
DRGN Omega Ratio Rank: 39
DRGN Calmar Ratio Rank: 52
DRGN Martin Ratio Rank: 35

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.

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.

	ASHS	DRGN	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.24	+0.43
Sortino ratio: Return per unit of downside risk	2.23	1.83	+0.40
Omega ratio: Gain probability vs. loss probability	1.28	1.21	+0.07
Calmar ratio: Return relative to maximum drawdown	3.01	2.12	+0.89
Martin ratio: Return relative to average drawdown	8.87	4.39	+4.47

ASHS vs. DRGN - Sharpe Ratio Comparison

The current ASHS Sharpe Ratio is 1.67, which is higher than the DRGN Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of ASHS and DRGN, 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

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%	-20.86%	+6.83%
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	-36.39%	-10.03%	-26.36%
Average Drawdown Average peak-to-trough decline	-48.40%	-8.17%	-40.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.75%	10.04%	-5.29%

Volatility

ASHS vs. DRGN - Volatility Comparison

The current volatility for Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) is 11.20%, while Themes China Generative Artificial Intelligence ETF (DRGN) has a volatility of 12.58%. This indicates that ASHS experiences smaller price fluctuations and is considered to be less risky than DRGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASHS	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.20%	12.58%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	19.89%	25.24%	-5.35%
Volatility (1Y) Calculated over the trailing 1-year period	25.32%	35.77%	-10.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.93%	35.70%	-8.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.76%	35.70%	-9.94%

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 1.08%.

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	1.08%	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 is riskier, ASHS or DRGN?

DRGN has higher volatility (12.58%) compared to ASHS (11.20%). In terms of maximum drawdown, ASHS dropped -69.90% vs DRGN's -20.86%.

Which ETF is better, ASHS or DRGN?

On 1-year performance, DRGN leads with 43.98% vs 42.00% for ASHS. On fees, DRGN is cheaper at 0.39% per year. On volatility, ASHS has been the lower-risk option at 11.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASHS or DRGN?

Over the 1-year period, DRGN has performed better with a 43.98% return vs 42.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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 1.08%, compared with 0.00% for ASHS.

What is the main difference between ASHS and DRGN?

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.

Which has better risk-adjusted returns?

ASHS currently has the higher Sharpe Ratio (1.67 vs 1.24), 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.