ASHS vs. DXJ

Last updated Jun 24, 2026

ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - ASHS is a China Equities fund tracking the CSI 500 Index, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, ASHS returned 4.06%/yr vs 19.25%/yr for DXJ. At a 0.26 correlation, their price movements are largely independent. ASHS charges 0.65%/yr vs 0.48%/yr for DXJ.

Performance

ASHS vs. DXJ - 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 WisdomTree Japan Hedged Equity Fund (DXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ASHS having a 20.07% return and DXJ slightly higher at 20.23%. Over the past 10 years, ASHS has underperformed DXJ with an annualized return of 4.06%, while DXJ has yielded a comparatively higher 19.25% annualized return.

ASHS

• 1D: -2.58%
• 1M: 1.98%
• YTD: 20.07%
• 6M: 23.64%
• 1Y: 63.65%
• 3Y*: 16.53%
• 5Y*: 4.91%
• 10Y*: 4.06%

DXJ

• 1D: -3.57%
• 1M: 2.21%
• YTD: 20.23%
• 6M: 20.18%
• 1Y: 55.89%
• 3Y*: 31.66%
• 5Y*: 26.40%
• 10Y*: 19.25%

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

ASHS vs. DXJ - 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	20.07%	39.48%	2.68%	-10.03%	-24.78%	17.66%	28.22%	24.53%	-35.91%	7.90%
DXJ WisdomTree Japan Hedged Equity Fund	20.23%	32.78%	29.83%	42.04%	5.96%	17.99%	3.94%	18.94%	-19.78%	22.81%

Correlation

The correlation between ASHS and DXJ is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since May 21, 2014	0.26

ASHS vs. DXJ - Sectors Allocation Comparison

Sectors	ASHS	DXJ
Technology	33.2%	12.9%
Industrials	18.7%	27.4%
Basic Materials	16.5%	8.5%
Healthcare	6.2%	6.8%
Consumer Cyclical	5.3%	15.6%
Financial Services	5.3%	18.3%
Utilities	2.3%	0.1%
Energy	2.2%	1.7%
Consumer Defensive	1.7%	4.7%
Communication Services	1.3%	2.7%
Real Estate	0.5%	-

Return for Risk

ASHS vs. DXJ — Risk / Return Rank

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

ASHS

ASHS Risk / Return Rank: 83
ASHS Sharpe Ratio Rank: 88
ASHS Sortino Ratio Rank: 83
ASHS Omega Ratio Rank: 80
ASHS Calmar Ratio Rank: 86
ASHS Martin Ratio Rank: 78

DXJ

DXJ Risk / Return Rank: 90
DXJ Sharpe Ratio Rank: 92
DXJ Sortino Ratio Rank: 90
DXJ Omega Ratio Rank: 90
DXJ Calmar Ratio Rank: 89
DXJ Martin Ratio Rank: 90

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. DXJ - 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 WisdomTree Japan Hedged Equity Fund (DXJ). 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	DXJ	Difference
Sharpe ratio: Return per unit of total volatility	2.74	3.10	-0.35
Sortino ratio: Return per unit of downside risk	3.43	4.02	-0.59
Omega ratio: Gain probability vs. loss probability	1.45	1.55	-0.11
Calmar ratio: Return relative to maximum drawdown	4.56	5.12	-0.55
Martin ratio: Return relative to average drawdown	14.25	19.78	-5.54

ASHS vs. DXJ - Sharpe Ratio Comparison

The current ASHS Sharpe Ratio is 2.74, which is comparable to the DXJ Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of ASHS and DXJ, 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. DXJ - Drawdown Comparison

The maximum ASHS drawdown since its inception was -69.90%, which is greater than DXJ's maximum drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for ASHS and DXJ.

Drawdown Indicators

	ASHS	DXJ	Difference
Max Drawdown Largest peak-to-trough decline	-69.90%	-49.63%	-20.27%
Max Drawdown (1Y) Largest decline over 1 year	-14.03%	-10.98%	-3.05%
Max Drawdown (3Y) Largest decline over 3 years	-34.13%	-22.19%	-11.94%
Max Drawdown (5Y) Largest decline over 5 years	-47.81%	-22.19%	-25.62%
Max Drawdown (10Y) Largest decline over 10 years	-47.81%	-39.14%	-8.67%
Current Drawdown Current decline from peak	-30.70%	-3.57%	-27.13%
Average Drawdown Average peak-to-trough decline	-48.49%	-14.30%	-34.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	2.83%	+1.65%

Volatility

ASHS vs. DXJ - Volatility Comparison

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) has a higher volatility of 7.72% compared to WisdomTree Japan Hedged Equity Fund (DXJ) at 6.28%. This indicates that ASHS's price experiences larger fluctuations and is considered to be riskier than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASHS	DXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.72%	6.28%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	17.92%	14.08%	+3.84%
Volatility (1Y) Calculated over the trailing 1-year period	23.32%	18.14%	+5.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.60%	19.08%	+7.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.60%	20.00%	+5.60%

ASHS vs. DXJ - Expense Ratio Comparison

ASHS has a 0.65% expense ratio, which is higher than DXJ's 0.48% expense ratio.

Dividends

ASHS vs. DXJ - Dividend Comparison

ASHS has not paid dividends to shareholders, while DXJ'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%
DXJ WisdomTree Japan Hedged Equity Fund	1.08%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%

Frequently Asked Questions

Can I hold both ASHS and DXJ in my portfolio?

ASHS and DXJ have a correlation of 0.30, 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 DXJ?

ASHS has higher volatility (7.72%) compared to DXJ (6.28%). In terms of maximum drawdown, ASHS dropped -69.90% vs DXJ's -49.63%.

Which ETF is better, ASHS or DXJ?

On 10-year performance, DXJ leads with 19.25% vs 4.06% for ASHS. On fees, DXJ is cheaper at 0.48% per year. On volatility, DXJ has been the lower-risk option at 6.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASHS or DXJ?

Over the 10-year period, DXJ has performed better with a 19.25% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASHS or DXJ?

DXJ is cheaper with a 0.48% expense ratio, compared with 0.65% for ASHS.

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

DXJ has the higher dividend yield at 1.08%, compared with 0.00% for ASHS.

What is the main difference between ASHS and DXJ?

ASHS is categorized as China Equities, while DXJ is Japan Equities. ASHS tracks CSI 500 Index, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: Deutsche Bank and WisdomTree. Their fees differ too: 0.65% for ASHS and 0.48% for DXJ.

Which has better risk-adjusted returns?

DXJ currently has the higher Sharpe Ratio (3.10 vs 2.74), 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.