ASHS vs. HDEF

Last updated Jul 17, 2026

ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) and HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity ETF) are both exchange-traded funds - ASHS is a China Equities fund tracking the CSI 500 Index, while HDEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE High Dividend Yield US Dollar Hedged Index. Both are passively managed. Over the past 10 years, ASHS returned 2.43%/yr vs 8.85%/yr for HDEF. At a 0.30 correlation, their price movements are largely independent. ASHS charges 0.65%/yr vs 0.20%/yr for HDEF.

Performance

ASHS vs. HDEF - 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 EAFE High Dividend Yield Equity ETF (HDEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ASHS having a 10.21% return and HDEF slightly lower at 9.88%. Over the past 10 years, ASHS has underperformed HDEF with an annualized return of 2.43%, while HDEF has yielded a comparatively higher 8.85% annualized 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%

HDEF

• 1D: 0.45%
• 1M: 3.44%
• 6M: 9.67%
• YTD: 9.88%
• 1Y: 19.83%
• 3Y*: 16.97%
• 5Y*: 11.47%
• 10Y*: 8.85%

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

ASHS vs. HDEF - 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	10.21%	39.48%	2.68%	-10.03%	-24.78%	17.66%	28.22%	24.53%	-35.91%	7.90%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	9.88%	33.01%	2.85%	18.53%	-2.51%	6.95%	-1.90%	25.02%	-13.74%	9.89%

Correlation

The correlation between ASHS and HDEF is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Aug 18, 2015	0.30

The correlation between ASHS and HDEF shifts across timeframes, from 0.22 (1 year) to 0.33 (10 years), reflecting how their relationship changes across market environments.

ASHS vs. HDEF - Sectors Allocation Comparison

Sectors	ASHS	HDEF
Technology	34.4%	0.6%
Industrials	18.4%	7.7%
Basic Materials	16.1%	0.6%
Healthcare	6.5%	17.0%
Financial Services	5.5%	26.5%
Consumer Cyclical	5.0%	4.1%
Utilities	2.1%	7.8%
Energy	2.0%	11.4%
Consumer Defensive	1.7%	19.5%
Communication Services	1.1%	3.9%
Real Estate	0.5%	0.8%

Return for Risk

ASHS vs. HDEF — 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

HDEF

HDEF Risk / Return Rank: 62
HDEF Sharpe Ratio Rank: 64
HDEF Sortino Ratio Rank: 65
HDEF Omega Ratio Rank: 66
HDEF Calmar Ratio Rank: 62
HDEF Martin Ratio Rank: 51

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. HDEF - 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 EAFE High Dividend Yield Equity ETF (HDEF). 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	HDEF	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.69	-0.03
Sortino ratio: Return per unit of downside risk	2.23	2.41	-0.17
Omega ratio: Gain probability vs. loss probability	1.28	1.31	-0.03
Calmar ratio: Return relative to maximum drawdown	3.01	2.48	+0.53
Martin ratio: Return relative to average drawdown	8.87	6.97	+1.89

ASHS vs. HDEF - Sharpe Ratio Comparison

The current ASHS Sharpe Ratio is 1.67, which is comparable to the HDEF Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of ASHS and HDEF, 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. HDEF - Drawdown Comparison

The maximum ASHS drawdown since its inception was -69.90%, which is greater than HDEF's maximum drawdown of -36.43%. Use the drawdown chart below to compare losses from any high point for ASHS and HDEF.

Drawdown Indicators

	ASHS	HDEF	Difference
Max Drawdown Largest peak-to-trough decline	-69.90%	-36.43%	-33.47%
Max Drawdown (1Y) Largest decline over 1 year	-14.03%	-8.03%	-6.00%
Max Drawdown (3Y) Largest decline over 3 years	-34.13%	-11.15%	-22.98%
Max Drawdown (5Y) Largest decline over 5 years	-47.81%	-23.63%	-24.18%
Max Drawdown (10Y) Largest decline over 10 years	-47.81%	-36.43%	-11.38%
Current Drawdown Current decline from peak	-36.39%	-0.35%	-36.04%
Average Drawdown Average peak-to-trough decline	-48.40%	-5.04%	-43.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.75%	2.85%	+1.90%

Volatility

ASHS vs. HDEF - Volatility Comparison

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) has a higher volatility of 11.20% compared to Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) at 3.09%. This indicates that ASHS's price experiences larger fluctuations and is considered to be riskier than HDEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASHS	HDEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.20%	3.09%	+8.11%
Volatility (6M) Calculated over the trailing 6-month period	19.89%	9.62%	+10.27%
Volatility (1Y) Calculated over the trailing 1-year period	25.32%	11.78%	+13.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.93%	14.15%	+12.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.76%	16.11%	+9.65%

ASHS vs. HDEF - Expense Ratio Comparison

ASHS has a 0.65% expense ratio, which is higher than HDEF's 0.20% expense ratio.

Dividends

ASHS vs. HDEF - Dividend Comparison

ASHS has not paid dividends to shareholders, while HDEF's dividend yield for the trailing twelve months is around 3.78%.

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%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.78%	3.88%	4.53%	4.38%	5.41%	4.76%	3.93%	4.20%	3.55%	3.38%	9.53%	1.87%

Frequently Asked Questions

Can I hold both ASHS and HDEF in my portfolio?

ASHS and HDEF have a correlation of 0.22, 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 HDEF?

ASHS has higher volatility (11.20%) compared to HDEF (3.09%). In terms of maximum drawdown, ASHS dropped -69.90% vs HDEF's -36.43%.

Which ETF is better, ASHS or HDEF?

On 10-year performance, HDEF leads with 8.85% vs 2.43% for ASHS. On fees, HDEF is cheaper at 0.20% per year. On volatility, HDEF has been the lower-risk option at 3.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASHS or HDEF?

Over the 10-year period, HDEF has performed better with a 8.85% return vs 2.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASHS or HDEF?

HDEF is cheaper with a 0.20% expense ratio, compared with 0.65% for ASHS.

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

HDEF has the higher dividend yield at 3.78%, compared with 0.00% for ASHS.

What is the main difference between ASHS and HDEF?

ASHS is categorized as China Equities, while HDEF is Foreign Large Cap Equities. ASHS tracks CSI 500 Index, while HDEF tracks MSCI EAFE High Dividend Yield US Dollar Hedged Index. Their fees differ too: 0.65% for ASHS and 0.20% for HDEF.

Which has better risk-adjusted returns?

HDEF currently has the higher Sharpe Ratio (1.69 vs 1.67), 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.