ASHS vs. KGRN

Last updated Aug 2, 2026

ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) and KGRN (KraneShares MSCI China Clean Technology Index ETF) are both China Equities funds - ASHS tracks the CSI 500 Index while KGRN tracks the MSCI China IMI Environment 10/40 Index. Both are passively managed. Over the past 5 years, ASHS returned 2.02%/yr vs -11.72%/yr for KGRN. Their 0.61 correlation means they have sometimes moved together and sometimes differently. ASHS charges 0.65%/yr vs 0.79%/yr for KGRN.

Performance

ASHS vs. KGRN - 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 KraneShares MSCI China Clean Technology Index ETF (KGRN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASHS achieves a 5.42% return, which is significantly higher than KGRN's -9.74% return.

ASHS

• 1D: 1.43%
• 1M: -11.80%
• 6M: -5.14%
• YTD: 5.42%
• 1Y: 31.86%
• 3Y*: 10.54%
• 5Y*: 2.02%
• 10Y*: 2.41%
• ALL TIME*: 5.12%

KGRN

• 1D: -1.22%
• 1M: 4.21%
• 6M: -10.51%
• YTD: -9.74%
• 1Y: -8.93%
• 3Y*: -6.00%
• 5Y*: -11.72%
• 10Y*: —
• ALL TIME*: 1.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	$378.39K	$628.93K	$596.17K
KGRN KraneShares MSCI China Clean Technology Index ETF	$273.80K	$295.76K	$430.09K

ASHS vs. KGRN - 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	5.42%	39.48%	2.68%	-10.03%	-24.78%	17.66%	28.22%	24.53%	-35.91%	-5.76%
KGRN KraneShares MSCI China Clean Technology Index ETF	-9.74%	21.45%	-1.11%	-14.75%	-40.45%	5.91%	138.49%	12.12%	-29.32%	-0.37%

Correlation

The correlation between ASHS and KGRN is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.51
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (All Time) Calculated using the full available price history since Oct 13, 2017	0.61

The correlation between ASHS and KGRN shifts across timeframes, from 0.51 (1 year) to 0.65 (3 years), reflecting how their relationship changes across market environments.

ASHS vs. KGRN - Sectors Allocation Comparison

Sectors	ASHS	KGRN
Technology	31.6%	14.7%
Industrials	16.8%	30.1%
Basic Materials	16.8%	-
Healthcare	7.8%	-
Financial Services	6.4%	-
Consumer Cyclical	5.4%	33.8%
Utilities	2.5%	21.4%
Energy	2.4%	3.8%
Consumer Defensive	1.9%	-
Communication Services	1.1%	-
Real Estate	0.6%	-

Return for Risk

ASHS vs. KGRN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ASHS

ASHS Risk / Return Rank: 48
ASHS Sharpe Ratio Rank: 49
ASHS Sortino Ratio Rank: 48
ASHS Omega Ratio Rank: 46
ASHS Calmar Ratio Rank: 51
ASHS Martin Ratio Rank: 48

KGRN

KGRN Risk / Return Rank: 6
KGRN Sharpe Ratio Rank: 6
KGRN Sortino Ratio Rank: 6
KGRN Omega Ratio Rank: 6
KGRN Calmar Ratio Rank: 6
KGRN Martin Ratio Rank: 6

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ASHS vs. KGRN - 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 KraneShares MSCI China Clean Technology Index ETF (KGRN). 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	KGRN	Difference
Sharpe ratio: Return per unit of total volatility	1.20	-0.43	+1.63
Sortino ratio: Return per unit of downside risk	1.72	-0.46	+2.18
Omega ratio: Gain probability vs. loss probability	1.21	0.95	+0.27
Calmar ratio: Return relative to maximum drawdown	1.83	-0.36	+2.19
Martin ratio: Return relative to average drawdown	5.53	-0.71	+6.25

ASHS vs. KGRN - Sharpe Ratio Comparison

The current ASHS Sharpe Ratio is 1.20, which is higher than the KGRN Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of ASHS and KGRN, 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. KGRN - Drawdown Comparison

The maximum ASHS drawdown since its inception was -69.90%, which is greater than KGRN's maximum drawdown of -66.24%. Use the drawdown chart below to compare losses from any high point for ASHS and KGRN.

Drawdown Indicators

	ASHS	KGRN	Difference
Max Drawdown Largest peak-to-trough decline	-69.90%	-66.24%	-3.66%
Max Drawdown (1Y) Largest decline over 1 year	-17.46%	-28.36%	+10.90%
Max Drawdown (3Y) Largest decline over 3 years	-34.13%	-41.50%	+7.37%
Max Drawdown (5Y) Largest decline over 5 years	-47.81%	-63.60%	+15.79%
Max Drawdown (10Y) Largest decline over 10 years	-47.81%	—	—
Current Drawdown Current decline from peak	-39.15%	-52.74%	+13.59%
Average Drawdown Average peak-to-trough decline	-48.36%	-34.28%	-14.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.76%	14.13%	-8.37%

Volatility

ASHS vs. KGRN - Volatility Comparison

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) has a higher volatility of 12.45% compared to KraneShares MSCI China Clean Technology Index ETF (KGRN) at 5.44%. This indicates that ASHS's price experiences larger fluctuations and is considered to be riskier than KGRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASHS	KGRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.45%	5.44%	+7.01%
Volatility (6M) Calculated over the trailing 6-month period	21.30%	15.54%	+5.76%
Volatility (1Y) Calculated over the trailing 1-year period	26.59%	23.50%	+3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.11%	34.18%	-7.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.86%	32.69%	-6.83%

ASHS vs. KGRN - Expense Ratio Comparison

ASHS has a 0.65% expense ratio, which is lower than KGRN's 0.79% expense ratio.

Dividends

ASHS vs. KGRN - Dividend Comparison

ASHS has not paid dividends to shareholders, while KGRN's dividend yield for the trailing twelve months is around 0.95%.

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%
KGRN KraneShares MSCI China Clean Technology Index ETF	0.95%	0.85%	1.49%	0.74%	1.98%	0.41%	0.01%	5.88%	2.04%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ASHS and KGRN in my portfolio?

ASHS and KGRN have a correlation of 0.51, 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 KGRN?

ASHS has higher volatility (12.45%) compared to KGRN (5.44%). In terms of maximum drawdown, ASHS dropped -69.90% vs KGRN's -66.24%.

Which ETF is better, ASHS or KGRN?

On 5-year performance, ASHS leads with 2.02% vs -11.72% for KGRN. On fees, ASHS is cheaper at 0.65% per year. On volatility, KGRN has been the lower-risk option at 5.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASHS or KGRN?

Over the 5-year period, ASHS has performed better with a 2.02% return vs -11.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASHS or KGRN?

ASHS is cheaper with a 0.65% expense ratio, compared with 0.79% for KGRN.

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

KGRN has the higher dividend yield at 0.95%, compared with 0.00% for ASHS.

What is the main difference between ASHS and KGRN?

ASHS tracks CSI 500 Index, while KGRN tracks MSCI China IMI Environment 10/40 Index. They also come from different issuers: Deutsche Bank and CICC. Their fees differ too: 0.65% for ASHS and 0.79% for KGRN.

Which has better risk-adjusted returns?

ASHS currently has the higher Sharpe Ratio (1.20 vs -0.43), 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.