ASHS vs. MCHI

Last updated Jun 3, 2026

ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) and MCHI (iShares MSCI China ETF) are both China Equities funds - ASHS tracks the CSI 500 Index while MCHI tracks the MSCI China Index. Both are passively managed. Over the past 10 years, ASHS returned 3.28%/yr vs 4.90%/yr for MCHI. A 0.61 correlation means they provide meaningful diversification when combined. ASHS charges 0.65%/yr vs 0.59%/yr for MCHI.

Performance

ASHS vs. MCHI - 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 iShares MSCI China ETF (MCHI). 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 higher than MCHI's -4.79% return. Over the past 10 years, ASHS has underperformed MCHI with an annualized return of 3.28%, while MCHI has yielded a comparatively higher 4.90% annualized 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%

MCHI

• 1D: 3.23%
• 1M: -0.92%
• YTD: -4.79%
• 6M: -6.99%
• 1Y: 9.76%
• 3Y*: 10.51%
• 5Y*: -5.11%
• 10Y*: 4.90%

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

ASHS vs. MCHI - 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	15.30%	39.48%	2.68%	-10.03%	-24.78%	17.66%	28.22%	24.53%	-35.91%	7.90%
MCHI iShares MSCI China ETF	-4.79%	31.04%	17.73%	-11.94%	-23.01%	-21.74%	27.78%	23.72%	-19.79%	54.67%

Correlation

The correlation between ASHS and MCHI is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since May 22, 2014	0.61

The correlation between ASHS and MCHI has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

ASHS vs. MCHI - Sectors Allocation Comparison

Sectors	ASHS	MCHI
Technology	29.8%	9.6%
Industrials	19.7%	5.0%
Basic Materials	19.4%	5.5%
Healthcare	7.2%	5.4%
Financial Services	6.3%	19.1%
Consumer Cyclical	5.8%	26.4%
Energy	3.2%	3.7%
Communication Services	3.2%	18.8%
Consumer Defensive	2.6%	3.2%
Utilities	2.2%	1.7%
Real Estate	0.7%	1.5%

Return for Risk

ASHS vs. MCHI — 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

MCHI

MCHI Risk / Return Rank: 16
MCHI Sharpe Ratio Rank: 17
MCHI Sortino Ratio Rank: 17
MCHI Omega Ratio Rank: 16
MCHI Calmar Ratio Rank: 16
MCHI Martin Ratio Rank: 15

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. MCHI - 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 iShares MSCI China ETF (MCHI). 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	MCHI	Difference
Sharpe ratio Return per unit of total volatility	2.65	0.49	+2.16
Sortino ratio Return per unit of downside risk	3.35	0.82	+2.53
Omega ratio Gain probability vs. loss probability	1.43	1.10	+0.33
Calmar ratio Return relative to maximum drawdown	4.25	0.62	+3.63
Martin ratio Return relative to average drawdown	14.22	1.30	+12.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASHS vs. MCHI - Sharpe Ratio Comparison

The current ASHS Sharpe Ratio is 2.65, which is higher than the MCHI Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of ASHS and MCHI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ASHS	MCHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	0.49	+2.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	-0.17	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.18	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.10	+0.09

Drawdowns

ASHS vs. MCHI - Drawdown Comparison

The maximum ASHS drawdown since its inception was -69.90%, which is greater than MCHI's maximum drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for ASHS and MCHI.

Drawdown Indicators

	ASHS	MCHI	Difference
Max Drawdown Largest peak-to-trough decline	-69.90%	-62.95%	-6.95%
Max Drawdown (1Y) Largest decline over 1 year	-14.03%	-17.17%	+3.14%
Max Drawdown (3Y) Largest decline over 3 years	-34.13%	-25.85%	-8.28%
Max Drawdown (5Y) Largest decline over 5 years	-47.81%	-56.98%	+9.17%
Max Drawdown (10Y) Largest decline over 10 years	-47.81%	-62.95%	+15.14%
Current Drawdown Current decline from peak	-33.45%	-35.08%	+1.63%
Average Drawdown Average peak-to-trough decline	-48.57%	-24.52%	-24.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	8.25%	-4.06%

Volatility

ASHS vs. MCHI - Volatility Comparison

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) has a higher volatility of 7.40% compared to iShares MSCI China ETF (MCHI) at 6.98%. This indicates that ASHS's price experiences larger fluctuations and is considered to be riskier than MCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASHS	MCHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	6.98%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	17.00%	14.39%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	22.59%	20.07%	+2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.46%	30.71%	-4.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.58%	27.39%	-1.81%

ASHS vs. MCHI - Expense Ratio Comparison

ASHS has a 0.65% expense ratio, which is higher than MCHI's 0.59% expense ratio.

Dividends

ASHS vs. MCHI - Dividend Comparison

ASHS has not paid dividends to shareholders, while MCHI's dividend yield for the trailing twelve months is around 2.22%.

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%
MCHI iShares MSCI China ETF	2.22%	2.12%	2.31%	2.66%	1.78%	1.04%	1.04%	1.45%	1.60%	1.56%	1.66%	2.76%

Frequently Asked Questions

Can I hold both ASHS and MCHI in my portfolio?

ASHS and MCHI have a correlation of 0.66, 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 MCHI?

ASHS has higher volatility (7.40%) compared to MCHI (6.98%). In terms of maximum drawdown, ASHS dropped -69.90% vs MCHI's -62.95%.

Which ETF is better, ASHS or MCHI?

On 10-year performance, MCHI leads with 4.90% vs 3.28% for ASHS. On fees, MCHI is cheaper at 0.59% per year. On volatility, MCHI has been the lower-risk option at 6.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASHS or MCHI?

Over the 10-year period, MCHI has performed better with a 4.90% return vs 3.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASHS or MCHI?

MCHI is cheaper with a 0.59% expense ratio, compared with 0.65% for ASHS.

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

MCHI has the higher dividend yield at 2.22%, compared with 0.00% for ASHS.

What is the main difference between ASHS and MCHI?

ASHS tracks CSI 500 Index, while MCHI tracks MSCI China Index. They also come from different issuers: Deutsche Bank and iShares. Their fees differ too: 0.65% for ASHS and 0.59% for MCHI.

Which has better risk-adjusted returns?

ASHS currently has the higher Sharpe Ratio (2.65 vs 0.49), 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.