ASHS vs. VOO

Last updated Jun 24, 2026

ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - ASHS is a China Equities fund tracking the CSI 500 Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ASHS returned 4.06%/yr vs 15.61%/yr for VOO. At a 0.33 correlation, their price movements are largely independent. ASHS charges 0.65%/yr vs 0.03%/yr for VOO.

Performance

ASHS vs. VOO - 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 Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASHS achieves a 20.07% return, which is significantly higher than VOO's 8.19% return. Over the past 10 years, ASHS has underperformed VOO with an annualized return of 4.06%, while VOO has yielded a comparatively higher 15.61% 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%

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

ASHS vs. VOO - 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%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between ASHS and VOO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since May 21, 2014	0.33

The correlation between ASHS and VOO shifts across timeframes, from 0.25 (3 years) to 0.35 (1 year), reflecting how their relationship changes across market environments.

ASHS vs. VOO - Sectors Allocation Comparison

Sectors	ASHS	VOO
Technology	33.2%	39.1%
Industrials	18.7%	7.6%
Basic Materials	16.5%	1.7%
Healthcare	6.2%	8.3%
Consumer Cyclical	5.3%	9.8%
Financial Services	5.3%	10.9%
Utilities	2.3%	2.5%
Energy	2.2%	3.2%
Consumer Defensive	1.7%	4.5%
Communication Services	1.3%	10.5%
Real Estate	0.5%	1.8%

Return for Risk

ASHS vs. VOO — 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

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

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. VOO - 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 Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.74	1.91	+0.83
Sortino ratio: Return per unit of downside risk	3.43	2.60	+0.83
Omega ratio: Gain probability vs. loss probability	1.45	1.35	+0.10
Calmar ratio: Return relative to maximum drawdown	4.56	2.67	+1.89
Martin ratio: Return relative to average drawdown	14.25	11.96	+2.29

ASHS vs. VOO - Sharpe Ratio Comparison

The current ASHS Sharpe Ratio is 2.74, which is higher than the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of ASHS and VOO, 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. VOO - Drawdown Comparison

The maximum ASHS drawdown since its inception was -69.90%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for ASHS and VOO.

Drawdown Indicators

	ASHS	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-69.90%	-33.99%	-35.91%
Max Drawdown (1Y) Largest decline over 1 year	-14.03%	-8.90%	-5.13%
Max Drawdown (3Y) Largest decline over 3 years	-34.13%	-18.69%	-15.44%
Max Drawdown (5Y) Largest decline over 5 years	-47.81%	-24.52%	-23.29%
Max Drawdown (10Y) Largest decline over 10 years	-47.81%	-33.99%	-13.82%
Current Drawdown Current decline from peak	-30.70%	-3.14%	-27.56%
Average Drawdown Average peak-to-trough decline	-48.49%	-3.68%	-44.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	1.99%	+2.49%

Volatility

ASHS vs. VOO - Volatility Comparison

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) has a higher volatility of 7.72% compared to Vanguard S&P 500 ETF (VOO) at 4.83%. This indicates that ASHS's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASHS	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.72%	4.83%	+2.89%
Volatility (6M) Calculated over the trailing 6-month period	17.92%	9.82%	+8.10%
Volatility (1Y) Calculated over the trailing 1-year period	23.32%	12.46%	+10.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.60%	16.91%	+9.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.60%	18.02%	+7.58%

ASHS vs. VOO - Expense Ratio Comparison

ASHS has a 0.65% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

ASHS vs. VOO - Dividend Comparison

ASHS has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.05%.

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%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both ASHS and VOO in my portfolio?

ASHS and VOO have a correlation of 0.35, 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 VOO?

ASHS has higher volatility (7.72%) compared to VOO (4.83%). In terms of maximum drawdown, ASHS dropped -69.90% vs VOO's -33.99%.

Which ETF is better, ASHS or VOO?

On 10-year performance, VOO leads with 15.61% vs 4.06% for ASHS. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASHS or VOO?

Over the 10-year period, VOO has performed better with a 15.61% 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 VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.65% for ASHS.

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

VOO has the higher dividend yield at 1.05%, compared with 0.00% for ASHS.

What is the main difference between ASHS and VOO?

ASHS is categorized as China Equities, while VOO is S&P 500. ASHS tracks CSI 500 Index, while VOO tracks S&P 500 Index. They also come from different issuers: Deutsche Bank and Vanguard. Their fees differ too: 0.65% for ASHS and 0.03% for VOO.

Which has better risk-adjusted returns?

ASHS currently has the higher Sharpe Ratio (2.74 vs 1.91), 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.