ASHX vs. CN

Last updated Jun 23, 2026

ASHX (Xtrackers MSCI China A Inclusion Equity ETF) and CN (Xtrackers MSCI All China Equity ETF) are both China Equities funds from Deutsche Bank - ASHX tracks the MSCI China A Inclusion Index while CN tracks the MSCI China All Shares. Both are passively managed. A 0.74 correlation means they provide meaningful diversification when combined. ASHX charges 0.60%/yr vs 0.50%/yr for CN.

Performance

ASHX vs. CN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI China A Inclusion Equity ETF (ASHX) and Xtrackers MSCI All China Equity ETF (CN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ASHX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ASHX vs. CN - Yearly Performance Comparison

	2024 (YTD)	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.27%	-13.59%	-26.45%	2.64%	42.24%	35.03%	-27.51%	20.14%	-11.82%	2.54%
CN Xtrackers MSCI All China Equity ETF	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%	-5.78%	1.57%

Correlation

The correlation between ASHX and CN is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 20, 2015	0.74

The correlation between ASHX and CN shifts across timeframes, from 0.74 (all time) to 0.85 (3 years), reflecting how their relationship changes across market environments.

ASHX vs. CN - Sectors Allocation Comparison

Sectors	ASHX	CN
Financial Services	19.6%	55.1%
Industrials	16.0%	1.0%
Consumer Defensive	14.3%	0.3%
Technology	14.1%	0.3%
Basic Materials	9.6%	0.6%
Healthcare	7.9%	0.8%
Consumer Cyclical	7.1%	5.4%
Utilities	4.3%	0.2%
Energy	4.2%	0.9%
Communication Services	1.5%	0.4%
Real Estate	1.4%	0.8%

Return for Risk

ASHX vs. CN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI China A Inclusion Equity ETF (ASHX) and Xtrackers MSCI All China Equity ETF (CN). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

Volatility

ASHX vs. CN - Expense Ratio Comparison

ASHX has a 0.60% expense ratio, which is higher than CN's 0.50% expense ratio.

Dividends

ASHX vs. CN - Dividend Comparison

Neither ASHX nor CN has paid dividends to shareholders.

Position	TTM	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.00%	2.38%	1.76%	0.84%	0.80%	1.78%	1.07%	2.48%	19.46%	2.91%
CN Xtrackers MSCI All China Equity ETF	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%

Frequently Asked Questions

Can I hold both ASHX and CN in my portfolio?

ASHX and CN have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ASHX or CN?

On fees, CN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ASHX or CN?

CN is cheaper with a 0.50% expense ratio, compared with 0.60% for ASHX.

Which ETF pays a higher dividend yield, ASHX or CN?

ASHX and CN have nearly identical dividend yields, around 0.00%.

What is the main difference between ASHX and CN?

ASHX tracks MSCI China A Inclusion Index, while CN tracks MSCI China All Shares. Their fees differ too: 0.60% for ASHX and 0.50% for CN.