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ASHX vs. CXSE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ASHX vs. CXSE

Last updated Jun 23, 2026

ASHX (Xtrackers MSCI China A Inclusion Equity ETF) and CXSE (WisdomTree China ex-State-Owned Enterprises Fund) are both China Equities funds - ASHX tracks the MSCI China A Inclusion Index while CXSE tracks the WisdomTree China ex-State-Owned Enterprises Index. Both are passively managed. A 0.57 correlation means they provide meaningful diversification when combined. ASHX charges 0.60%/yr vs 0.32%/yr for CXSE.

Performance

ASHX vs. CXSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI China A Inclusion Equity ETF (ASHX) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

ASHX

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

CXSE

1D
0.40%
1M
0.04%
YTD
-1.02%
6M
-2.94%
1Y
20.88%
3Y*
11.21%
5Y*
-8.19%
10Y*
7.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ASHX vs. CXSE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ASHX
Xtrackers MSCI China A Inclusion Equity ETF		0.00%0.00%0.27%-13.59%-26.45%2.64%42.24%35.03%-27.51%20.14%
CXSE
WisdomTree China ex-State-Owned Enterprises Fund		-1.02%37.00%8.56%-18.02%-29.32%-23.67%59.39%37.96%-28.55%81.50%

Correlation

The correlation between ASHX and CXSE is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (3Y)
Calculated over the trailing 3-year period

0.36

Correlation (5Y)
Calculated over the trailing 5-year period

0.56

Correlation (10Y)
Calculated over the trailing 10-year period

0.60

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2015

0.57

The correlation between ASHX and CXSE shifts across timeframes, from 0.36 (3 years) to 0.60 (10 years), reflecting how their relationship changes across market environments.

ASHX vs. CXSE - Sectors Allocation Comparison

Sectors
ASHX
CXSE

Financial Services

19.6%
6.2%

Industrials

16.0%
12.7%

Consumer Defensive

14.3%
4.0%

Technology

14.1%
27.4%

Basic Materials

9.6%
3.2%

Healthcare

7.9%
8.6%

Consumer Cyclical

7.1%
24.6%

Utilities

4.3%
0.2%

Energy

4.2%
0.4%

Communication Services

1.5%
12.1%

Real Estate

1.4%
0.8%

Financial Services

ASHX
19.6%
CXSE
6.2%

Industrials

ASHX
16.0%
CXSE
12.7%

Consumer Defensive

ASHX
14.3%
CXSE
4.0%

Technology

ASHX
14.1%
CXSE
27.4%

Basic Materials

ASHX
9.6%
CXSE
3.2%

Healthcare

ASHX
7.9%
CXSE
8.6%

Consumer Cyclical

ASHX
7.1%
CXSE
24.6%

Utilities

ASHX
4.3%
CXSE
0.2%

Energy

ASHX
4.2%
CXSE
0.4%

Communication Services

ASHX
1.5%
CXSE
12.1%

Real Estate

ASHX
1.4%
CXSE
0.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Xtrackers MSCI China A Inclusion Equity ETF

WisdomTree China ex-State-Owned Enterprises Fund

Often compared with ASHX:
ASHX vs. FLCHASHX vs. ASHRASHX vs. VOOASHX vs. MCHIASHX vs. CNXTASHX vs. NBCEASHX vs. CN
Often compared with CXSE:
CXSE vs. FLCHCXSE vs. MCHICXSE vs. PGJCXSE vs. CNXTCXSE vs. CHIQCXSE vs. FXICXSE vs. VOO

Return for Risk

ASHX vs. CXSE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ASHX

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

CXSE
CXSE Risk / Return Rank: 2525
Overall Rank
CXSE Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
CXSE Sortino Ratio Rank: 2727
Sortino Ratio Rank
CXSE Omega Ratio Rank: 2727
Omega Ratio Rank
CXSE Calmar Ratio Rank: 2525
Calmar Ratio Rank
CXSE Martin Ratio Rank: 2020
Martin Ratio Rank
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.

ASHX vs. CXSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI China A Inclusion Equity ETF (ASHX) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). 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.

ASHXCXSEDifference
Sharpe ratioReturn per unit of total volatility

—

0.97

—

Sortino ratioReturn per unit of downside risk

—

1.44

—

Omega ratioGain probability vs. loss probability

—

1.18

—

Calmar ratioReturn relative to maximum drawdown

—

1.19

—

Martin ratioReturn relative to average drawdown

—

2.36

—

ASHX vs. CXSE - Sharpe Ratio Comparison

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Drawdowns

ASHX vs. CXSE - Drawdown Comparison

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Drawdown Indicators

ASHXCXSEDifference

Max Drawdown

Largest peak-to-trough decline

—

-70.01%

—

Max Drawdown (1Y)

Largest decline over 1 year

—

-17.70%

—

Max Drawdown (3Y)

Largest decline over 3 years

—

-32.12%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-64.47%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-70.01%

—

Current Drawdown

Current decline from peak

—

-47.05%

—

Average Drawdown

Average peak-to-trough decline

—

-27.89%

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

8.86%

—

Volatility

ASHX vs. CXSE - Volatility Comparison

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Volatility by Period

ASHXCXSEDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

6.96%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

15.33%

—

Volatility (1Y)

Calculated over the trailing 1-year period

—

21.71%

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

—

32.35%

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

—

28.72%

—

ASHX vs. CXSE - Expense Ratio Comparison

ASHX has a 0.60% expense ratio, which is higher than CXSE's 0.32% expense ratio.

Dividends

ASHX vs. CXSE - Dividend Comparison

ASHX has not paid dividends to shareholders, while CXSE's dividend yield for the trailing twelve months is around 2.02%.

PositionTTM20252024202320222021202020192018201720162015
ASHX
Xtrackers MSCI China A Inclusion Equity ETF		0.00%0.00%0.00%2.38%1.76%0.84%0.80%1.78%1.07%2.48%19.46%2.91%
CXSE
WisdomTree China ex-State-Owned Enterprises Fund		2.02%1.95%1.70%1.71%1.55%0.86%0.54%0.96%1.49%1.24%1.39%2.50%

Frequently Asked Questions

ASHX and CXSE have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CXSE is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CXSE is cheaper with a 0.32% expense ratio, compared with 0.60% for ASHX.

CXSE has the higher dividend yield at 2.02%, compared with 0.00% for ASHX.

ASHX tracks MSCI China A Inclusion Index, while CXSE tracks WisdomTree China ex-State-Owned Enterprises Index. They also come from different issuers: Deutsche Bank and WisdomTree. Their fees differ too: 0.60% for ASHX and 0.32% for CXSE.

Portfolio Optimizer

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