CA3S.L vs. CNAA.L
CA3S.L (Invesco S&P China A 300 Swap UCITS ETF Acc) and CNAA.L (Lyxor Fortune SG UCITS MSCI China A DR) are both China Equities funds tracking the MSCI China A Onshore NR CNY, from Invesco and Amundi respectively. Both are passively managed. Over the past 3 years, CA3S.L returned 13.88%/yr vs 8.62%/yr for CNAA.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.
Performance
CA3S.L vs. CNAA.L - Performance Comparison
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Different Trading Currencies
CA3S.L is traded in GBp, while CNAA.L is traded in USD. To make them comparable, the CNAA.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CA3S.L achieves a 14.81% return, which is significantly higher than CNAA.L's 9.32% return.
CA3S.L
- 1D
- -0.54%
- 1M
- 4.48%
- YTD
- 14.81%
- 6M
- 18.71%
- 1Y
- 51.07%
- 3Y*
- 13.88%
- 5Y*
- —
- 10Y*
- —
CNAA.L
- 1D
- -0.64%
- 1M
- 2.12%
- YTD
- 9.32%
- 6M
- 12.02%
- 1Y
- 37.60%
- 3Y*
- 8.62%
- 5Y*
- -0.07%
- 10Y*
- 5.89%
CA3S.L vs. CNAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CA3S.L Invesco S&P China A 300 Swap UCITS ETF Acc | 14.81% | 24.66% | 16.66% | -16.63% | 3.94% |
CNAA.L Lyxor Fortune SG UCITS MSCI China A DR | 9.32% | 17.14% | 12.85% | -18.49% | 3.63% |
Correlation
The correlation between CA3S.L and CNAA.L is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since May 10, 2022 | 0.92 |
The correlation between CA3S.L and CNAA.L has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.
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Return for Risk
CA3S.L vs. CNAA.L — Risk / Return Rank
CA3S.L
CNAA.L
CA3S.L vs. CNAA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P China A 300 Swap UCITS ETF Acc (CA3S.L) and Lyxor Fortune SG UCITS MSCI China A DR (CNAA.L). 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.
| CA3S.L | CNAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.41 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 8.16 | 5.33 | +2.83 |
| Martin ratioReturn relative to average drawdown | 23.71 | 14.88 | +8.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CA3S.L | CNAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.22 | 2.27 | +0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.00 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.26 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.28 | +0.17 |
Drawdowns
CA3S.L vs. CNAA.L - Drawdown Comparison
The maximum CA3S.L drawdown since its inception was -35.12%, smaller than the maximum CNAA.L drawdown of -50.93%. Use the drawdown chart below to compare losses from any high point for CA3S.L and CNAA.L.
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Drawdown Indicators
| CA3S.L | CNAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.12% | -50.93% | +15.81% |
Max Drawdown (1Y)Largest decline over 1 year | -6.23% | -7.02% | +0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -26.15% | -26.66% | +0.51% |
Max Drawdown (5Y)Largest decline over 5 years | — | -42.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.04% | — |
Current DrawdownCurrent decline from peak | -1.01% | -11.17% | +10.16% |
Average DrawdownAverage peak-to-trough decline | -15.51% | -25.94% | +10.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 2.52% | -0.37% |
Volatility
CA3S.L vs. CNAA.L - Volatility Comparison
The current volatility for Invesco S&P China A 300 Swap UCITS ETF Acc (CA3S.L) is 5.37%, while Lyxor Fortune SG UCITS MSCI China A DR (CNAA.L) has a volatility of 5.85%. This indicates that CA3S.L experiences smaller price fluctuations and is considered to be less risky than CNAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CA3S.L | CNAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 5.85% | -0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 10.58% | 11.80% | -1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.80% | 16.50% | -0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.98% | 21.53% | -0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.98% | 22.43% | -1.45% |
CA3S.L vs. CNAA.L - Expense Ratio Comparison
Both CA3S.L and CNAA.L have an expense ratio of 0.35%.
Dividends
CA3S.L vs. CNAA.L - Dividend Comparison
Neither CA3S.L nor CNAA.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, CA3S.L and CNAA.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CA3S.L and CNAA.L have the same expense ratio: 0.35% per year.
Both ETFs track MSCI China A Onshore NR CNY. They also come from different issuers: Invesco and Amundi.
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