CAS vs. DRGN

Last updated Aug 2, 2026

CAS (Simplify China A Shares PLUS Income ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - CAS is a China Equities fund actively managed by Simplify, while DRGN is a Artificial Intelligence fund tracking the BITA China Generative AI Select Index. CAS is actively managed, while DRGN is passively managed. Their 0.77 correlation means they have sometimes moved together and sometimes differently. CAS charges 0.88%/yr vs 0.39%/yr for DRGN.

Performance

CAS vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify China A Shares PLUS Income ETF (CAS) and Themes China Generative Artificial Intelligence ETF (DRGN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CAS

• 1D: 1.08%
• 1M: -11.07%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

DRGN

• 1D: 3.34%
• 1M: -0.11%
• 6M: -2.24%
• YTD: 8.73%
• 1Y: 34.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 36.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAS Simplify China A Shares PLUS Income ETF	$38.47K	$52.48K	$79.55K
DRGN Themes China Generative Artificial Intelligence ETF	$390.32K	$398.54K	$552.05K

CAS vs. DRGN - Yearly Performance Comparison

	2026 (YTD)
CAS Simplify China A Shares PLUS Income ETF	-11.11%
DRGN Themes China Generative Artificial Intelligence ETF	-5.58%

Correlation

The correlation between CAS and DRGN is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.77

Return for Risk

CAS vs. DRGN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CAS

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

DRGN

DRGN Risk / Return Rank: 37
DRGN Sharpe Ratio Rank: 36
DRGN Sortino Ratio Rank: 38
DRGN Omega Ratio Rank: 35
DRGN Calmar Ratio Rank: 43
DRGN Martin Ratio Rank: 33

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CAS vs. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify China A Shares PLUS Income ETF (CAS) and Themes China Generative Artificial Intelligence ETF (DRGN). 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.

	CAS	DRGN	Difference
Sharpe ratio: Return per unit of total volatility	—	0.88	—
Sortino ratio: Return per unit of downside risk	—	1.43	—
Omega ratio: Gain probability vs. loss probability	—	1.17	—
Calmar ratio: Return relative to maximum drawdown	—	1.55	—
Martin ratio: Return relative to average drawdown	—	3.10	—

Drawdowns

CAS vs. DRGN - Drawdown Comparison

The maximum CAS drawdown since its inception was -15.89%, smaller than the maximum DRGN drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for CAS and DRGN.

Drawdown Indicators

	CAS	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-15.89%	-20.86%	+4.97%
Max Drawdown (1Y) Largest decline over 1 year	—	-20.86%	—
Current Drawdown Current decline from peak	-14.28%	-13.29%	-0.99%
Average Drawdown Average peak-to-trough decline	-6.19%	-8.39%	+2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.42%	—

Volatility

Volatility by Period

	CAS	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	25.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	33.97%	36.63%	-2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.97%	36.03%	-2.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.97%	36.03%	-2.06%

CAS vs. DRGN - Expense Ratio Comparison

CAS has a 0.88% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

CAS vs. DRGN - Dividend Comparison

CAS's dividend yield for the trailing twelve months is around 2.46%, more than DRGN's 1.12% yield.

Position	TTM	2025
CAS Simplify China A Shares PLUS Income ETF	2.46%	0.00%
DRGN Themes China Generative Artificial Intelligence ETF	1.12%	1.22%

Frequently Asked Questions

Can I hold both CAS and DRGN in my portfolio?

CAS and DRGN have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAS or DRGN?

On fees, DRGN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAS or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.88% for CAS.

Which ETF pays a higher dividend yield, CAS or DRGN?

CAS has the higher dividend yield at 2.46%, compared with 1.12% for DRGN.

What is the main difference between CAS and DRGN?

CAS is categorized as China Equities, while DRGN is Artificial Intelligence. They also come from different issuers: Simplify and Themes. Their fees differ too: 0.88% for CAS and 0.39% for DRGN.