CGRO vs. DRGN

Last updated Jun 5, 2026

CGRO (CoreValues Alpha Greater China Growth ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - CGRO is a China Equities fund actively managed by CoreValues Alpha, while DRGN is a Technology Equities fund tracking the BITA China Generative AI Select Index. CGRO is actively managed, while DRGN is passively managed. A 0.66 correlation means they provide meaningful diversification when combined. CGRO charges 0.75%/yr vs 0.39%/yr for DRGN.

Performance

CGRO vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CoreValues Alpha Greater China Growth ETF (CGRO) and Themes China Generative Artificial Intelligence ETF (DRGN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGRO achieves a -15.64% return, which is significantly lower than DRGN's 15.39% return.

CGRO

• 1D: -0.69%
• 1M: -6.61%
• YTD: -15.64%
• 6M: -16.66%
• 1Y: -12.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DRGN

• 1D: -1.00%
• 1M: 4.18%
• YTD: 15.39%
• 6M: 15.70%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CGRO vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
CGRO CoreValues Alpha Greater China Growth ETF	-15.64%	1.14%
DRGN Themes China Generative Artificial Intelligence ETF	15.39%	26.41%

Correlation

The correlation between CGRO and DRGN is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.66

Return for Risk

CGRO vs. DRGN — Risk / Return Rank

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

CGRO

CGRO Risk / Return Rank: 5
CGRO Sharpe Ratio Rank: 4
CGRO Sortino Ratio Rank: 4
CGRO Omega Ratio Rank: 5
CGRO Calmar Ratio Rank: 5
CGRO Martin Ratio Rank: 5

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.

CGRO vs. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CoreValues Alpha Greater China Growth ETF (CGRO) 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.

	CGRO	DRGN	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	—	—
Sortino ratio: Return per unit of downside risk	-0.66	—	—
Omega ratio: Gain probability vs. loss probability	0.93	—	—
Calmar ratio: Return relative to maximum drawdown	-0.44	—	—
Martin ratio: Return relative to average drawdown	-0.83	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CGRO	DRGN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	1.52	-1.29

Drawdowns

CGRO vs. DRGN - Drawdown Comparison

The maximum CGRO drawdown since its inception was -27.90%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for CGRO and DRGN.

Drawdown Indicators

	CGRO	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-27.90%	-20.86%	-7.04%
Max Drawdown (1Y) Largest decline over 1 year	-27.90%	—	—
Current Drawdown Current decline from peak	-27.90%	-7.97%	-19.93%
Average Drawdown Average peak-to-trough decline	-10.25%	-7.93%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.67%	—	—

Volatility

Volatility by Period

	CGRO	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.47%	34.79%	-12.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.97%	34.79%	-5.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.97%	34.79%	-5.82%

CGRO vs. DRGN - Expense Ratio Comparison

CGRO has a 0.75% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

CGRO vs. DRGN - Dividend Comparison

CGRO's dividend yield for the trailing twelve months is around 3.32%, more than DRGN's 1.05% yield.

Position	TTM	2025	2024	2023
CGRO CoreValues Alpha Greater China Growth ETF	3.32%	2.48%	2.47%	0.21%
DRGN Themes China Generative Artificial Intelligence ETF	1.05%	1.22%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CGRO and DRGN in my portfolio?

CGRO and DRGN have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CGRO 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, CGRO or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.75% for CGRO.

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

CGRO has the higher dividend yield at 3.32%, compared with 1.05% for DRGN.

What is the main difference between CGRO and DRGN?

CGRO is categorized as China Equities, while DRGN is Technology Equities. They also come from different issuers: CoreValues Alpha and Themes. Their fees differ too: 0.75% for CGRO and 0.39% for DRGN.