CHAU vs. ASHR

Last updated Aug 2, 2026

CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) and ASHR (Xtrackers Harvest CSI 300 China A-Shares ETF) are both China Equities funds - CHAU tracks the CSI 300 Index (200%) while ASHR tracks the CSI 300 Index. Both are passively managed. Over the past 10 years, CHAU returned 3.36%/yr vs 4.89%/yr for ASHR. Their 1.00 correlation means they have historically moved very closely together. CHAU charges 1.21%/yr vs 0.65%/yr for ASHR.

Performance

CHAU vs. ASHR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) and Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHAU achieves a 3.41% return, which is significantly lower than ASHR's 4.11% return. Over the past 10 years, CHAU has underperformed ASHR with an annualized return of 3.36%, while ASHR has yielded a comparatively higher 4.89% annualized return.

CHAU

• 1D: -0.55%
• 1M: -6.06%
• 6M: 0.47%
• YTD: 3.41%
• 1Y: 41.75%
• 3Y*: 6.15%
• 5Y*: -8.33%
• 10Y*: 3.36%
• ALL TIME*: -4.90%

ASHR

• 1D: -0.20%
• 1M: -2.73%
• 6M: 2.27%
• YTD: 4.11%
• 1Y: 23.78%
• 3Y*: 8.75%
• 5Y*: -0.35%
• 10Y*: 4.89%
• ALL TIME*: 5.78%

*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)
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF	$123.30M	$155.65M	$161.34M
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	$4.26M	$3.47M	$3.01M

CHAU vs. ASHR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	3.41%	47.73%	6.61%	-28.25%	-49.17%	-2.84%	71.95%	70.01%	-51.03%	74.91%
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF	4.11%	27.02%	11.95%	-12.52%	-27.52%	-1.57%	36.29%	36.50%	-28.45%	33.47%

Correlation

The correlation between CHAU and ASHR is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	1.00
Correlation (All Time) Calculated using the full available price history since Apr 16, 2015	1.00

The correlation between CHAU and ASHR has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

CHAU vs. ASHR - Sectors Allocation Comparison

Sectors	CHAU	ASHR
Technology	36.3%	30.3%
Financial Services	17.8%	19.8%
Industrials	15.6%	16.9%
Basic Materials	9.1%	9.3%
Consumer Defensive	5.6%	6.7%
Consumer Cyclical	5.3%	5.9%
Healthcare	3.9%	4.3%
Utilities	2.6%	2.9%
Energy	2.3%	2.3%
Communication Services	1.1%	0.6%
Real Estate	0.3%	0.5%

Return for Risk

CHAU vs. ASHR — Risk / Return Rank

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

CHAU

CHAU Risk / Return Rank: 47
CHAU Sharpe Ratio Rank: 42
CHAU Sortino Ratio Rank: 43
CHAU Omega Ratio Rank: 42
CHAU Calmar Ratio Rank: 59
CHAU Martin Ratio Rank: 51

ASHR

ASHR Risk / Return Rank: 54
ASHR Sharpe Ratio Rank: 48
ASHR Sortino Ratio Rank: 48
ASHR Omega Ratio Rank: 47
ASHR Calmar Ratio Rank: 69
ASHR Martin Ratio Rank: 59

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.

CHAU vs. ASHR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) and Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR). 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.

	CHAU	ASHR	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.18	-0.15
Sortino ratio: Return per unit of downside risk	1.57	1.73	-0.16
Omega ratio: Gain probability vs. loss probability	1.20	1.21	-0.02
Calmar ratio: Return relative to maximum drawdown	2.10	2.38	-0.28
Martin ratio: Return relative to average drawdown	5.94	6.99	-1.04

CHAU vs. ASHR - Sharpe Ratio Comparison

The current CHAU Sharpe Ratio is 1.03, which is comparable to the ASHR Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of CHAU and ASHR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CHAU vs. ASHR - Drawdown Comparison

The maximum CHAU drawdown since its inception was -79.21%, which is greater than ASHR's maximum drawdown of -51.30%. Use the drawdown chart below to compare losses from any high point for CHAU and ASHR.

Drawdown Indicators

	CHAU	ASHR	Difference
Max Drawdown Largest peak-to-trough decline	-79.21%	-51.30%	-27.91%
Max Drawdown (1Y) Largest decline over 1 year	-19.27%	-9.84%	-9.43%
Max Drawdown (3Y) Largest decline over 3 years	-59.88%	-33.12%	-26.76%
Max Drawdown (5Y) Largest decline over 5 years	-71.83%	-44.10%	-27.73%
Max Drawdown (10Y) Largest decline over 10 years	-78.58%	-51.30%	-27.28%
Current Drawdown Current decline from peak	-58.27%	-20.23%	-38.04%
Average Drawdown Average peak-to-trough decline	-58.83%	-29.03%	-29.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.79%	3.34%	+3.45%

Volatility

CHAU vs. ASHR - Volatility Comparison

Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) has a higher volatility of 17.39% compared to Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) at 8.68%. This indicates that CHAU's price experiences larger fluctuations and is considered to be riskier than ASHR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHAU	ASHR	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.39%	8.68%	+8.71%
Volatility (6M) Calculated over the trailing 6-month period	30.77%	15.50%	+15.27%
Volatility (1Y) Calculated over the trailing 1-year period	39.40%	19.86%	+19.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.27%	23.98%	+23.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.45%	24.20%	+23.25%

CHAU vs. ASHR - Expense Ratio Comparison

CHAU has a 1.21% expense ratio, which is higher than ASHR's 0.65% expense ratio.

Dividends

CHAU vs. ASHR - Dividend Comparison

CHAU's dividend yield for the trailing twelve months is around 2.09%, less than ASHR's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF	2.22%	2.31%	1.13%	2.48%	1.13%	0.88%	0.81%	0.98%	1.32%	0.84%	0.73%	30.13%
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	2.09%	1.97%	2.25%	3.97%	0.77%	1.73%	0.09%	0.58%	0.83%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CHAU and ASHR in my portfolio?

With a correlation of 1.00, CHAU and ASHR 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.

Which is riskier, CHAU or ASHR?

CHAU has higher volatility (17.39%) compared to ASHR (8.68%). In terms of maximum drawdown, CHAU dropped -79.21% vs ASHR's -51.30%.

Which ETF is better, CHAU or ASHR?

On 10-year performance, ASHR leads with 4.89% vs 3.36% for CHAU. On fees, ASHR is cheaper at 0.65% per year. On volatility, ASHR has been the lower-risk option at 8.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHAU or ASHR?

Over the 10-year period, ASHR has performed better with a 4.89% return vs 3.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHAU or ASHR?

ASHR is cheaper with a 0.65% expense ratio, compared with 1.21% for CHAU.

Which ETF pays a higher dividend yield, CHAU or ASHR?

ASHR has the higher dividend yield at 2.22%, compared with 2.09% for CHAU.

What is the main difference between CHAU and ASHR?

CHAU tracks CSI 300 Index (200%), while ASHR tracks CSI 300 Index. They also come from different issuers: Direxion and DWS. Their fees differ too: 1.21% for CHAU and 0.65% for ASHR.

Which has better risk-adjusted returns?

ASHR currently has the higher Sharpe Ratio (1.18 vs 1.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.