CHIP.L vs. CA3S.L

Last updated Jun 4, 2026

CHIP.L (ICBC Credit Suisse WisdomTree S&P China 500 UCITS ETF Class B USD Inc) and CA3S.L (Invesco S&P China A 300 Swap UCITS ETF Acc) are both China Equities funds - CHIP.L tracks the MSCI China NR USD while CA3S.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 3 years, CHIP.L returned -76.20%/yr vs 13.85%/yr for CA3S.L. Their correlation of 0.89 suggests significant overlap in exposure. CHIP.L charges 0.55%/yr vs 0.35%/yr for CA3S.L.

Performance

CHIP.L vs. CA3S.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in ICBC Credit Suisse WisdomTree S&P China 500 UCITS ETF Class B USD Inc (CHIP.L) and Invesco S&P China A 300 Swap UCITS ETF Acc (CA3S.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHIP.L achieves a 6.22% return, which is significantly lower than CA3S.L's 15.44% return.

CHIP.L

• 1D: -0.58%
• 1M: 2.14%
• YTD: 6.22%
• 6M: 7.03%
• 1Y: 32.57%
• 3Y*: -76.20%
• 5Y*: -60.48%
• 10Y*: —

CA3S.L

• 1D: 0.33%
• 1M: 5.31%
• YTD: 15.44%
• 6M: 19.58%
• 1Y: 52.73%
• 3Y*: 13.85%
• 5Y*: —
• 10Y*: —

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

CHIP.L vs. CA3S.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CHIP.L ICBC Credit Suisse WisdomTree S&P China 500 UCITS ETF Class B USD Inc	6.22%	23.30%	16.51%	-99.18%	4.86%
CA3S.L Invesco S&P China A 300 Swap UCITS ETF Acc	15.44%	24.66%	16.66%	-16.63%	3.94%

Correlation

The correlation between CHIP.L and CA3S.L is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 10, 2022	0.89

The correlation between CHIP.L and CA3S.L has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

Return for Risk

CHIP.L vs. CA3S.L — Risk / Return Rank

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

CHIP.L

CHIP.L Risk / Return Rank: 59
CHIP.L Sharpe Ratio Rank: 57
CHIP.L Sortino Ratio Rank: 52
CHIP.L Omega Ratio Rank: 55
CHIP.L Calmar Ratio Rank: 74
CHIP.L Martin Ratio Rank: 58

CA3S.L

CA3S.L Risk / Return Rank: 92
CA3S.L Sharpe Ratio Rank: 92
CA3S.L Sortino Ratio Rank: 90
CA3S.L Omega Ratio Rank: 90
CA3S.L Calmar Ratio Rank: 95
CA3S.L Martin Ratio Rank: 93

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.

CHIP.L vs. CA3S.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ICBC Credit Suisse WisdomTree S&P China 500 UCITS ETF Class B USD Inc (CHIP.L) and Invesco S&P China A 300 Swap UCITS ETF Acc (CA3S.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.

	CHIP.L	CA3S.L	Difference
Sharpe ratio: Return per unit of total volatility	1.91	3.33	-1.42
Sortino ratio: Return per unit of downside risk	2.51	4.23	-1.72
Omega ratio: Gain probability vs. loss probability	1.34	1.58	-0.25
Calmar ratio: Return relative to maximum drawdown	3.67	8.43	-4.75
Martin ratio: Return relative to average drawdown	9.95	24.49	-14.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CHIP.L vs. CA3S.L - Sharpe Ratio Comparison

The current CHIP.L Sharpe Ratio is 1.91, which is lower than the CA3S.L Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of CHIP.L and CA3S.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CHIP.L	CA3S.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	3.33	-1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-1.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.88	0.46	-1.34

Drawdowns

CHIP.L vs. CA3S.L - Drawdown Comparison

The maximum CHIP.L drawdown since its inception was -99.52%, which is greater than CA3S.L's maximum drawdown of -35.12%. Use the drawdown chart below to compare losses from any high point for CHIP.L and CA3S.L.

Drawdown Indicators

	CHIP.L	CA3S.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.52%	-35.12%	-64.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-6.23%	-2.59%
Max Drawdown (3Y) Largest decline over 3 years	-99.23%	-26.15%	-73.08%
Max Drawdown (5Y) Largest decline over 5 years	-99.44%	—	—
Current Drawdown Current decline from peak	-99.18%	-0.47%	-98.71%
Average Drawdown Average peak-to-trough decline	-37.91%	-15.53%	-22.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	2.15%	+1.12%

Volatility

CHIP.L vs. CA3S.L - Volatility Comparison

ICBC Credit Suisse WisdomTree S&P China 500 UCITS ETF Class B USD Inc (CHIP.L) has a higher volatility of 5.75% compared to Invesco S&P China A 300 Swap UCITS ETF Acc (CA3S.L) at 5.32%. This indicates that CHIP.L's price experiences larger fluctuations and is considered to be riskier than CA3S.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHIP.L	CA3S.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	5.32%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	11.36%	10.61%	+0.75%
Volatility (1Y) Calculated over the trailing 1-year period	17.02%	15.80%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.89%	20.99%	+28.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.57%	20.99%	+17.58%

CHIP.L vs. CA3S.L - Expense Ratio Comparison

CHIP.L has a 0.55% expense ratio, which is higher than CA3S.L's 0.35% expense ratio.

Dividends

CHIP.L vs. CA3S.L - Dividend Comparison

Neither CHIP.L nor CA3S.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CA3S.L Invesco S&P China A 300 Swap UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CHIP.L ICBC Credit Suisse WisdomTree S&P China 500 UCITS ETF Class B USD Inc	0.00%	0.00%	0.00%	0.00%	1.31%	0.97%	1.31%	2.48%

Frequently Asked Questions

Can I hold both CHIP.L and CA3S.L in my portfolio?

CHIP.L and CA3S.L have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CHIP.L or CA3S.L?

On fees, CA3S.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CHIP.L or CA3S.L?

CA3S.L is cheaper with a 0.35% expense ratio, compared with 0.55% for CHIP.L.

What is the main difference between CHIP.L and CA3S.L?

CHIP.L tracks MSCI China NR USD, while CA3S.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: ICBC Credit Suisse Asset Management and Invesco. Their fees differ too: 0.55% for CHIP.L and 0.35% for CA3S.L.