CHIP.L vs. CNAA.L

Last updated Jul 18, 2026

CHIP.L (ICBC Credit Suisse WisdomTree S&P China 500 UCITS ETF Class B USD Inc) and CNAA.L (Lyxor Fortune SG UCITS MSCI China A DR) are both China Equities funds - CHIP.L tracks the MSCI China NR USD while CNAA.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 5 years, CHIP.L returned -2.24%/yr vs -0.89%/yr for CNAA.L. Their correlation of 0.80 suggests significant overlap in exposure. CHIP.L charges 0.55%/yr vs 0.35%/yr for CNAA.L.

Performance

CHIP.L vs. CNAA.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 Lyxor Fortune SG UCITS MSCI China A DR (CNAA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CHIP.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, CHIP.L achieves a -1.99% return, which is significantly lower than CNAA.L's 4.25% return.

CHIP.L

• 1D: -3.16%
• 1M: -7.21%
• 6M: -5.98%
• YTD: -1.99%
• 1Y: 14.44%
• 3Y*: 9.33%
• 5Y*: -2.24%
• 10Y*: —

CNAA.L

• 1D: -1.86%
• 1M: -6.86%
• 6M: 0.83%
• YTD: 4.25%
• 1Y: 23.83%
• 3Y*: 8.50%
• 5Y*: -0.89%
• 10Y*: 4.08%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHIP.L ICBC Credit Suisse WisdomTree S&P China 500 UCITS ETF Class B USD Inc	-1.99%	23.24%	16.52%	-18.44%	-17.13%	1,003.86%	28.42%	20.47%	-19.96%	33.25%
CNAA.L Lyxor Fortune SG UCITS MSCI China A DR	4.25%	17.14%	12.85%	-18.48%	-17.18%	4.19%	38.58%	31.66%	-26.27%	11.58%

Correlation

The correlation between CHIP.L and CNAA.L is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jul 26, 2016	0.80

The correlation between CHIP.L and CNAA.L has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

CHIP.L vs. CNAA.L - Sectors Allocation Comparison

Sectors	CHIP.L	CNAA.L
Technology	25.9%	33.2%
Financial Services	14.7%	16.8%
Industrials	14.6%	17.4%
Consumer Cyclical	12.3%	4.8%
Basic Materials	10.6%	10.2%
Communication Services	6.3%	0.5%
Healthcare	5.7%	3.8%
Consumer Defensive	4.1%	6.0%
Utilities	2.4%	2.9%
Energy	2.4%	2.7%
Real Estate	1.0%	0.6%

Return for Risk

CHIP.L vs. CNAA.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: 29
CHIP.L Sharpe Ratio Rank: 28
CHIP.L Sortino Ratio Rank: 26
CHIP.L Omega Ratio Rank: 26
CHIP.L Calmar Ratio Rank: 34
CHIP.L Martin Ratio Rank: 33

CNAA.L

CNAA.L Risk / Return Rank: 58
CNAA.L Sharpe Ratio Rank: 49
CNAA.L Sortino Ratio Rank: 49
CNAA.L Omega Ratio Rank: 48
CNAA.L Calmar Ratio Rank: 80
CNAA.L Martin Ratio Rank: 63

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. CNAA.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 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.

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.

	CHIP.L	CNAA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.31	-0.53
Sortino ratio: Return per unit of downside risk	1.13	1.85	-0.72
Omega ratio: Gain probability vs. loss probability	1.15	1.24	-0.09
Calmar ratio: Return relative to maximum drawdown	1.36	2.61	-1.25
Martin ratio: Return relative to average drawdown	3.80	8.14	-4.34

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

The current CHIP.L Sharpe Ratio is 0.78, which is lower than the CNAA.L Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of CHIP.L and CNAA.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.

Drawdowns

CHIP.L vs. CNAA.L - Drawdown Comparison

The maximum CHIP.L drawdown since its inception was -98.71%, which is greater than CNAA.L's maximum drawdown of -50.93%. Use the drawdown chart below to compare losses from any high point for CHIP.L and CNAA.L.

Drawdown Indicators

	CHIP.L	CNAA.L	Difference
Max Drawdown Largest peak-to-trough decline	-98.71%	-50.93%	-47.78%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-9.52%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	-22.62%	-26.66%	+4.04%
Max Drawdown (5Y) Largest decline over 5 years	-43.46%	-42.50%	-0.96%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.04%	—
Current Drawdown Current decline from peak	-13.11%	-15.29%	+2.18%
Average Drawdown Average peak-to-trough decline	-15.72%	-25.69%	+9.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	3.06%	+0.74%

Volatility

CHIP.L vs. CNAA.L - Volatility Comparison

The current volatility for ICBC Credit Suisse WisdomTree S&P China 500 UCITS ETF Class B USD Inc (CHIP.L) is 7.14%, while Lyxor Fortune SG UCITS MSCI China A DR (CNAA.L) has a volatility of 8.64%. This indicates that CHIP.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.

Volatility by Period

	CHIP.L	CNAA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.14%	8.64%	-1.50%
Volatility (6M) Calculated over the trailing 6-month period	12.92%	14.64%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	18.47%	18.99%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.15%	21.83%	+1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3,428.78%	22.33%	+3,406.45%

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

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

Dividends

CHIP.L vs. CNAA.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021
CHIP.L ICBC Credit Suisse WisdomTree S&P China 500 UCITS ETF Class B USD Inc	0.00%	0.00%	0.00%	0.00%	0.00%	97.50%
CNAA.L Lyxor Fortune SG UCITS MSCI China A DR	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

CHIP.L and CNAA.L have a correlation of 0.86, 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 CNAA.L?

On fees, CNAA.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 CNAA.L?

CNAA.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 CNAA.L?

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