CN vs. ASHX

Last updated Jun 4, 2026

CN (Xtrackers MSCI All China Equity ETF) and ASHX (Xtrackers MSCI China A Inclusion Equity ETF) are both China Equities funds from Deutsche Bank - CN tracks the MSCI China All Shares while ASHX tracks the MSCI China A Inclusion Index. Both are passively managed. A 0.74 correlation means they provide meaningful diversification when combined. CN charges 0.50%/yr vs 0.60%/yr for ASHX.

Performance

CN vs. ASHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI All China Equity ETF (CN) and Xtrackers MSCI China A Inclusion Equity ETF (ASHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ASHX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CN vs. ASHX - Yearly Performance Comparison

	2024 (YTD)	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%	-5.78%	1.57%
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.27%	-13.59%	-26.45%	2.64%	42.24%	35.03%	-27.51%	20.14%	-11.82%	2.74%

Correlation

The correlation between CN and ASHX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 21, 2015	0.74

The correlation between CN and ASHX shifts across timeframes, from 0.74 (all time) to 0.85 (3 years), reflecting how their relationship changes across market environments.

CN vs. ASHX - Sectors Allocation Comparison

Sectors	CN	ASHX
Financial Services	55.1%	19.6%
Consumer Cyclical	5.4%	7.1%
Industrials	1.0%	16.0%
Energy	0.9%	4.2%
Real Estate	0.8%	1.4%
Healthcare	0.8%	7.9%
Basic Materials	0.6%	9.6%
Communication Services	0.4%	1.5%
Technology	0.3%	14.1%
Consumer Defensive	0.3%	14.3%
Utilities	0.2%	4.3%

Return for Risk

CN vs. ASHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI All China Equity ETF (CN) and Xtrackers MSCI China A Inclusion Equity ETF (ASHX). 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.

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

Drawdowns

Volatility

CN vs. ASHX - Expense Ratio Comparison

CN has a 0.50% expense ratio, which is lower than ASHX's 0.60% expense ratio.

Dividends

CN vs. ASHX - Dividend Comparison

Neither CN nor ASHX has paid dividends to shareholders.

Position	TTM	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.00%	2.38%	1.76%	0.84%	0.80%	1.78%	1.07%	2.48%	19.46%	2.91%
CN Xtrackers MSCI All China Equity ETF	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%

Frequently Asked Questions

Can I hold both CN and ASHX in my portfolio?

CN and ASHX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CN or ASHX?

On fees, CN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CN or ASHX?

CN is cheaper with a 0.50% expense ratio, compared with 0.60% for ASHX.

Which ETF pays a higher dividend yield, CN or ASHX?

CN and ASHX have nearly identical dividend yields, around 0.00%.

What is the main difference between CN and ASHX?

CN tracks MSCI China All Shares, while ASHX tracks MSCI China A Inclusion Index. Their fees differ too: 0.50% for CN and 0.60% for ASHX.