CNAA.L vs. JREC.L
CNAA.L (Lyxor Fortune SG UCITS MSCI China A DR) and JREC.L (JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc)) are both China Equities funds. CNAA.L is passively managed, while JREC.L is actively managed. Over the past 3 years, CNAA.L returned 10.03%/yr vs 11.15%/yr for JREC.L. Their correlation of 0.93 suggests significant overlap in exposure.
Performance
CNAA.L vs. JREC.L - Performance Comparison
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Returns By Period
In the year-to-date period, CNAA.L achieves a 6.72% return, which is significantly lower than JREC.L's 9.52% return.
CNAA.L
- 1D
- -0.15%
- 1M
- -2.75%
- 6M
- 3.62%
- YTD
- 6.72%
- 1Y
- 28.12%
- 3Y*
- 10.03%
- 5Y*
- -0.85%
- 10Y*
- 4.49%
JREC.L
- 1D
- -0.77%
- 1M
- -1.91%
- 6M
- 6.51%
- YTD
- 9.52%
- 1Y
- 32.83%
- 3Y*
- 11.15%
- 5Y*
- —
- 10Y*
- —
CNAA.L vs. JREC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CNAA.L Lyxor Fortune SG UCITS MSCI China A DR | 6.72% | 26.12% | 10.92% | -14.19% | -19.02% |
JREC.L JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc) | 9.52% | 28.38% | 9.65% | -13.02% | -19.50% |
Correlation
The correlation between CNAA.L and JREC.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.93 |
The correlation between CNAA.L and JREC.L has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
CNAA.L vs. JREC.L — Risk / Return Rank
CNAA.L
JREC.L
CNAA.L vs. JREC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Lyxor Fortune SG UCITS MSCI China A DR (CNAA.L) and JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc) (JREC.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.
| CNAA.L | JREC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.31 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.58 | 4.53 | -0.95 |
| Martin ratioReturn relative to average drawdown | 9.38 | 12.00 | -2.63 |
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Drawdowns
CNAA.L vs. JREC.L - Drawdown Comparison
The maximum CNAA.L drawdown since its inception was -56.07%, which is greater than JREC.L's maximum drawdown of -37.92%. Use the drawdown chart below to compare losses from any high point for CNAA.L and JREC.L.
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Drawdown Indicators
| CNAA.L | JREC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.07% | -37.92% | -18.15% |
Max Drawdown (1Y)Largest decline over 1 year | -7.83% | -7.22% | -0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -28.67% | -27.06% | -1.61% |
Max Drawdown (5Y)Largest decline over 5 years | -44.54% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -49.66% | — | — |
Current DrawdownCurrent decline from peak | -15.96% | -5.30% | -10.66% |
Average DrawdownAverage peak-to-trough decline | -32.78% | -18.94% | -13.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 2.73% | +0.26% |
Volatility
CNAA.L vs. JREC.L - Volatility Comparison
Lyxor Fortune SG UCITS MSCI China A DR (CNAA.L) and JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc) (JREC.L) have volatilities of 8.62% and 8.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNAA.L | JREC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.62% | 8.90% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 14.80% | 14.69% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.08% | 18.76% | +0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.74% | 23.02% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.58% | 23.02% | -0.44% |
Dividends
CNAA.L vs. JREC.L - Dividend Comparison
Neither CNAA.L nor JREC.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, CNAA.L and JREC.L 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.
They also come from different issuers: Amundi and ETF Issuer.
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