CNAA.L vs. KSTR.L
CNAA.L (Lyxor Fortune SG UCITS MSCI China A DR) and KSTR.L (KraneShares ICBCCS SSE STAR Market 50 Index UCITS ETF USD (Acc)) are both China Equities funds - CNAA.L tracks the MSCI China A Onshore NR CNY while KSTR.L tracks the SSE Science and Technology Innovation Board 50 Index. Both are passively managed. Over the past 5 years, CNAA.L returned -1.30%/yr vs -1.43%/yr for KSTR.L. A 0.75 correlation means they provide meaningful diversification when combined. CNAA.L charges 0.35%/yr vs 0.82%/yr for KSTR.L.
Performance
CNAA.L vs. KSTR.L - Performance Comparison
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Returns By Period
In the year-to-date period, CNAA.L achieves a 4.27% return, which is significantly lower than KSTR.L's 33.13% return.
CNAA.L
- 1D
- -2.29%
- 1M
- -5.55%
- 6M
- 1.58%
- YTD
- 4.27%
- 1Y
- 24.38%
- 3Y*
- 9.60%
- 5Y*
- -1.30%
- 10Y*
- 4.25%
KSTR.L
- 1D
- -5.63%
- 1M
- -7.01%
- 6M
- 17.12%
- YTD
- 33.13%
- 1Y
- 79.93%
- 3Y*
- 19.20%
- 5Y*
- -1.43%
- 10Y*
- —
CNAA.L vs. KSTR.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CNAA.L Lyxor Fortune SG UCITS MSCI China A DR | 4.27% | 26.12% | 10.92% | -14.19% | -25.98% | -2.28% |
KSTR.L KraneShares ICBCCS SSE STAR Market 50 Index UCITS ETF USD (Acc) | 33.13% | 42.76% | 5.23% | -18.80% | -38.16% | 2.78% |
Correlation
The correlation between CNAA.L and KSTR.L is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since May 26, 2021 | 0.75 |
The correlation between CNAA.L and KSTR.L has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.
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Return for Risk
CNAA.L vs. KSTR.L — Risk / Return Rank
CNAA.L
KSTR.L
CNAA.L vs. KSTR.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 KraneShares ICBCCS SSE STAR Market 50 Index UCITS ETF USD (Acc) (KSTR.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 | KSTR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.34 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.17 | 3.37 | -0.21 |
| Martin ratioReturn relative to average drawdown | 8.38 | 10.31 | -1.93 |
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Drawdowns
CNAA.L vs. KSTR.L - Drawdown Comparison
The maximum CNAA.L drawdown since its inception was -56.07%, smaller than the maximum KSTR.L drawdown of -66.67%. Use the drawdown chart below to compare losses from any high point for CNAA.L and KSTR.L.
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Drawdown Indicators
| CNAA.L | KSTR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.07% | -66.67% | +10.60% |
Max Drawdown (1Y)Largest decline over 1 year | -8.01% | -23.57% | +15.56% |
Max Drawdown (3Y)Largest decline over 3 years | -28.67% | -35.82% | +7.15% |
Max Drawdown (5Y)Largest decline over 5 years | -44.54% | -66.38% | +21.84% |
Max Drawdown (10Y)Largest decline over 10 years | -49.66% | — | — |
Current DrawdownCurrent decline from peak | -17.89% | -23.57% | +5.68% |
Average DrawdownAverage peak-to-trough decline | -32.77% | -39.82% | +7.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 7.73% | -4.70% |
Volatility
CNAA.L vs. KSTR.L - Volatility Comparison
The current volatility for Lyxor Fortune SG UCITS MSCI China A DR (CNAA.L) is 8.82%, while KraneShares ICBCCS SSE STAR Market 50 Index UCITS ETF USD (Acc) (KSTR.L) has a volatility of 19.71%. This indicates that CNAA.L experiences smaller price fluctuations and is considered to be less risky than KSTR.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNAA.L | KSTR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.82% | 19.71% | -10.89% |
Volatility (6M)Calculated over the trailing 6-month period | 14.97% | 34.05% | -19.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.23% | 41.03% | -21.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.75% | 34.61% | -11.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.59% | 34.55% | -11.96% |
CNAA.L vs. KSTR.L - Expense Ratio Comparison
CNAA.L has a 0.35% expense ratio, which is lower than KSTR.L's 0.82% expense ratio.
Dividends
CNAA.L vs. KSTR.L - Dividend Comparison
Neither CNAA.L nor KSTR.L has paid dividends to shareholders.
Frequently Asked Questions
CNAA.L and KSTR.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
CNAA.L is cheaper with a 0.35% expense ratio, compared with 0.82% for KSTR.L.
CNAA.L tracks MSCI China A Onshore NR CNY, while KSTR.L tracks SSE Science and Technology Innovation Board 50 Index. They also come from different issuers: Amundi and KraneShares. Their fees differ too: 0.35% for CNAA.L and 0.82% for KSTR.L.
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