CNEW.AX vs. MVW.AX

Last updated Jul 18, 2026

CNEW.AX (VanEck China New Economy ETF) and MVW.AX (VanEck Australian Equal Weight ETF) are both exchange-traded funds - CNEW.AX is a China Equities fund tracking the MarketGrader China New Economy Index, while MVW.AX is a Global Equities fund tracking the VanEck Australian Equal Weight Index. Both are passively managed. Over the past 5 years, CNEW.AX returned -2.86%/yr vs 5.16%/yr for MVW.AX. At a 0.09 correlation, their price movements are largely independent.

Performance

CNEW.AX vs. MVW.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in VanEck China New Economy ETF (CNEW.AX) and VanEck Australian Equal Weight ETF (MVW.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNEW.AX achieves a -4.07% return, which is significantly lower than MVW.AX's -0.10% return.

CNEW.AX

• 1D: -5.82%
• 1M: -3.46%
• 6M: -8.75%
• YTD: -4.07%
• 1Y: 4.44%
• 3Y*: 4.73%
• 5Y*: -2.86%
• 10Y*: —

MVW.AX

• 1D: -0.03%
• 1M: -1.48%
• 6M: -0.10%
• YTD: -0.10%
• 1Y: -0.54%
• 3Y*: 5.70%
• 5Y*: 5.16%
• 10Y*: 7.29%

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

CNEW.AX vs. MVW.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CNEW.AX VanEck China New Economy ETF	-4.07%	15.14%	11.63%	-7.15%	-26.85%	14.22%	26.35%	40.10%	1.63%
MVW.AX VanEck Australian Equal Weight ETF	-0.10%	5.96%	7.39%	9.60%	-2.49%	15.82%	1.72%	23.68%	-4.01%

Correlation

The correlation between CNEW.AX and MVW.AX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since Nov 8, 2018	0.09

The correlation between CNEW.AX and MVW.AX shifts across timeframes, from -0.02 (3 years) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CNEW.AX vs. MVW.AX — Risk / Return Rank

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

CNEW.AX

CNEW.AX Risk / Return Rank: 14
CNEW.AX Sharpe Ratio Rank: 14
CNEW.AX Sortino Ratio Rank: 14
CNEW.AX Omega Ratio Rank: 14
CNEW.AX Calmar Ratio Rank: 15
CNEW.AX Martin Ratio Rank: 15

MVW.AX

MVW.AX Risk / Return Rank: 10
MVW.AX Sharpe Ratio Rank: 10
MVW.AX Sortino Ratio Rank: 9
MVW.AX Omega Ratio Rank: 9
MVW.AX Calmar Ratio Rank: 10
MVW.AX Martin Ratio Rank: 10

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.

CNEW.AX vs. MVW.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck China New Economy ETF (CNEW.AX) and VanEck Australian Equal Weight ETF (MVW.AX). 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.

	CNEW.AX	MVW.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.22	-0.04	+0.26
Sortino ratio: Return per unit of downside risk	0.44	0.03	+0.41
Omega ratio: Gain probability vs. loss probability	1.06	1.00	+0.05
Calmar ratio: Return relative to maximum drawdown	0.32	-0.05	+0.37
Martin ratio: Return relative to average drawdown	0.77	-0.10	+0.87

CNEW.AX vs. MVW.AX - Sharpe Ratio Comparison

The current CNEW.AX Sharpe Ratio is 0.22, which is higher than the MVW.AX Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of CNEW.AX and MVW.AX, 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

CNEW.AX vs. MVW.AX - Drawdown Comparison

The maximum CNEW.AX drawdown since its inception was -46.20%, which is greater than MVW.AX's maximum drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for CNEW.AX and MVW.AX.

Drawdown Indicators

	CNEW.AX	MVW.AX	Difference
Max Drawdown Largest peak-to-trough decline	-46.20%	-38.80%	-7.40%
Max Drawdown (1Y) Largest decline over 1 year	-13.25%	-11.23%	-2.02%
Max Drawdown (3Y) Largest decline over 3 years	-27.71%	-13.20%	-14.51%
Max Drawdown (5Y) Largest decline over 5 years	-46.20%	-14.94%	-31.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.80%	—
Current Drawdown Current decline from peak	-18.44%	-5.15%	-13.29%
Average Drawdown Average peak-to-trough decline	-17.27%	-4.03%	-13.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.65%	5.59%	+0.06%

Volatility

CNEW.AX vs. MVW.AX - Volatility Comparison

VanEck China New Economy ETF (CNEW.AX) has a higher volatility of 8.26% compared to VanEck Australian Equal Weight ETF (MVW.AX) at 2.95%. This indicates that CNEW.AX's price experiences larger fluctuations and is considered to be riskier than MVW.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNEW.AX	MVW.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.26%	2.95%	+5.31%
Volatility (6M) Calculated over the trailing 6-month period	16.34%	9.82%	+6.52%
Volatility (1Y) Calculated over the trailing 1-year period	19.78%	12.45%	+7.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.61%	14.71%	+9.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.70%	15.99%	+8.71%

Dividends

CNEW.AX vs. MVW.AX - Dividend Comparison

CNEW.AX's dividend yield for the trailing twelve months is around 0.79%, less than MVW.AX's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNEW.AX VanEck China New Economy ETF	0.79%	0.88%	1.71%	1.72%	1.86%	1.03%	1.40%	1.01%	0.00%	0.00%	0.00%	0.00%
MVW.AX VanEck Australian Equal Weight ETF	1.74%	2.82%	2.50%	1.75%	1.83%	2.18%	3.63%	3.55%	0.87%	2.51%	1.92%	1.13%

Frequently Asked Questions

Can I hold both CNEW.AX and MVW.AX in my portfolio?

CNEW.AX and MVW.AX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between CNEW.AX and MVW.AX?

CNEW.AX is categorized as China Equities, while MVW.AX is Global Equities. CNEW.AX tracks MarketGrader China New Economy Index, while MVW.AX tracks VanEck Australian Equal Weight Index.