CNXT vs. ASHS

Last updated Jun 4, 2026

CNXT (VanEck Vectors ChinaAMC SME-ChiNext ETF) and ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) are both China Equities funds - CNXT tracks the SME-ChiNext 100 Index while ASHS tracks the CSI 500 Index. Both are passively managed. Over the past 10 years, CNXT returned 6.63%/yr vs 3.27%/yr for ASHS. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.65% expense ratio.

Performance

CNXT vs. ASHS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNXT achieves a 33.52% return, which is significantly higher than ASHS's 15.10% return. Over the past 10 years, CNXT has outperformed ASHS with an annualized return of 6.63%, while ASHS has yielded a comparatively lower 3.27% annualized return.

CNXT

• 1D: 0.88%
• 1M: 10.51%
• YTD: 33.52%
• 6M: 41.38%
• 1Y: 119.62%
• 3Y*: 26.28%
• 5Y*: 4.09%
• 10Y*: 6.63%

ASHS

• 1D: -0.17%
• 1M: -0.19%
• YTD: 15.10%
• 6M: 23.90%
• 1Y: 57.65%
• 3Y*: 13.41%
• 5Y*: 3.97%
• 10Y*: 3.27%

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

CNXT vs. ASHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	33.52%	59.31%	12.42%	-21.47%	-35.58%	8.78%	63.30%	42.66%	-39.48%	20.19%
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	15.10%	39.48%	2.68%	-10.03%	-24.78%	17.66%	28.22%	24.53%	-35.91%	7.90%

Correlation

The correlation between CNXT and ASHS is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 25, 2014	0.88

The correlation between CNXT and ASHS has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

CNXT vs. ASHS - Sectors Allocation Comparison

Sectors	CNXT	ASHS
Technology	43.8%	29.8%
Industrials	33.2%	19.7%
Healthcare	7.0%	7.2%
Financial Services	5.6%	6.3%
Basic Materials	4.1%	19.4%
Consumer Defensive	2.6%	2.6%
Communication Services	2.5%	3.2%
Consumer Cyclical	1.2%	5.8%
Energy	-	3.2%
Real Estate	-	0.7%
Utilities	-	2.2%

Return for Risk

CNXT vs. ASHS — Risk / Return Rank

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

CNXT

CNXT Risk / Return Rank: 93
CNXT Sharpe Ratio Rank: 95
CNXT Sortino Ratio Rank: 92
CNXT Omega Ratio Rank: 89
CNXT Calmar Ratio Rank: 96
CNXT Martin Ratio Rank: 95

ASHS

ASHS Risk / Return Rank: 74
ASHS Sharpe Ratio Rank: 78
ASHS Sortino Ratio Rank: 71
ASHS Omega Ratio Rank: 70
ASHS Calmar Ratio Rank: 80
ASHS Martin Ratio Rank: 73

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.

CNXT vs. ASHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS). 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.

	CNXT	ASHS	Difference
Sharpe ratio: Return per unit of total volatility	3.92	2.57	+1.35
Sortino ratio: Return per unit of downside risk	4.53	3.27	+1.26
Omega ratio: Gain probability vs. loss probability	1.57	1.42	+0.15
Calmar ratio: Return relative to maximum drawdown	9.85	4.13	+5.72
Martin ratio: Return relative to average drawdown	30.18	13.72	+16.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNXT vs. ASHS - Sharpe Ratio Comparison

The current CNXT Sharpe Ratio is 3.92, which is higher than the ASHS Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of CNXT and ASHS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CNXT	ASHS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.92	2.57	+1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.15	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.13	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.19	+0.03

Drawdowns

CNXT vs. ASHS - Drawdown Comparison

The maximum CNXT drawdown since its inception was -68.98%, roughly equal to the maximum ASHS drawdown of -69.90%. Use the drawdown chart below to compare losses from any high point for CNXT and ASHS.

Drawdown Indicators

	CNXT	ASHS	Difference
Max Drawdown Largest peak-to-trough decline	-68.98%	-69.90%	+0.92%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-14.03%	+1.82%
Max Drawdown (3Y) Largest decline over 3 years	-48.60%	-34.13%	-14.47%
Max Drawdown (5Y) Largest decline over 5 years	-61.21%	-47.81%	-13.40%
Max Drawdown (10Y) Largest decline over 10 years	-63.30%	-47.81%	-15.49%
Current Drawdown Current decline from peak	-2.15%	-33.57%	+31.42%
Average Drawdown Average peak-to-trough decline	-42.94%	-48.57%	+5.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	4.21%	-0.23%

Volatility

CNXT vs. ASHS - Volatility Comparison

VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) has a higher volatility of 10.24% compared to Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) at 7.33%. This indicates that CNXT's price experiences larger fluctuations and is considered to be riskier than ASHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNXT	ASHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.24%	7.33%	+2.91%
Volatility (6M) Calculated over the trailing 6-month period	19.98%	17.00%	+2.98%
Volatility (1Y) Calculated over the trailing 1-year period	30.74%	22.59%	+8.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.27%	26.46%	+8.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.64%	25.57%	+6.07%

CNXT vs. ASHS - Expense Ratio Comparison

Both CNXT and ASHS have an expense ratio of 0.65%.

Dividends

CNXT vs. ASHS - Dividend Comparison

CNXT's dividend yield for the trailing twelve months is around 0.13%, while ASHS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	0.00%	0.00%	0.69%	0.65%	1.90%	0.76%	0.43%	0.57%	0.00%	0.00%	0.00%	8.34%
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	0.13%	0.18%	0.15%	0.00%	0.00%	9.22%	0.01%	0.45%	0.00%	0.19%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CNXT and ASHS in my portfolio?

CNXT and ASHS have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNXT or ASHS?

CNXT has higher volatility (10.24%) compared to ASHS (7.33%). In terms of maximum drawdown, CNXT dropped -68.98% vs ASHS's -69.90%.

Which ETF is better, CNXT or ASHS?

On 10-year performance, CNXT leads with 6.63% vs 3.27% for ASHS. Both ETFs have the same 0.65% expense ratio. On volatility, ASHS has been the lower-risk option at 7.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNXT or ASHS?

Over the 10-year period, CNXT has performed better with a 6.63% return vs 3.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNXT or ASHS?

CNXT and ASHS have the same expense ratio: 0.65% per year.

Which ETF pays a higher dividend yield, CNXT or ASHS?

CNXT has the higher dividend yield at 0.13%, compared with 0.00% for ASHS.

What is the main difference between CNXT and ASHS?

CNXT tracks SME-ChiNext 100 Index, while ASHS tracks CSI 500 Index. They also come from different issuers: VanEck and Deutsche Bank.

Which has better risk-adjusted returns?

CNXT currently has the higher Sharpe Ratio (3.92 vs 2.57), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.