CNXT vs. CXSE

Last updated Aug 2, 2026

CNXT (VanEck ChiNext Innovators ETF) and CXSE (WisdomTree China ex-State-Owned Enterprises Fund) are both China Equities funds - CNXT tracks the ChiNext Index while CXSE tracks the WisdomTree China ex-State-Owned Enterprises Index. Both are passively managed. Over the past 10 years, CNXT returned 5.01%/yr vs 6.56%/yr for CXSE. Their 0.65 correlation means they have sometimes moved together and sometimes differently. CNXT charges 0.65%/yr vs 0.32%/yr for CXSE.

Performance

CNXT vs. CXSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck ChiNext Innovators ETF (CNXT) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNXT achieves a 9.28% return, which is significantly higher than CXSE's -4.21% return. Over the past 10 years, CNXT has underperformed CXSE with an annualized return of 5.01%, while CXSE has yielded a comparatively higher 6.56% annualized return.

CNXT

• 1D: 0.53%
• 1M: -15.61%
• 6M: 3.55%
• YTD: 9.28%
• 1Y: 56.49%
• 3Y*: 18.90%
• 5Y*: -0.07%
• 10Y*: 5.01%
• ALL TIME*: 6.44%

CXSE

• 1D: 0.93%
• 1M: 1.69%
• 6M: -6.95%
• YTD: -4.21%
• 1Y: 6.61%
• 3Y*: 6.01%
• 5Y*: -6.44%
• 10Y*: 6.56%
• ALL TIME*: 4.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CNXT VanEck ChiNext Innovators ETF	$3.43M	$5.58M	$7.74M
CXSE WisdomTree China ex-State-Owned Enterprises Fund	$1.97M	$1.28M	$1.14M

CNXT vs. CXSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNXT VanEck ChiNext Innovators ETF	9.28%	59.31%	12.42%	-21.47%	-35.58%	8.78%	63.30%	42.66%	-39.48%	20.19%
CXSE WisdomTree China ex-State-Owned Enterprises Fund	-4.21%	37.00%	8.56%	-18.02%	-29.32%	-23.67%	59.39%	37.96%	-28.55%	81.50%

Correlation

The correlation between CNXT and CXSE is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Jul 24, 2014	0.65

The correlation between CNXT and CXSE shifts across timeframes, from 0.65 (all time) to 0.80 (3 years), reflecting how their relationship changes across market environments.

CNXT vs. CXSE - Sectors Allocation Comparison

Sectors	CNXT	CXSE
Technology	53.5%	31.4%
Industrials	27.0%	12.6%
Healthcare	5.0%	8.8%
Basic Materials	4.5%	2.9%
Financial Services	4.1%	5.8%
Consumer Defensive	1.8%	3.7%
Communication Services	0.9%	12.2%
Consumer Cyclical	0.7%	21.7%
Energy	-	0.4%
Real Estate	-	0.7%
Utilities	-	0.2%

Return for Risk

CNXT vs. CXSE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CNXT

CNXT Risk / Return Rank: 67
CNXT Sharpe Ratio Rank: 67
CNXT Sortino Ratio Rank: 64
CNXT Omega Ratio Rank: 63
CNXT Calmar Ratio Rank: 68
CNXT Martin Ratio Rank: 71

CXSE

CXSE Risk / Return Rank: 15
CXSE Sharpe Ratio Rank: 16
CXSE Sortino Ratio Rank: 16
CXSE Omega Ratio Rank: 15
CXSE Calmar Ratio Rank: 16
CXSE Martin Ratio Rank: 14

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CNXT vs. CXSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck ChiNext Innovators ETF (CNXT) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). 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.

	CNXT	CXSE	Difference
Sharpe ratio: Return per unit of total volatility	1.54	0.22	+1.32
Sortino ratio: Return per unit of downside risk	2.14	0.46	+1.67
Omega ratio: Gain probability vs. loss probability	1.27	1.06	+0.21
Calmar ratio: Return relative to maximum drawdown	2.34	0.28	+2.06
Martin ratio: Return relative to average drawdown	8.69	0.49	+8.19

CNXT vs. CXSE - Sharpe Ratio Comparison

The current CNXT Sharpe Ratio is 1.54, which is higher than the CXSE Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of CNXT and CXSE, 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

CNXT vs. CXSE - Drawdown Comparison

The maximum CNXT drawdown since its inception was -68.98%, roughly equal to the maximum CXSE drawdown of -70.01%. Use the drawdown chart below to compare losses from any high point for CNXT and CXSE.

Drawdown Indicators

	CNXT	CXSE	Difference
Max Drawdown Largest peak-to-trough decline	-68.98%	-70.01%	+1.03%
Max Drawdown (1Y) Largest decline over 1 year	-24.23%	-17.70%	-6.53%
Max Drawdown (3Y) Largest decline over 3 years	-48.60%	-29.83%	-18.77%
Max Drawdown (5Y) Largest decline over 5 years	-61.21%	-58.78%	-2.43%
Max Drawdown (10Y) Largest decline over 10 years	-63.30%	-70.01%	+6.71%
Current Drawdown Current decline from peak	-23.36%	-48.76%	+25.40%
Average Drawdown Average peak-to-trough decline	-42.50%	-28.06%	-14.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	10.14%	-3.63%

Volatility

CNXT vs. CXSE - Volatility Comparison

VanEck ChiNext Innovators ETF (CNXT) has a higher volatility of 17.27% compared to WisdomTree China ex-State-Owned Enterprises Fund (CXSE) at 7.62%. This indicates that CNXT's price experiences larger fluctuations and is considered to be riskier than CXSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNXT	CXSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.27%	7.62%	+9.65%
Volatility (6M) Calculated over the trailing 6-month period	28.27%	16.22%	+12.05%
Volatility (1Y) Calculated over the trailing 1-year period	36.85%	22.60%	+14.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.09%	32.02%	+4.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.23%	28.79%	+3.44%

CNXT vs. CXSE - Expense Ratio Comparison

CNXT has a 0.65% expense ratio, which is higher than CXSE's 0.32% expense ratio.

Dividends

CNXT vs. CXSE - Dividend Comparison

CNXT's dividend yield for the trailing twelve months is around 0.16%, less than CXSE's 1.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNXT VanEck ChiNext Innovators ETF	0.16%	0.18%	0.15%	0.00%	0.00%	9.22%	0.01%	0.45%	0.00%	0.19%	0.00%	0.00%
CXSE WisdomTree China ex-State-Owned Enterprises Fund	1.51%	1.95%	1.70%	1.71%	1.55%	0.86%	0.54%	0.96%	1.49%	1.24%	1.39%	2.50%

Frequently Asked Questions

Can I hold both CNXT and CXSE in my portfolio?

CNXT and CXSE have a correlation of 0.80, 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 CXSE?

CNXT has higher volatility (17.27%) compared to CXSE (7.62%). In terms of maximum drawdown, CNXT dropped -68.98% vs CXSE's -70.01%.

Which ETF is better, CNXT or CXSE?

On 10-year performance, CXSE leads with 6.56% vs 5.01% for CNXT. On fees, CXSE is cheaper at 0.32% per year. On volatility, CXSE has been the lower-risk option at 7.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNXT or CXSE?

Over the 10-year period, CXSE has performed better with a 6.56% return vs 5.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNXT or CXSE?

CXSE is cheaper with a 0.32% expense ratio, compared with 0.65% for CNXT.

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

CXSE has the higher dividend yield at 1.51%, compared with 0.16% for CNXT.

What is the main difference between CNXT and CXSE?

CNXT tracks ChiNext Index, while CXSE tracks WisdomTree China ex-State-Owned Enterprises Index. They also come from different issuers: VanEck and WisdomTree. Their fees differ too: 0.65% for CNXT and 0.32% for CXSE.

Which has better risk-adjusted returns?

CNXT currently has the higher Sharpe Ratio (1.54 vs 0.22), 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.