CNYA.L vs. CNAA.L
CNYA.L (iShares MSCI China A UCITS ETF USD (Acc)) and CNAA.L (Lyxor Fortune SG UCITS MSCI China A DR) are both China Equities funds - CNYA.L tracks the MSCI China A Inclusion Index (Net) while CNAA.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 10 years, CNYA.L returned 5.05%/yr vs 4.25%/yr for CNAA.L. With a 0.95 correlation, they move nearly in lockstep. CNYA.L charges 0.40%/yr vs 0.35%/yr for CNAA.L.
Performance
CNYA.L vs. CNAA.L - Performance Comparison
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Returns By Period
In the year-to-date period, CNYA.L achieves a 0.69% return, which is significantly lower than CNAA.L's 4.27% return. Over the past 10 years, CNYA.L has outperformed CNAA.L with an annualized return of 5.05%, while CNAA.L has yielded a comparatively lower 4.25% annualized return.
CNYA.L
- 1D
- -3.49%
- 1M
- -8.65%
- 6M
- -2.19%
- YTD
- 0.69%
- 1Y
- 20.29%
- 3Y*
- 8.65%
- 5Y*
- -1.95%
- 10Y*
- 5.05%
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%
CNYA.L vs. CNAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CNYA.L iShares MSCI China A UCITS ETF USD (Acc) | 0.69% | 26.26% | 11.19% | -14.20% | -26.19% | 3.18% | 42.31% | 34.76% | -26.13% | 30.21% |
CNAA.L Lyxor Fortune SG UCITS MSCI China A DR | 4.27% | 26.12% | 10.92% | -14.19% | -25.98% | 3.21% | 42.78% | 36.86% | -30.39% | 22.14% |
Correlation
The correlation between CNYA.L and CNAA.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 (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2015 | 0.95 |
The correlation between CNYA.L and CNAA.L has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
CNYA.L vs. CNAA.L — Risk / Return Rank
CNYA.L
CNAA.L
CNYA.L vs. CNAA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China A UCITS ETF USD (Acc) (CNYA.L) and Lyxor Fortune SG UCITS MSCI China A DR (CNAA.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.
| CNYA.L | CNAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.24 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 3.17 | -1.33 |
| Martin ratioReturn relative to average drawdown | 6.53 | 8.38 | -1.85 |
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Drawdowns
CNYA.L vs. CNAA.L - Drawdown Comparison
The maximum CNYA.L drawdown since its inception was -52.23%, smaller than the maximum CNAA.L drawdown of -56.07%. Use the drawdown chart below to compare losses from any high point for CNYA.L and CNAA.L.
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Drawdown Indicators
| CNYA.L | CNAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.23% | -56.07% | +3.84% |
Max Drawdown (1Y)Largest decline over 1 year | -11.03% | -8.01% | -3.02% |
Max Drawdown (3Y)Largest decline over 3 years | -27.99% | -28.67% | +0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -44.56% | -44.54% | -0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -49.31% | -49.66% | +0.35% |
Current DrawdownCurrent decline from peak | -19.75% | -17.89% | -1.86% |
Average DrawdownAverage peak-to-trough decline | -32.14% | -32.77% | +0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 3.03% | +0.07% |
Volatility
CNYA.L vs. CNAA.L - Volatility Comparison
iShares MSCI China A UCITS ETF USD (Acc) (CNYA.L) has a higher volatility of 9.39% compared to Lyxor Fortune SG UCITS MSCI China A DR (CNAA.L) at 8.82%. This indicates that CNYA.L's price experiences larger fluctuations and is considered to be riskier than CNAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNYA.L | CNAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.39% | 8.82% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 15.41% | 14.97% | +0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.65% | 19.23% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.95% | 22.75% | +0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.92% | 22.59% | +0.33% |
CNYA.L vs. CNAA.L - Expense Ratio Comparison
CNYA.L has a 0.40% expense ratio, which is higher than CNAA.L's 0.35% expense ratio.
Dividends
CNYA.L vs. CNAA.L - Dividend Comparison
Neither CNYA.L nor CNAA.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, CNYA.L and CNAA.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.
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 0.40% for CNYA.L.
CNYA.L tracks MSCI China A Inclusion Index (Net), while CNAA.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.40% for CNYA.L and 0.35% for CNAA.L.
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