CNYA.L vs. XCHA.L
CNYA.L (iShares MSCI China A UCITS ETF USD (Acc)) and XCHA.L (Xtrackers CSI 300 Swap UCITS ETF 1C) are both China Equities funds - CNYA.L tracks the MSCI China A Inclusion Index (Net) while XCHA.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 10 years, CNYA.L returned 5.34%/yr vs 8.65%/yr for XCHA.L. Their correlation of 0.94 suggests significant overlap in exposure. CNYA.L charges 0.40%/yr vs 0.50%/yr for XCHA.L.
Performance
CNYA.L vs. XCHA.L - Performance Comparison
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Returns By Period
In the year-to-date period, CNYA.L achieves a 4.12% return, which is significantly lower than XCHA.L's 9.79% return. Over the past 10 years, CNYA.L has underperformed XCHA.L with an annualized return of 5.34%, while XCHA.L has yielded a comparatively higher 8.65% annualized return.
CNYA.L
- 1D
- -2.16%
- 1M
- -4.94%
- 6M
- 0.97%
- YTD
- 4.12%
- 1Y
- 25.16%
- 3Y*
- 9.63%
- 5Y*
- -1.29%
- 10Y*
- 5.34%
XCHA.L
- 1D
- -0.23%
- 1M
- -1.60%
- 6M
- 7.00%
- YTD
- 9.79%
- 1Y
- 33.96%
- 3Y*
- 14.18%
- 5Y*
- 2.69%
- 10Y*
- 8.65%
CNYA.L vs. XCHA.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) | 4.12% | 26.26% | 11.19% | -14.20% | -26.19% | 3.18% | 42.31% | 34.76% | -26.13% | 30.21% |
XCHA.L Xtrackers CSI 300 Swap UCITS ETF 1C | 9.79% | 30.11% | 16.00% | -11.00% | -24.25% | 3.24% | 45.85% | 40.57% | -24.26% | 35.21% |
Correlation
The correlation between CNYA.L and XCHA.L is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2015 | 0.94 |
The correlation between CNYA.L and XCHA.L has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
CNYA.L vs. XCHA.L — Risk / Return Rank
CNYA.L
XCHA.L
CNYA.L vs. XCHA.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 Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.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 | XCHA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.32 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | 4.82 | -1.69 |
| Martin ratioReturn relative to average drawdown | 8.30 | 13.29 | -4.99 |
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Drawdowns
CNYA.L vs. XCHA.L - Drawdown Comparison
The maximum CNYA.L drawdown since its inception was -52.23%, roughly equal to the maximum XCHA.L drawdown of -50.90%. Use the drawdown chart below to compare losses from any high point for CNYA.L and XCHA.L.
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Drawdown Indicators
| CNYA.L | XCHA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.23% | -50.90% | -1.33% |
Max Drawdown (1Y)Largest decline over 1 year | -8.00% | -7.02% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -27.99% | -26.85% | -1.14% |
Max Drawdown (5Y)Largest decline over 5 years | -44.56% | -39.75% | -4.81% |
Max Drawdown (10Y)Largest decline over 10 years | -49.31% | -44.89% | -4.42% |
Current DrawdownCurrent decline from peak | -17.02% | -4.94% | -12.08% |
Average DrawdownAverage peak-to-trough decline | -32.14% | -24.00% | -8.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 2.55% | +0.47% |
Volatility
CNYA.L vs. XCHA.L - Volatility Comparison
iShares MSCI China A UCITS ETF USD (Acc) (CNYA.L) and Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.L) have volatilities of 8.85% and 8.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNYA.L | XCHA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.85% | 8.65% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 15.06% | 14.40% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.35% | 18.83% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.90% | 22.62% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.89% | 22.77% | +0.12% |
CNYA.L vs. XCHA.L - Expense Ratio Comparison
CNYA.L has a 0.40% expense ratio, which is lower than XCHA.L's 0.50% expense ratio.
Dividends
CNYA.L vs. XCHA.L - Dividend Comparison
Neither CNYA.L nor XCHA.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, CNYA.L and XCHA.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, CNYA.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNYA.L is cheaper with a 0.40% expense ratio, compared with 0.50% for XCHA.L.
CNYA.L tracks MSCI China A Inclusion Index (Net), while XCHA.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.40% for CNYA.L and 0.50% for XCHA.L.
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