CNYA vs. CXSE

Last updated Jun 26, 2026

CNYA (iShares MSCI China A ETF) and CXSE (WisdomTree China ex-State-Owned Enterprises Fund) are both China Equities funds - CNYA tracks the MSCI China A Inclusion Index while CXSE tracks the WisdomTree China ex-State-Owned Enterprises Index. Both are passively managed. Over the past 10 years, CNYA returned 6.74%/yr vs 7.10%/yr for CXSE. A 0.75 correlation means they provide meaningful diversification when combined. CNYA charges 0.60%/yr vs 0.32%/yr for CXSE.

Performance

CNYA vs. CXSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China A ETF (CNYA) 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, CNYA achieves a 10.91% return, which is significantly higher than CXSE's -3.41% return. Over the past 10 years, CNYA has underperformed CXSE with an annualized return of 6.74%, while CXSE has yielded a comparatively higher 7.10% annualized return.

CNYA

• 1D: 1.92%
• 1M: 1.81%
• YTD: 10.91%
• 6M: 11.36%
• 1Y: 35.33%
• 3Y*: 13.10%
• 5Y*: -0.39%
• 10Y*: 6.74%

CXSE

• 1D: 0.79%
• 1M: -4.09%
• YTD: -3.41%
• 6M: -4.78%
• 1Y: 13.70%
• 3Y*: 10.14%
• 5Y*: -9.16%
• 10Y*: 7.10%

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

CNYA vs. CXSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNYA iShares MSCI China A ETF	10.91%	26.48%	10.78%	-13.76%	-26.51%	3.53%	41.54%	35.95%	-26.56%	30.99%
CXSE WisdomTree China ex-State-Owned Enterprises Fund	-3.41%	37.00%	8.56%	-18.02%	-29.32%	-23.67%	59.39%	37.96%	-28.55%	81.50%

Correlation

The correlation between CNYA and CXSE 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	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 15, 2016	0.75

The correlation between CNYA and CXSE has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

CNYA vs. CXSE - Sectors Allocation Comparison

Sectors	CNYA	CXSE
Technology	31.7%	27.4%
Financial Services	17.6%	6.2%
Industrials	15.4%	12.7%
Basic Materials	11.2%	3.2%
Consumer Defensive	6.8%	4.0%
Consumer Cyclical	5.2%	24.6%
Healthcare	3.9%	8.6%
Utilities	3.3%	0.2%
Energy	3.1%	0.4%
Communication Services	1.3%	12.1%
Real Estate	0.6%	0.8%

Return for Risk

CNYA vs. CXSE — Risk / Return Rank

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

CNYA

CNYA Risk / Return Rank: 74
CNYA Sharpe Ratio Rank: 70
CNYA Sortino Ratio Rank: 67
CNYA Omega Ratio Rank: 67
CNYA Calmar Ratio Rank: 89
CNYA Martin Ratio Rank: 77

CXSE

CXSE Risk / Return Rank: 19
CXSE Sharpe Ratio Rank: 20
CXSE Sortino Ratio Rank: 19
CXSE Omega Ratio Rank: 19
CXSE Calmar Ratio Rank: 19
CXSE Martin Ratio Rank: 17

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.

CNYA vs. CXSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China A ETF (CNYA) 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.

	CNYA	CXSE	Difference
Sharpe ratio: Return per unit of total volatility	1.94	0.63	+1.30
Sortino ratio: Return per unit of downside risk	2.66	1.01	+1.65
Omega ratio: Gain probability vs. loss probability	1.35	1.13	+0.22
Calmar ratio: Return relative to maximum drawdown	4.68	0.78	+3.90
Martin ratio: Return relative to average drawdown	12.82	1.53	+11.29

CNYA vs. CXSE - Sharpe Ratio Comparison

The current CNYA Sharpe Ratio is 1.94, which is higher than the CXSE Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of CNYA 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

CNYA vs. CXSE - Drawdown Comparison

The maximum CNYA drawdown since its inception was -49.49%, smaller than the maximum CXSE drawdown of -70.01%. Use the drawdown chart below to compare losses from any high point for CNYA and CXSE.

Drawdown Indicators

	CNYA	CXSE	Difference
Max Drawdown Largest peak-to-trough decline	-49.49%	-70.01%	+20.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.59%	-17.70%	+10.11%
Max Drawdown (3Y) Largest decline over 3 years	-33.35%	-32.12%	-1.23%
Max Drawdown (5Y) Largest decline over 5 years	-44.65%	-64.47%	+19.82%
Max Drawdown (10Y) Largest decline over 10 years	-49.49%	-70.01%	+20.52%
Current Drawdown Current decline from peak	-12.14%	-48.33%	+36.19%
Average Drawdown Average peak-to-trough decline	-20.64%	-27.91%	+7.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	9.00%	-6.24%

Volatility

CNYA vs. CXSE - Volatility Comparison

iShares MSCI China A ETF (CNYA) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE) have volatilities of 7.38% and 7.23%, 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.

Volatility by Period

	CNYA	CXSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.38%	7.23%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	15.57%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	18.33%	21.68%	-3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.92%	32.36%	-8.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.52%	28.73%	-5.21%

CNYA vs. CXSE - Expense Ratio Comparison

CNYA has a 0.60% expense ratio, which is higher than CXSE's 0.32% expense ratio.

Dividends

CNYA vs. CXSE - Dividend Comparison

CNYA's dividend yield for the trailing twelve months is around 1.69%, more than CXSE's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNYA iShares MSCI China A ETF	1.69%	1.92%	2.51%	4.23%	2.69%	1.11%	1.06%	1.21%	3.92%	0.97%	1.38%	0.00%
CXSE WisdomTree China ex-State-Owned Enterprises Fund	1.50%	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 CNYA and CXSE in my portfolio?

CNYA and CXSE 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, CNYA or CXSE?

CNYA has higher volatility (7.38%) compared to CXSE (7.23%). In terms of maximum drawdown, CNYA dropped -49.49% vs CXSE's -70.01%.

Which ETF is better, CNYA or CXSE?

On 10-year performance, CXSE leads with 7.10% vs 6.74% for CNYA. On fees, CXSE is cheaper at 0.32% per year. On volatility, CXSE has been the lower-risk option at 7.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNYA or CXSE?

Over the 10-year period, CXSE has performed better with a 7.10% return vs 6.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNYA or CXSE?

CXSE is cheaper with a 0.32% expense ratio, compared with 0.60% for CNYA.

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

CNYA has the higher dividend yield at 1.69%, compared with 1.50% for CXSE.

What is the main difference between CNYA and CXSE?

CNYA tracks MSCI China A Inclusion Index, while CXSE tracks WisdomTree China ex-State-Owned Enterprises Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.60% for CNYA and 0.32% for CXSE.

Which has better risk-adjusted returns?

CNYA currently has the higher Sharpe Ratio (1.94 vs 0.63), 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.