CNYA vs. DRGN

Last updated Jun 4, 2026

CNYA (iShares MSCI China A ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - CNYA is a China Equities fund tracking the MSCI China A Inclusion Index, while DRGN is a Technology Equities fund tracking the BITA China Generative AI Select Index. Both are passively managed. A 0.70 correlation means they provide meaningful diversification when combined. CNYA charges 0.60%/yr vs 0.39%/yr for DRGN.

Performance

CNYA vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China A ETF (CNYA) and Themes China Generative Artificial Intelligence ETF (DRGN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNYA achieves a 9.30% return, which is significantly lower than DRGN's 16.56% return.

CNYA

• 1D: 0.04%
• 1M: 2.34%
• YTD: 9.30%
• 6M: 13.79%
• 1Y: 37.95%
• 3Y*: 11.00%
• 5Y*: -1.06%
• 10Y*: —

DRGN

• 1D: 0.42%
• 1M: 5.53%
• YTD: 16.56%
• 6M: 18.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CNYA vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
CNYA iShares MSCI China A ETF	9.30%	20.00%
DRGN Themes China Generative Artificial Intelligence ETF	16.56%	26.41%

Correlation

The correlation between CNYA and DRGN is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.70

Return for Risk

CNYA vs. DRGN — Risk / Return Rank

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

CNYA

CNYA Risk / Return Rank: 71
CNYA Sharpe Ratio Rank: 65
CNYA Sortino Ratio Rank: 64
CNYA Omega Ratio Rank: 64
CNYA Calmar Ratio Rank: 87
CNYA Martin Ratio Rank: 76

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. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China A ETF (CNYA) and Themes China Generative Artificial Intelligence ETF (DRGN). 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.

	CNYA	DRGN	Difference
Sharpe ratio Return per unit of total volatility	2.20	—	—
Sortino ratio Return per unit of downside risk	3.02	—	—
Omega ratio Gain probability vs. loss probability	1.40	—	—
Calmar ratio Return relative to maximum drawdown	5.02	—	—
Martin ratio Return relative to average drawdown	14.84	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CNYA	DRGN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	1.58	-1.31

Drawdowns

CNYA vs. DRGN - Drawdown Comparison

The maximum CNYA drawdown since its inception was -49.49%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for CNYA and DRGN.

Drawdown Indicators

	CNYA	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-49.49%	-20.86%	-28.63%
Max Drawdown (1Y) Largest decline over 1 year	-7.59%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-33.35%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-44.70%	—	—
Current Drawdown Current decline from peak	-13.42%	-7.05%	-6.37%
Average Drawdown Average peak-to-trough decline	-20.69%	-7.93%	-12.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	—	—

Volatility

Volatility by Period

	CNYA	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.42%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.32%	34.85%	-17.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.81%	34.85%	-11.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.56%	34.85%	-11.29%

CNYA vs. DRGN - Expense Ratio Comparison

CNYA has a 0.60% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

CNYA vs. DRGN - Dividend Comparison

CNYA's dividend yield for the trailing twelve months is around 1.75%, more than DRGN's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CNYA iShares MSCI China A ETF	1.75%	1.92%	2.51%	4.23%	2.69%	1.11%	1.06%	1.21%	3.92%	0.97%	1.38%
DRGN Themes China Generative Artificial Intelligence ETF	1.04%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CNYA and DRGN in my portfolio?

CNYA and DRGN have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CNYA or DRGN?

On fees, DRGN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CNYA or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.60% for CNYA.

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

CNYA has the higher dividend yield at 1.75%, compared with 1.04% for DRGN.

What is the main difference between CNYA and DRGN?

CNYA is categorized as China Equities, while DRGN is Technology Equities. CNYA tracks MSCI China A Inclusion Index, while DRGN tracks BITA China Generative AI Select Index. They also come from different issuers: iShares and Themes. Their fees differ too: 0.60% for CNYA and 0.39% for DRGN.