CNYA vs. DRGN
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 Artificial Intelligence fund tracking the BITA China Generative AI Select Index. Both are passively managed. Over the past year, CNYA returned 20.44% vs 34.60% for DRGN. Their 0.71 correlation means they have sometimes moved together and sometimes differently. CNYA charges 0.60%/yr vs 0.39%/yr for DRGN.
Performance
CNYA vs. DRGN - Performance Comparison
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Returns By Period
In the year-to-date period, CNYA achieves a 1.42% return, which is significantly lower than DRGN's 8.71% return.
CNYA
- 1D
- -0.48%
- 1M
- -4.50%
- 6M
- 1.02%
- YTD
- 1.42%
- 1Y
- 20.44%
- 3Y*
- 7.23%
- 5Y*
- -1.55%
- 10Y*
- 5.24%
- ALL TIME*
- 5.58%
DRGN
- 1D
- -0.02%
- 1M
- -0.13%
- 6M
- -0.73%
- YTD
- 8.71%
- 1Y
- 34.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 35.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.46M | $2.43M | $4.11M | |
| $403.33K | $404.08K | $565.01K |
CNYA vs. DRGN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CNYA iShares MSCI China A ETF | 1.42% | 19.57% |
DRGN Themes China Generative Artificial Intelligence ETF | 8.71% | 26.96% |
Correlation
The correlation between CNYA and DRGN is 0.74, 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. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025 | 0.71 |
The correlation between CNYA and DRGN has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.
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Return for Risk
CNYA vs. DRGN — Risk / Return Rank
CNYA
DRGN
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.
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 | DRGN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.18 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 1.67 | +0.31 |
| Martin ratioReturn relative to average drawdown | 5.71 | 3.32 | +2.40 |
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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.
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Drawdown Indicators
| CNYA | DRGN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.49% | -20.86% | -28.63% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -20.86% | +10.49% |
Max Drawdown (3Y)Largest decline over 3 years | -33.35% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -44.65% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -49.49% | — | — |
Current DrawdownCurrent decline from peak | -19.65% | -13.31% | -6.34% |
Average DrawdownAverage peak-to-trough decline | -20.61% | -8.41% | -12.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.58% | 10.46% | -6.88% |
Volatility
CNYA vs. DRGN - Volatility Comparison
The current volatility for iShares MSCI China A ETF (CNYA) is 8.01%, while Themes China Generative Artificial Intelligence ETF (DRGN) has a volatility of 11.95%. This indicates that CNYA experiences smaller price fluctuations and is considered to be less risky than DRGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNYA | DRGN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.01% | 11.95% | -3.94% |
Volatility (6M)Calculated over the trailing 6-month period | 15.84% | 25.81% | -9.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.22% | 36.59% | -16.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.88% | 35.96% | -12.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.63% | 35.96% | -12.33% |
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 1.85%, more than DRGN's 1.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CNYA iShares MSCI China A ETF | 1.85% | 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 | 1.12% | 1.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CNYA and DRGN have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRGN has higher volatility (11.95%) compared to CNYA (8.01%). In terms of maximum drawdown, CNYA dropped -49.49% vs DRGN's -20.86%.
On 1-year performance, DRGN leads with 34.60% vs 20.44% for CNYA. On fees, DRGN is cheaper at 0.39% per year. On volatility, CNYA has been the lower-risk option at 8.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DRGN has performed better with a 34.60% return vs 20.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRGN is cheaper with a 0.39% expense ratio, compared with 0.60% for CNYA.
CNYA has the higher dividend yield at 1.85%, compared with 1.12% for DRGN.
CNYA is categorized as China Equities, while DRGN is Artificial Intelligence. 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.
CNYA currently has the higher Sharpe Ratio (1.02 vs 0.95), 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.
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