CNYA vs. FLCH

Last updated Jun 23, 2026

CNYA (iShares MSCI China A ETF) and FLCH (Franklin FTSE China ETF) are both China Equities funds - CNYA tracks the MSCI China A Inclusion Index while FLCH tracks the FTSE China RIC Capped Index. Both are passively managed. Over the past 5 years, CNYA returned 0.25%/yr vs -5.32%/yr for FLCH. A 0.76 correlation means they provide meaningful diversification when combined. CNYA charges 0.60%/yr vs 0.19%/yr for FLCH.

Performance

CNYA vs. FLCH - Performance Comparison

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

Returns By Period

In the year-to-date period, CNYA achieves a 12.12% return, which is significantly higher than FLCH's -10.49% return.

CNYA

• 1D: 2.38%
• 1M: 4.73%
• YTD: 12.12%
• 6M: 13.24%
• 1Y: 41.13%
• 3Y*: 13.23%
• 5Y*: 0.25%
• 10Y*: 6.81%

FLCH

• 1D: 0.30%
• 1M: -3.87%
• YTD: -10.49%
• 6M: -11.51%
• 1Y: 2.54%
• 3Y*: 9.67%
• 5Y*: -5.32%
• 10Y*: —

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

CNYA vs. FLCH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNYA iShares MSCI China A ETF	12.12%	26.48%	10.78%	-13.76%	-26.51%	3.53%	41.54%	35.95%	-26.56%	2.64%
FLCH Franklin FTSE China ETF	-10.49%	32.55%	18.00%	-11.21%	-22.74%	-20.87%	30.09%	24.32%	-19.52%	1.51%

Correlation

The correlation between CNYA and FLCH 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 (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.76

The correlation between CNYA and FLCH has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

CNYA vs. FLCH - Sectors Allocation Comparison

Sectors	CNYA	FLCH
Technology	31.7%	16.8%
Financial Services	17.6%	14.4%
Industrials	15.4%	15.5%
Basic Materials	11.2%	6.0%
Consumer Defensive	6.8%	1.2%
Consumer Cyclical	5.2%	25.5%
Healthcare	3.9%	2.1%
Utilities	3.3%	2.0%
Energy	3.1%	12.6%
Communication Services	1.3%	2.1%
Real Estate	0.6%	1.6%

Return for Risk

CNYA vs. FLCH — Risk / Return Rank

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

CNYA

CNYA Risk / Return Rank: 77
CNYA Sharpe Ratio Rank: 74
CNYA Sortino Ratio Rank: 72
CNYA Omega Ratio Rank: 71
CNYA Calmar Ratio Rank: 91
CNYA Martin Ratio Rank: 79

FLCH

FLCH Risk / Return Rank: 10
FLCH Sharpe Ratio Rank: 10
FLCH Sortino Ratio Rank: 10
FLCH Omega Ratio Rank: 10
FLCH Calmar Ratio Rank: 10
FLCH Martin Ratio Rank: 10

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. FLCH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China A ETF (CNYA) and Franklin FTSE China ETF (FLCH). 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	FLCH	Difference
Sharpe ratio: Return per unit of total volatility	2.29	0.13	+2.15
Sortino ratio: Return per unit of downside risk	3.09	0.32	+2.77
Omega ratio: Gain probability vs. loss probability	1.41	1.04	+0.37
Calmar ratio: Return relative to maximum drawdown	5.44	0.14	+5.30
Martin ratio: Return relative to average drawdown	14.99	0.31	+14.68

CNYA vs. FLCH - Sharpe Ratio Comparison

The current CNYA Sharpe Ratio is 2.29, which is higher than the FLCH Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of CNYA and FLCH, 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. FLCH - Drawdown Comparison

The maximum CNYA drawdown since its inception was -49.49%, smaller than the maximum FLCH drawdown of -62.09%. Use the drawdown chart below to compare losses from any high point for CNYA and FLCH.

Drawdown Indicators

	CNYA	FLCH	Difference
Max Drawdown Largest peak-to-trough decline	-49.49%	-62.09%	+12.60%
Max Drawdown (1Y) Largest decline over 1 year	-7.59%	-18.29%	+10.70%
Max Drawdown (3Y) Largest decline over 3 years	-33.35%	-25.43%	-7.92%
Max Drawdown (5Y) Largest decline over 5 years	-44.65%	-55.78%	+11.13%
Max Drawdown (10Y) Largest decline over 10 years	-49.49%	—	—
Current Drawdown Current decline from peak	-11.18%	-36.90%	+25.72%
Average Drawdown Average peak-to-trough decline	-20.65%	-30.55%	+9.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	8.23%	-5.48%

Volatility

CNYA vs. FLCH - Volatility Comparison

iShares MSCI China A ETF (CNYA) has a higher volatility of 6.78% compared to Franklin FTSE China ETF (FLCH) at 5.46%. This indicates that CNYA's price experiences larger fluctuations and is considered to be riskier than FLCH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNYA	FLCH	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.78%	5.46%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	13.22%	13.98%	-0.76%
Volatility (1Y) Calculated over the trailing 1-year period	18.11%	19.37%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.88%	29.63%	-5.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.51%	27.86%	-4.35%

CNYA vs. FLCH - Expense Ratio Comparison

CNYA has a 0.60% expense ratio, which is higher than FLCH's 0.19% expense ratio.

Dividends

CNYA vs. FLCH - Dividend Comparison

CNYA's dividend yield for the trailing twelve months is around 1.68%, less than FLCH's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CNYA iShares MSCI China A ETF	1.68%	1.92%	2.51%	4.23%	2.69%	1.11%	1.06%	1.21%	3.92%	0.97%	1.38%
FLCH Franklin FTSE China ETF	1.73%	2.36%	2.87%	3.47%	2.69%	1.48%	0.91%	1.98%	1.92%	0.01%	0.00%

Frequently Asked Questions

Can I hold both CNYA and FLCH in my portfolio?

CNYA and FLCH 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 is riskier, CNYA or FLCH?

CNYA has higher volatility (6.78%) compared to FLCH (5.46%). In terms of maximum drawdown, CNYA dropped -49.49% vs FLCH's -62.09%.

Which ETF is better, CNYA or FLCH?

On 5-year performance, CNYA leads with 0.25% vs -5.32% for FLCH. On fees, FLCH is cheaper at 0.19% per year. On volatility, FLCH has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNYA or FLCH?

Over the 5-year period, CNYA has performed better with a 0.25% return vs -5.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNYA or FLCH?

FLCH is cheaper with a 0.19% expense ratio, compared with 0.60% for CNYA.

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

FLCH has the higher dividend yield at 1.73%, compared with 1.68% for CNYA.

What is the main difference between CNYA and FLCH?

CNYA tracks MSCI China A Inclusion Index, while FLCH tracks FTSE China RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.60% for CNYA and 0.19% for FLCH.

Which has better risk-adjusted returns?

CNYA currently has the higher Sharpe Ratio (2.29 vs 0.13), 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.