CNYA vs. IAK

Last updated Aug 2, 2026

CNYA (iShares MSCI China A ETF) and IAK (iShares U.S. Insurance ETF) are both exchange-traded funds - CNYA is a China Equities fund tracking the MSCI China A Inclusion Index, while IAK is a Financials Equities fund tracking the Dow Jones U.S. Select Insurance Index. Both are passively managed. Over the past 10 years, CNYA returned 5.37%/yr vs 13.45%/yr for IAK. Their 0.19 correlation means their historical movements had little consistent relationship. CNYA charges 0.60%/yr vs 0.38%/yr for IAK.

Performance

CNYA vs. IAK - Performance Comparison

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

Returns By Period

In the year-to-date period, CNYA achieves a 1.92% return, which is significantly lower than IAK's 10.07% return. Over the past 10 years, CNYA has underperformed IAK with an annualized return of 5.37%, while IAK has yielded a comparatively higher 13.45% annualized return.

CNYA

• 1D: 0.03%
• 1M: -4.04%
• 6M: 0.38%
• YTD: 1.92%
• 1Y: 21.02%
• 3Y*: 7.65%
• 5Y*: -0.99%
• 10Y*: 5.37%
• ALL TIME*: 5.64%

IAK

• 1D: -0.31%
• 1M: -0.06%
• 6M: 12.67%
• YTD: 10.07%
• 1Y: 19.63%
• 3Y*: 19.72%
• 5Y*: 15.95%
• 10Y*: 13.45%
• ALL TIME*: 7.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CNYA iShares MSCI China A ETF	$1.58M	$2.45M	$4.18M
IAK iShares U.S. Insurance ETF	$14.76M	$20.90M	$11.89M

CNYA vs. IAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNYA iShares MSCI China A ETF	1.92%	26.48%	10.78%	-13.76%	-26.51%	3.53%	41.54%	35.95%	-26.56%	30.99%
IAK iShares U.S. Insurance ETF	10.07%	9.50%	28.25%	11.28%	11.33%	26.84%	-2.86%	25.94%	-11.48%	14.18%

Correlation

The correlation between CNYA and IAK is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.21
Correlation (3Y) Balances recent behavior with more history.	-0.06
Correlation (5Y) Shows whether the relationship held over a longer period.	0.06
Correlation (10Y) Provides a long-term view across more market conditions.	0.19
Correlation (All Time) Calculated using the full available price history since Jun 15, 2016	0.19

The correlation between CNYA and IAK shifts across timeframes, from -0.21 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

CNYA vs. IAK - Sectors Allocation Comparison

Sectors	CNYA	IAK
Technology	37.3%	-
Financial Services	16.8%	99.3%
Industrials	14.2%	-
Basic Materials	10.7%	-
Consumer Defensive	5.8%	-
Consumer Cyclical	4.3%	-
Healthcare	3.8%	0.7%
Utilities	2.9%	-
Energy	2.6%	-
Communication Services	1.1%	-
Real Estate	0.5%	-

Return for Risk

CNYA vs. IAK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CNYA

CNYA Risk / Return Rank: 46
CNYA Sharpe Ratio Rank: 42
CNYA Sortino Ratio Rank: 41
CNYA Omega Ratio Rank: 41
CNYA Calmar Ratio Rank: 57
CNYA Martin Ratio Rank: 51

IAK

IAK Risk / Return Rank: 53
IAK Sharpe Ratio Rank: 48
IAK Sortino Ratio Rank: 48
IAK Omega Ratio Rank: 45
IAK Calmar Ratio Rank: 71
IAK Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CNYA vs. IAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China A ETF (CNYA) and iShares U.S. Insurance ETF (IAK). 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	IAK	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.17	-0.14
Sortino ratio: Return per unit of downside risk	1.51	1.72	-0.21
Omega ratio: Gain probability vs. loss probability	1.19	1.21	-0.02
Calmar ratio: Return relative to maximum drawdown	2.00	2.45	-0.45
Martin ratio: Return relative to average drawdown	5.87	5.96	-0.09

CNYA vs. IAK - Sharpe Ratio Comparison

The current CNYA Sharpe Ratio is 1.03, which is comparable to the IAK Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of CNYA and IAK, 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. IAK - Drawdown Comparison

The maximum CNYA drawdown since its inception was -49.49%, smaller than the maximum IAK drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for CNYA and IAK.

Drawdown Indicators

	CNYA	IAK	Difference
Max Drawdown Largest peak-to-trough decline	-49.49%	-77.38%	+27.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-7.62%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-33.35%	-11.58%	-21.77%
Max Drawdown (5Y) Largest decline over 5 years	-44.65%	-14.76%	-29.89%
Max Drawdown (10Y) Largest decline over 10 years	-49.49%	-44.95%	-4.54%
Current Drawdown Current decline from peak	-19.26%	-3.23%	-16.03%
Average Drawdown Average peak-to-trough decline	-20.61%	-16.01%	-4.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	3.13%	+0.40%

Volatility

CNYA vs. IAK - Volatility Comparison

iShares MSCI China A ETF (CNYA) has a higher volatility of 8.72% compared to iShares U.S. Insurance ETF (IAK) at 7.03%. This indicates that CNYA's price experiences larger fluctuations and is considered to be riskier than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNYA	IAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.72%	7.03%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	15.98%	12.43%	+3.55%
Volatility (1Y) Calculated over the trailing 1-year period	20.27%	16.00%	+4.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.87%	18.13%	+5.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.62%	20.92%	+2.70%

CNYA vs. IAK - Expense Ratio Comparison

CNYA has a 0.60% expense ratio, which is higher than IAK's 0.38% expense ratio.

Dividends

CNYA vs. IAK - Dividend Comparison

CNYA's dividend yield for the trailing twelve months is around 1.84%, less than IAK's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNYA iShares MSCI China A ETF	1.84%	1.92%	2.51%	4.23%	2.69%	1.11%	1.06%	1.21%	3.92%	0.97%	1.38%	0.00%
IAK iShares U.S. Insurance ETF	2.43%	1.69%	1.49%	1.44%	1.69%	2.26%	2.07%	1.84%	2.33%	1.62%	1.68%	1.62%

Frequently Asked Questions

Can I hold both CNYA and IAK in my portfolio?

CNYA and IAK have a correlation of -0.21, 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 IAK?

CNYA has higher volatility (8.72%) compared to IAK (7.03%). In terms of maximum drawdown, CNYA dropped -49.49% vs IAK's -77.38%.

Which ETF is better, CNYA or IAK?

On 10-year performance, IAK leads with 13.45% vs 5.37% for CNYA. On fees, IAK is cheaper at 0.38% per year. On volatility, IAK has been the lower-risk option at 7.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNYA or IAK?

Over the 10-year period, IAK has performed better with a 13.45% return vs 5.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNYA or IAK?

IAK is cheaper with a 0.38% expense ratio, compared with 0.60% for CNYA.

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

IAK has the higher dividend yield at 2.43%, compared with 1.84% for CNYA.

What is the main difference between CNYA and IAK?

CNYA is categorized as China Equities, while IAK is Financials Equities. CNYA tracks MSCI China A Inclusion Index, while IAK tracks Dow Jones U.S. Select Insurance Index. Their fees differ too: 0.60% for CNYA and 0.38% for IAK.

Which has better risk-adjusted returns?

IAK currently has the higher Sharpe Ratio (1.17 vs 1.03), 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.