CXSE vs. CN

Last updated Jun 4, 2026

CXSE (WisdomTree China ex-State-Owned Enterprises Fund) and CN (Xtrackers MSCI All China Equity ETF) are both China Equities funds - CXSE tracks the WisdomTree China ex-State-Owned Enterprises Index while CN tracks the MSCI China All Shares. Both are passively managed. A 0.75 correlation means they provide meaningful diversification when combined. CXSE charges 0.32%/yr vs 0.50%/yr for CN.

Performance

CXSE vs. CN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree China ex-State-Owned Enterprises Fund (CXSE) and Xtrackers MSCI All China Equity ETF (CN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CXSE

• 1D: -1.05%
• 1M: 0.71%
• YTD: 0.93%
• 6M: 0.61%
• 1Y: 24.36%
• 3Y*: 10.95%
• 5Y*: -8.07%
• 10Y*: 7.43%

CN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CXSE vs. CN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CXSE WisdomTree China ex-State-Owned Enterprises Fund	0.93%	37.00%	8.56%	-18.02%	-29.32%	-23.67%	59.39%	37.96%	-28.55%	81.50%
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%

Correlation

The correlation between CXSE and CN is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 1, 2014	0.75

The correlation between CXSE and CN shifts across timeframes, from 0.47 (3 years) to 0.80 (10 years), reflecting how their relationship changes across market environments.

CXSE vs. CN - Sectors Allocation Comparison

Sectors	CXSE	CN
Consumer Cyclical	26.2%	5.4%
Technology	22.6%	0.3%
Industrials	16.6%	1.0%
Communication Services	10.1%	0.4%
Healthcare	8.8%	0.8%
Financial Services	6.2%	55.1%
Consumer Defensive	3.9%	0.3%
Basic Materials	3.4%	0.6%
Real Estate	0.9%	0.8%
Energy	0.4%	0.9%
Utilities	0.3%	0.2%

Return for Risk

CXSE vs. CN — Risk / Return Rank

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

CXSE

CXSE Risk / Return Rank: 28
CXSE Sharpe Ratio Rank: 31
CXSE Sortino Ratio Rank: 30
CXSE Omega Ratio Rank: 30
CXSE Calmar Ratio Rank: 28
CXSE Martin Ratio Rank: 22

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.

CXSE vs. CN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree China ex-State-Owned Enterprises Fund (CXSE) and Xtrackers MSCI All China Equity ETF (CN). 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.

	CXSE	CN	Difference
Sharpe ratio: Return per unit of total volatility	1.14	—	—
Sortino ratio: Return per unit of downside risk	1.67	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	1.38	—	—
Martin ratio: Return relative to average drawdown	2.90	—	—
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

	CXSE	CN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.25	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	—	—

Drawdowns

Drawdown Indicators

	CXSE	CN	Difference
Max Drawdown Largest peak-to-trough decline	-70.01%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-17.70%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-32.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-64.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-70.01%	—	—
Current Drawdown Current decline from peak	-46.01%	—	—
Average Drawdown Average peak-to-trough decline	-27.83%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	8.42%	—	—

Volatility

Volatility by Period

	CXSE	CN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.29%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.39%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.30%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.70%	—	—

CXSE vs. CN - Expense Ratio Comparison

CXSE has a 0.32% expense ratio, which is lower than CN's 0.50% expense ratio.

Dividends

CXSE vs. CN - Dividend Comparison

CXSE's dividend yield for the trailing twelve months is around 1.99%, while CN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%
CXSE WisdomTree China ex-State-Owned Enterprises Fund	1.99%	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 CXSE and CN in my portfolio?

CXSE and CN have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CXSE or CN?

On fees, CXSE is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CXSE or CN?

CXSE is cheaper with a 0.32% expense ratio, compared with 0.50% for CN.

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

CXSE has the higher dividend yield at 1.99%, compared with 0.00% for CN.

What is the main difference between CXSE and CN?

CXSE tracks WisdomTree China ex-State-Owned Enterprises Index, while CN tracks MSCI China All Shares. They also come from different issuers: WisdomTree and Deutsche Bank. Their fees differ too: 0.32% for CXSE and 0.50% for CN.