CXSE vs. DRGN

Last updated Jul 16, 2026

CXSE (WisdomTree China ex-State-Owned Enterprises Fund) and DRGN (Themes China Generative Artificial Intelligence ETF) are both China Equities funds - CXSE tracks the WisdomTree China ex-State-Owned Enterprises Index while DRGN tracks the BITA China Generative AI Select Index. Both are passively managed. Over the past year, CXSE returned 10.16% vs 44.44% for DRGN. A 0.78 correlation means they provide meaningful diversification when combined. CXSE charges 0.32%/yr vs 0.39%/yr for DRGN.

Performance

CXSE vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree China ex-State-Owned Enterprises Fund (CXSE) 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, CXSE achieves a -2.26% return, which is significantly lower than DRGN's 14.26% return.

CXSE

• 1D: 1.20%
• 1M: -1.67%
• 6M: -7.01%
• YTD: -2.26%
• 1Y: 10.16%
• 3Y*: 8.45%
• 5Y*: -7.73%
• 10Y*: 6.83%

DRGN

• 1D: -0.54%
• 1M: 1.83%
• 6M: -0.75%
• YTD: 14.26%
• 1Y: 44.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CXSE vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
CXSE WisdomTree China ex-State-Owned Enterprises Fund	-2.26%	15.40%
DRGN Themes China Generative Artificial Intelligence ETF	14.26%	26.96%

Correlation

The correlation between CXSE and DRGN is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.78

The correlation between CXSE and DRGN has been stable across timeframes, ranging from 0.78 to 0.78 - a consistent structural relationship.

Return for Risk

CXSE vs. DRGN — Risk / Return Rank

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

CXSE

CXSE Risk / Return Rank: 17
CXSE Sharpe Ratio Rank: 18
CXSE Sortino Ratio Rank: 17
CXSE Omega Ratio Rank: 17
CXSE Calmar Ratio Rank: 18
CXSE Martin Ratio Rank: 15

DRGN

DRGN Risk / Return Rank: 42
DRGN Sharpe Ratio Rank: 42
DRGN Sortino Ratio Rank: 43
DRGN Omega Ratio Rank: 39
DRGN Calmar Ratio Rank: 52
DRGN Martin Ratio Rank: 36

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. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree China ex-State-Owned Enterprises Fund (CXSE) 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.

	CXSE	DRGN	Difference
Sharpe ratio: Return per unit of total volatility	0.46	1.25	-0.79
Sortino ratio: Return per unit of downside risk	0.78	1.84	-1.07
Omega ratio: Gain probability vs. loss probability	1.10	1.22	-0.12
Calmar ratio: Return relative to maximum drawdown	0.58	2.14	-1.56
Martin ratio: Return relative to average drawdown	1.06	4.45	-3.38

CXSE vs. DRGN - Sharpe Ratio Comparison

The current CXSE Sharpe Ratio is 0.46, which is lower than the DRGN Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of CXSE and DRGN, 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

CXSE vs. DRGN - Drawdown Comparison

The maximum CXSE drawdown since its inception was -70.01%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for CXSE and DRGN.

Drawdown Indicators

	CXSE	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-70.01%	-20.86%	-49.15%
Max Drawdown (1Y) Largest decline over 1 year	-17.70%	-20.86%	+3.16%
Max Drawdown (3Y) Largest decline over 3 years	-32.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-70.01%	—	—
Current Drawdown Current decline from peak	-47.72%	-8.88%	-38.84%
Average Drawdown Average peak-to-trough decline	-27.99%	-8.16%	-19.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.58%	10.02%	-0.44%

Volatility

CXSE vs. DRGN - Volatility Comparison

The current volatility for WisdomTree China ex-State-Owned Enterprises Fund (CXSE) is 7.34%, while Themes China Generative Artificial Intelligence ETF (DRGN) has a volatility of 13.08%. This indicates that CXSE 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.

Volatility by Period

	CXSE	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.34%	13.08%	-5.74%
Volatility (6M) Calculated over the trailing 6-month period	15.72%	25.46%	-9.74%
Volatility (1Y) Calculated over the trailing 1-year period	22.28%	35.74%	-13.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.35%	35.74%	-3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.76%	35.74%	-6.98%

CXSE vs. DRGN - Expense Ratio Comparison

CXSE has a 0.32% expense ratio, which is lower than DRGN's 0.39% expense ratio.

Dividends

CXSE vs. DRGN - Dividend Comparison

CXSE's dividend yield for the trailing twelve months is around 1.48%, more than DRGN's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CXSE WisdomTree China ex-State-Owned Enterprises Fund	1.48%	1.95%	1.70%	1.71%	1.55%	0.86%	0.54%	0.96%	1.49%	1.24%	1.39%	2.50%
DRGN Themes China Generative Artificial Intelligence ETF	1.06%	1.22%	0.00%	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 CXSE and DRGN in my portfolio?

CXSE and DRGN have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CXSE or DRGN?

DRGN has higher volatility (13.08%) compared to CXSE (7.34%). In terms of maximum drawdown, CXSE dropped -70.01% vs DRGN's -20.86%.

Which ETF is better, CXSE or DRGN?

On 1-year performance, DRGN leads with 44.44% vs 10.16% for CXSE. On fees, CXSE is cheaper at 0.32% per year. On volatility, CXSE has been the lower-risk option at 7.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CXSE or DRGN?

Over the 1-year period, DRGN has performed better with a 44.44% return vs 10.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CXSE or DRGN?

CXSE is cheaper with a 0.32% expense ratio, compared with 0.39% for DRGN.

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

CXSE has the higher dividend yield at 1.48%, compared with 1.06% for DRGN.

What is the main difference between CXSE and DRGN?

CXSE tracks WisdomTree China ex-State-Owned Enterprises Index, while DRGN tracks BITA China Generative AI Select Index. They also come from different issuers: WisdomTree and Themes. Their fees differ too: 0.32% for CXSE and 0.39% for DRGN.

Which has better risk-adjusted returns?

DRGN currently has the higher Sharpe Ratio (1.25 vs 0.46), 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.