DRGN vs. CAS

Last updated Aug 1, 2026

DRGN (Themes China Generative Artificial Intelligence ETF) and CAS (Simplify China A Shares PLUS Income ETF) are both exchange-traded funds - DRGN is a Artificial Intelligence fund tracking the BITA China Generative AI Select Index, while CAS is a China Equities fund actively managed by Simplify. DRGN is passively managed, while CAS is actively managed. Their 0.77 correlation means they have sometimes moved together and sometimes differently. DRGN charges 0.39%/yr vs 0.88%/yr for CAS.

Performance

DRGN vs. CAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes China Generative Artificial Intelligence ETF (DRGN) and Simplify China A Shares PLUS Income ETF (CAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DRGN

• 1D: 3.34%
• 1M: -0.11%
• 6M: -2.24%
• YTD: 8.73%
• 1Y: 34.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 36.21%

CAS

• 1D: 1.08%
• 1M: -11.07%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
CAS Simplify China A Shares PLUS Income ETF	$38.47K	$52.48K	$79.55K
DRGN Themes China Generative Artificial Intelligence ETF	$390.32K	$398.54K	$552.05K

DRGN vs. CAS - Yearly Performance Comparison

	2026 (YTD)
DRGN Themes China Generative Artificial Intelligence ETF	-5.58%
CAS Simplify China A Shares PLUS Income ETF	-11.11%

Correlation

The correlation between DRGN and CAS is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.77

Return for Risk

DRGN vs. CAS — Risk / Return Rank

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

DRGN

DRGN Risk / Return Rank: 37
DRGN Sharpe Ratio Rank: 36
DRGN Sortino Ratio Rank: 38
DRGN Omega Ratio Rank: 35
DRGN Calmar Ratio Rank: 43
DRGN Martin Ratio Rank: 33

CAS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

DRGN vs. CAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes China Generative Artificial Intelligence ETF (DRGN) and Simplify China A Shares PLUS Income ETF (CAS). 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.

	DRGN	CAS	Difference
Sharpe ratio: Return per unit of total volatility	0.88	—	—
Sortino ratio: Return per unit of downside risk	1.43	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	1.55	—	—
Martin ratio: Return relative to average drawdown	3.10	—	—

Drawdowns

DRGN vs. CAS - Drawdown Comparison

The maximum DRGN drawdown since its inception was -20.86%, which is greater than CAS's maximum drawdown of -15.89%. Use the drawdown chart below to compare losses from any high point for DRGN and CAS.

Drawdown Indicators

	DRGN	CAS	Difference
Max Drawdown Largest peak-to-trough decline	-20.86%	-15.89%	-4.97%
Max Drawdown (1Y) Largest decline over 1 year	-20.86%	—	—
Current Drawdown Current decline from peak	-13.29%	-14.28%	+0.99%
Average Drawdown Average peak-to-trough decline	-8.39%	-6.19%	-2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.42%	—	—

Volatility

Volatility by Period

	DRGN	CAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.89%	—	—
Volatility (6M) Calculated over the trailing 6-month period	25.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	36.63%	33.97%	+2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.03%	33.97%	+2.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.03%	33.97%	+2.06%

DRGN vs. CAS - Expense Ratio Comparison

DRGN has a 0.39% expense ratio, which is lower than CAS's 0.88% expense ratio.

Dividends

DRGN vs. CAS - Dividend Comparison

DRGN's dividend yield for the trailing twelve months is around 1.12%, less than CAS's 2.46% yield.

Position	TTM	2025
CAS Simplify China A Shares PLUS Income ETF	2.46%	0.00%
DRGN Themes China Generative Artificial Intelligence ETF	1.12%	1.22%

Frequently Asked Questions

Can I hold both DRGN and CAS in my portfolio?

DRGN and CAS have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DRGN or CAS?

On fees, DRGN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DRGN or CAS?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.88% for CAS.

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

CAS has the higher dividend yield at 2.46%, compared with 1.12% for DRGN.

What is the main difference between DRGN and CAS?

DRGN is categorized as Artificial Intelligence, while CAS is China Equities. They also come from different issuers: Themes and Simplify. Their fees differ too: 0.39% for DRGN and 0.88% for CAS.