DRGN vs. CHAT

Last updated Aug 5, 2026

DRGN (Themes China Generative Artificial Intelligence ETF) and CHAT (Roundhill Generative AI & Technology ETF) are both Artificial Intelligence funds. DRGN is passively managed, while CHAT is actively managed. Over the past year, DRGN returned 37.74% vs 81.24% for CHAT. Their 0.58 correlation means they have sometimes moved together and sometimes differently. DRGN charges 0.39%/yr vs 0.75%/yr for CHAT.

Performance

DRGN vs. CHAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes China Generative Artificial Intelligence ETF (DRGN) and Roundhill Generative AI & Technology ETF (CHAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DRGN achieves a 13.71% return, which is significantly lower than CHAT's 52.78% return.

DRGN

• 1D: 4.60%
• 1M: 4.46%
• 6M: 5.58%
• YTD: 13.71%
• 1Y: 37.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 41.66%

CHAT

• 1D: 5.60%
• 1M: 1.45%
• 6M: 45.53%
• YTD: 52.78%
• 1Y: 81.24%
• 3Y*: 46.50%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 49.34%

*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)
CHAT Roundhill Generative AI & Technology ETF	$66.18M	$57.28M	$66.34M
DRGN Themes China Generative Artificial Intelligence ETF	$473.92K	$435.90K	$560.91K

DRGN vs. CHAT - Yearly Performance Comparison

	2026 (YTD)	2025
DRGN Themes China Generative Artificial Intelligence ETF	13.71%	26.96%
CHAT Roundhill Generative AI & Technology ETF	52.78%	25.01%

Correlation

The correlation between DRGN and CHAT is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.58

The correlation between DRGN and CHAT has been stable across timeframes, ranging from 0.58 to 0.59 - a consistent structural relationship.

Return for Risk

DRGN vs. CHAT — Risk / Return Rank

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

DRGN

DRGN Risk / Return Rank: 38
DRGN Sharpe Ratio Rank: 37
DRGN Sortino Ratio Rank: 38
DRGN Omega Ratio Rank: 36
DRGN Calmar Ratio Rank: 45
DRGN Martin Ratio Rank: 34

CHAT

CHAT Risk / Return Rank: 73
CHAT Sharpe Ratio Rank: 81
CHAT Sortino Ratio Rank: 68
CHAT Omega Ratio Rank: 70
CHAT Calmar Ratio Rank: 74
CHAT Martin Ratio Rank: 72

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. CHAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes China Generative Artificial Intelligence ETF (DRGN) and Roundhill Generative AI & Technology ETF (CHAT). 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	CHAT	Difference
Sharpe ratio: Return per unit of total volatility	1.03	2.07	-1.03
Sortino ratio: Return per unit of downside risk	1.61	2.48	-0.87
Omega ratio: Gain probability vs. loss probability	1.19	1.33	-0.14
Calmar ratio: Return relative to maximum drawdown	1.82	2.88	-1.07
Martin ratio: Return relative to average drawdown	3.61	10.02	-6.41

DRGN vs. CHAT - Sharpe Ratio Comparison

The current DRGN Sharpe Ratio is 1.03, which is lower than the CHAT Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of DRGN and CHAT, 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

DRGN vs. CHAT - Drawdown Comparison

The maximum DRGN drawdown since its inception was -20.86%, smaller than the maximum CHAT drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for DRGN and CHAT.

Drawdown Indicators

	DRGN	CHAT	Difference
Max Drawdown Largest peak-to-trough decline	-20.86%	-31.34%	+10.48%
Max Drawdown (1Y) Largest decline over 1 year	-20.86%	-28.34%	+7.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-31.34%	—
Current Drawdown Current decline from peak	-9.32%	-13.44%	+4.12%
Average Drawdown Average peak-to-trough decline	-8.41%	-5.75%	-2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.47%	8.13%	+2.34%

Volatility

DRGN vs. CHAT - Volatility Comparison

The current volatility for Themes China Generative Artificial Intelligence ETF (DRGN) is 12.67%, while Roundhill Generative AI & Technology ETF (CHAT) has a volatility of 17.38%. This indicates that DRGN experiences smaller price fluctuations and is considered to be less risky than CHAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRGN	CHAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.67%	17.38%	-4.71%
Volatility (6M) Calculated over the trailing 6-month period	26.15%	34.86%	-8.71%
Volatility (1Y) Calculated over the trailing 1-year period	36.79%	39.59%	-2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.16%	32.59%	+3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.16%	32.59%	+3.57%

DRGN vs. CHAT - Expense Ratio Comparison

DRGN has a 0.39% expense ratio, which is lower than CHAT's 0.75% expense ratio.

Dividends

DRGN vs. CHAT - Dividend Comparison

DRGN's dividend yield for the trailing twelve months is around 1.07%, less than CHAT's 1.87% yield.

Position	TTM	2025
CHAT Roundhill Generative AI & Technology ETF	1.87%	2.85%
DRGN Themes China Generative Artificial Intelligence ETF	1.07%	1.22%

Frequently Asked Questions

Can I hold both DRGN and CHAT in my portfolio?

DRGN and CHAT have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DRGN or CHAT?

CHAT has higher volatility (17.38%) compared to DRGN (12.67%). In terms of maximum drawdown, DRGN dropped -20.86% vs CHAT's -31.34%.

Which ETF is better, DRGN or CHAT?

On 1-year performance, CHAT leads with 81.24% vs 37.74% for DRGN. On fees, DRGN is cheaper at 0.39% per year. On volatility, DRGN has been the lower-risk option at 12.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DRGN or CHAT?

Over the 1-year period, CHAT has performed better with a 81.24% return vs 37.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DRGN or CHAT?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.75% for CHAT.

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

CHAT has the higher dividend yield at 1.87%, compared with 1.07% for DRGN.

What is the main difference between DRGN and CHAT?

They also come from different issuers: Themes and Roundhill. Their fees differ too: 0.39% for DRGN and 0.75% for CHAT.

Which has better risk-adjusted returns?

CHAT currently has the higher Sharpe Ratio (2.07 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.