DRGN vs. CNXT
DRGN (Themes China Generative Artificial Intelligence ETF) and CNXT (VanEck ChiNext Innovators ETF) are both exchange-traded funds - DRGN is a Artificial Intelligence fund tracking the BITA China Generative AI Select Index, while CNXT is a China Equities fund tracking the ChiNext Index. Both are passively managed. Over the past year, DRGN returned 34.60% vs 55.74% for CNXT. Their 0.75 correlation means they have sometimes moved together and sometimes differently. DRGN charges 0.39%/yr vs 0.65%/yr for CNXT.
Performance
DRGN vs. CNXT - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with DRGN having a 8.71% return and CNXT slightly higher at 8.75%.
DRGN
- 1D
- -0.02%
- 1M
- -0.13%
- 6M
- -0.73%
- YTD
- 8.71%
- 1Y
- 34.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 35.86%
CNXT
- 1D
- -0.48%
- 1M
- -16.02%
- 6M
- 4.07%
- YTD
- 8.75%
- 1Y
- 55.74%
- 3Y*
- 17.90%
- 5Y*
- -0.73%
- 10Y*
- 4.87%
- ALL TIME*
- 6.39%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.48M | $5.02M | $7.74M | |
| $403.33K | $404.08K | $565.01K |
DRGN vs. CNXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DRGN Themes China Generative Artificial Intelligence ETF | 8.71% | 26.96% |
CNXT VanEck ChiNext Innovators ETF | 8.75% | 49.71% |
Correlation
The correlation between DRGN and CNXT 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 (1Y) Focuses on recent behavior, but can change the most. | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025 | 0.75 |
The correlation between DRGN and CNXT has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.
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Return for Risk
DRGN vs. CNXT — Risk / Return Rank
DRGN
CNXT
DRGN vs. CNXT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes China Generative Artificial Intelligence ETF (DRGN) and VanEck ChiNext Innovators ETF (CNXT). 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 | CNXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.26 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 2.31 | -0.65 |
| Martin ratioReturn relative to average drawdown | 3.32 | 8.37 | -5.05 |
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Drawdowns
DRGN vs. CNXT - Drawdown Comparison
The maximum DRGN drawdown since its inception was -20.86%, smaller than the maximum CNXT drawdown of -68.98%. Use the drawdown chart below to compare losses from any high point for DRGN and CNXT.
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Drawdown Indicators
| DRGN | CNXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.86% | -68.98% | +48.12% |
Max Drawdown (1Y)Largest decline over 1 year | -20.86% | -24.23% | +3.37% |
Max Drawdown (3Y)Largest decline over 3 years | — | -48.60% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -61.21% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -63.30% | — |
Current DrawdownCurrent decline from peak | -13.31% | -23.73% | +10.42% |
Average DrawdownAverage peak-to-trough decline | -8.41% | -42.49% | +34.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.46% | 6.68% | +3.78% |
Volatility
DRGN vs. CNXT - Volatility Comparison
The current volatility for Themes China Generative Artificial Intelligence ETF (DRGN) is 11.95%, while VanEck ChiNext Innovators ETF (CNXT) has a volatility of 16.11%. This indicates that DRGN experiences smaller price fluctuations and is considered to be less risky than CNXT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRGN | CNXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.95% | 16.11% | -4.16% |
Volatility (6M)Calculated over the trailing 6-month period | 25.81% | 28.24% | -2.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.59% | 36.83% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.96% | 36.10% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.96% | 32.24% | +3.72% |
DRGN vs. CNXT - Expense Ratio Comparison
DRGN has a 0.39% expense ratio, which is lower than CNXT's 0.65% expense ratio.
Dividends
DRGN vs. CNXT - Dividend Comparison
DRGN's dividend yield for the trailing twelve months is around 1.12%, more than CNXT's 0.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CNXT VanEck ChiNext Innovators ETF | 0.17% | 0.18% | 0.15% | 0.00% | 0.00% | 9.22% | 0.01% | 0.45% | 0.00% | 0.19% |
DRGN Themes China Generative Artificial Intelligence ETF | 1.12% | 1.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DRGN and CNXT 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.
CNXT has higher volatility (16.11%) compared to DRGN (11.95%). In terms of maximum drawdown, DRGN dropped -20.86% vs CNXT's -68.98%.
On 1-year performance, CNXT leads with 55.74% vs 34.60% for DRGN. On fees, DRGN is cheaper at 0.39% per year. On volatility, DRGN has been the lower-risk option at 11.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CNXT has performed better with a 55.74% return vs 34.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRGN is cheaper with a 0.39% expense ratio, compared with 0.65% for CNXT.
DRGN has the higher dividend yield at 1.12%, compared with 0.17% for CNXT.
DRGN is categorized as Artificial Intelligence, while CNXT is China Equities. DRGN tracks BITA China Generative AI Select Index, while CNXT tracks ChiNext Index. They also come from different issuers: Themes and VanEck. Their fees differ too: 0.39% for DRGN and 0.65% for CNXT.
CNXT currently has the higher Sharpe Ratio (1.52 vs 0.95), 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.
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