ECNS vs. DRGN

Last updated Jul 14, 2026

ECNS (iShares MSCI China Small-Cap ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both China Equities funds - ECNS tracks the MSCI China Small Cap Index while DRGN tracks the BITA China Generative AI Select Index. Both are passively managed. A 0.57 correlation means they provide meaningful diversification when combined. ECNS charges 0.59%/yr vs 0.39%/yr for DRGN.

Performance

ECNS vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China Small-Cap ETF (ECNS) 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, ECNS achieves a -13.41% return, which is significantly lower than DRGN's 13.24% return.

ECNS

• 1D: -2.61%
• 1M: -7.53%
• 6M: -18.85%
• YTD: -13.41%
• 1Y: -8.94%
• 3Y*: 3.56%
• 5Y*: -8.73%
• 10Y*: 0.73%

DRGN

• 1D: -4.05%
• 1M: 4.96%
• 6M: -2.23%
• YTD: 13.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ECNS vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
ECNS iShares MSCI China Small-Cap ETF	-13.41%	2.68%
DRGN Themes China Generative Artificial Intelligence ETF	13.24%	26.96%

Correlation

The correlation between ECNS and DRGN is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.57

Return for Risk

ECNS vs. DRGN — Risk / Return Rank

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

ECNS

ECNS Risk / Return Rank: 6
ECNS Sharpe Ratio Rank: 6
ECNS Sortino Ratio Rank: 5
ECNS Omega Ratio Rank: 5
ECNS Calmar Ratio Rank: 6
ECNS Martin Ratio Rank: 6

DRGN

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

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.

ECNS vs. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China Small-Cap ETF (ECNS) 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.

	ECNS	DRGN	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	—	—
Sortino ratio: Return per unit of downside risk	-0.46	—	—
Omega ratio: Gain probability vs. loss probability	0.94	—	—
Calmar ratio: Return relative to maximum drawdown	-0.35	—	—
Martin ratio: Return relative to average drawdown	-0.77	—	—

Drawdowns

ECNS vs. DRGN - Drawdown Comparison

The maximum ECNS drawdown since its inception was -63.43%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for ECNS and DRGN.

Drawdown Indicators

	ECNS	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-63.43%	-20.86%	-42.57%
Max Drawdown (1Y) Largest decline over 1 year	-25.73%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-31.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-58.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-63.43%	—	—
Current Drawdown Current decline from peak	-44.26%	-9.69%	-34.57%
Average Drawdown Average peak-to-trough decline	-29.46%	-8.16%	-21.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.64%	—	—

Volatility

Volatility by Period

	ECNS	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.17%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.99%	35.86%	-14.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.47%	35.86%	-6.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.80%	35.86%	-10.06%

ECNS vs. DRGN - Expense Ratio Comparison

ECNS has a 0.59% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

ECNS vs. DRGN - Dividend Comparison

ECNS's dividend yield for the trailing twelve months is around 6.79%, more than DRGN's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRGN Themes China Generative Artificial Intelligence ETF	1.07%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ECNS iShares MSCI China Small-Cap ETF	6.79%	6.20%	5.98%	4.89%	3.54%	4.87%	3.59%	3.23%	6.16%	3.18%	4.29%	3.58%

Frequently Asked Questions

Can I hold both ECNS and DRGN in my portfolio?

ECNS and DRGN have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ECNS or DRGN?

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, ECNS or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.59% for ECNS.

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

ECNS has the higher dividend yield at 6.79%, compared with 1.07% for DRGN.

What is the main difference between ECNS and DRGN?

ECNS tracks MSCI China Small Cap Index, while DRGN tracks BITA China Generative AI Select Index. They also come from different issuers: iShares and Themes. Their fees differ too: 0.59% for ECNS and 0.39% for DRGN.