FLAX vs. CNYA

Last updated Jul 14, 2026

FLAX (Franklin FTSE Asia ex Japan ETF) and CNYA (iShares MSCI China A ETF) are both exchange-traded funds - FLAX is a Asia Pacific Equities fund tracking the FTSE Asia ex Japan RIC Capped Index, while CNYA is a China Equities fund tracking the MSCI China A Inclusion Index. Both are passively managed. Over the past 5 years, FLAX returned 6.84%/yr vs -1.52%/yr for CNYA. A 0.67 correlation means they provide meaningful diversification when combined. FLAX charges 0.19%/yr vs 0.60%/yr for CNYA.

Performance

FLAX vs. CNYA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Asia ex Japan ETF (FLAX) and iShares MSCI China A ETF (CNYA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLAX achieves a 19.11% return, which is significantly higher than CNYA's 3.41% return.

FLAX

• 1D: -3.21%
• 1M: -4.39%
• 6M: 12.55%
• YTD: 19.11%
• 1Y: 37.22%
• 3Y*: 20.28%
• 5Y*: 6.84%
• 10Y*: —

CNYA

• 1D: -3.04%
• 1M: -3.13%
• 6M: -1.30%
• YTD: 3.41%
• 1Y: 24.47%
• 3Y*: 9.03%
• 5Y*: -1.52%
• 10Y*: 5.28%

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

FLAX vs. CNYA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLAX Franklin FTSE Asia ex Japan ETF	19.11%	33.72%	9.82%	6.27%	-18.88%	-3.54%	24.17%	17.19%	-14.34%
CNYA iShares MSCI China A ETF	3.41%	26.48%	10.78%	-13.76%	-26.51%	3.53%	41.54%	35.95%	-28.29%

Correlation

The correlation between FLAX and CNYA is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Feb 8, 2018	0.67

The correlation between FLAX and CNYA has been stable across timeframes, ranging from 0.60 to 0.67 - a consistent structural relationship.

FLAX vs. CNYA - Sectors Allocation Comparison

Sectors	FLAX	CNYA
Technology	46.4%	31.7%
Financial Services	15.6%	17.6%
Consumer Cyclical	9.1%	5.2%
Industrials	8.2%	15.4%
Communication Services	5.6%	1.3%
Basic Materials	3.6%	11.2%
Healthcare	2.9%	3.9%
Energy	2.5%	3.1%
Consumer Defensive	2.4%	6.8%
Utilities	1.9%	3.3%
Real Estate	1.8%	0.6%

Return for Risk

FLAX vs. CNYA — Risk / Return Rank

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

FLAX

FLAX Risk / Return Rank: 65
FLAX Sharpe Ratio Rank: 62
FLAX Sortino Ratio Rank: 57
FLAX Omega Ratio Rank: 67
FLAX Calmar Ratio Rank: 72
FLAX Martin Ratio Rank: 68

CNYA

CNYA Risk / Return Rank: 54
CNYA Sharpe Ratio Rank: 45
CNYA Sortino Ratio Rank: 43
CNYA Omega Ratio Rank: 45
CNYA Calmar Ratio Rank: 77
CNYA Martin Ratio Rank: 60

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.

FLAX vs. CNYA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Asia ex Japan ETF (FLAX) and iShares MSCI China A ETF (CNYA). 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.

	FLAX	CNYA	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.27	+0.37
Sortino ratio: Return per unit of downside risk	2.18	1.80	+0.37
Omega ratio: Gain probability vs. loss probability	1.32	1.23	+0.08
Calmar ratio: Return relative to maximum drawdown	2.88	3.16	-0.28
Martin ratio: Return relative to average drawdown	9.82	8.38	+1.44

FLAX vs. CNYA - Sharpe Ratio Comparison

The current FLAX Sharpe Ratio is 1.64, which is comparable to the CNYA Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FLAX and CNYA, 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

FLAX vs. CNYA - Drawdown Comparison

The maximum FLAX drawdown since its inception was -42.51%, smaller than the maximum CNYA drawdown of -49.49%. Use the drawdown chart below to compare losses from any high point for FLAX and CNYA.

Drawdown Indicators

	FLAX	CNYA	Difference
Max Drawdown Largest peak-to-trough decline	-42.51%	-49.49%	+6.98%
Max Drawdown (1Y) Largest decline over 1 year	-12.99%	-7.77%	-5.22%
Max Drawdown (3Y) Largest decline over 3 years	-19.29%	-33.35%	+14.06%
Max Drawdown (5Y) Largest decline over 5 years	-37.08%	-44.65%	+7.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-49.49%	—
Current Drawdown Current decline from peak	-9.62%	-18.08%	+8.46%
Average Drawdown Average peak-to-trough decline	-15.28%	-20.62%	+5.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	2.93%	+0.87%

Volatility

FLAX vs. CNYA - Volatility Comparison

Franklin FTSE Asia ex Japan ETF (FLAX) has a higher volatility of 11.11% compared to iShares MSCI China A ETF (CNYA) at 8.65%. This indicates that FLAX's price experiences larger fluctuations and is considered to be riskier than CNYA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLAX	CNYA	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.11%	8.65%	+2.46%
Volatility (6M) Calculated over the trailing 6-month period	20.83%	14.98%	+5.85%
Volatility (1Y) Calculated over the trailing 1-year period	22.87%	19.41%	+3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.82%	24.02%	-4.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.33%	23.59%	-3.26%

FLAX vs. CNYA - Expense Ratio Comparison

FLAX has a 0.19% expense ratio, which is lower than CNYA's 0.60% expense ratio.

Dividends

FLAX vs. CNYA - Dividend Comparison

FLAX's dividend yield for the trailing twelve months is around 2.10%, more than CNYA's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CNYA iShares MSCI China A ETF	1.82%	1.92%	2.51%	4.23%	2.69%	1.11%	1.06%	1.21%	3.92%	0.97%	1.38%
FLAX Franklin FTSE Asia ex Japan ETF	2.10%	2.37%	3.12%	2.20%	2.86%	2.38%	1.57%	2.23%	2.35%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLAX and CNYA in my portfolio?

FLAX and CNYA have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLAX or CNYA?

FLAX has higher volatility (11.11%) compared to CNYA (8.65%). In terms of maximum drawdown, FLAX dropped -42.51% vs CNYA's -49.49%.

Which ETF is better, FLAX or CNYA?

On 5-year performance, FLAX leads with 6.84% vs -1.52% for CNYA. On fees, FLAX is cheaper at 0.19% per year. On volatility, CNYA has been the lower-risk option at 8.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLAX or CNYA?

Over the 5-year period, FLAX has performed better with a 6.84% return vs -1.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLAX or CNYA?

FLAX is cheaper with a 0.19% expense ratio, compared with 0.60% for CNYA.

Which ETF pays a higher dividend yield, FLAX or CNYA?

FLAX has the higher dividend yield at 2.10%, compared with 1.82% for CNYA.

What is the main difference between FLAX and CNYA?

FLAX is categorized as Asia Pacific Equities, while CNYA is China Equities. FLAX tracks FTSE Asia ex Japan RIC Capped Index, while CNYA tracks MSCI China A Inclusion Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.19% for FLAX and 0.60% for CNYA.

Which has better risk-adjusted returns?

FLAX currently has the higher Sharpe Ratio (1.64 vs 1.27), 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.