GMNY vs. ASHR

Last updated Jun 23, 2026

GMNY (Goldman Sachs Dynamic New York Municipal Income ETF) and ASHR (Xtrackers Harvest CSI 300 China A-Shares ETF) are both exchange-traded funds - GMNY is a Municipal Bonds fund actively managed by Goldman Sachs, while ASHR is a China Equities fund tracking the CSI 300 Index. GMNY is actively managed, while ASHR is passively managed. Over the past year, GMNY returned 6.30% vs 42.93% for ASHR. At a 0.07 correlation, their price movements are largely independent. GMNY charges 0.30%/yr vs 0.65%/yr for ASHR.

Performance

GMNY vs. ASHR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) and Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMNY achieves a 2.06% return, which is significantly lower than ASHR's 13.55% return.

GMNY

• 1D: -0.03%
• 1M: 1.28%
• YTD: 2.06%
• 6M: 2.24%
• 1Y: 6.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ASHR

• 1D: 2.64%
• 1M: 5.52%
• YTD: 13.55%
• 6M: 14.38%
• 1Y: 42.93%
• 3Y*: 14.04%
• 5Y*: 0.31%
• 10Y*: 6.32%

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

GMNY vs. ASHR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GMNY Goldman Sachs Dynamic New York Municipal Income ETF	2.06%	3.79%	0.82%
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF	13.55%	27.02%	13.71%

Correlation

The correlation between GMNY and ASHR is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024	0.07

Return for Risk

GMNY vs. ASHR — Risk / Return Rank

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

GMNY

GMNY Risk / Return Rank: 72
GMNY Sharpe Ratio Rank: 76
GMNY Sortino Ratio Rank: 80
GMNY Omega Ratio Rank: 84
GMNY Calmar Ratio Rank: 59
GMNY Martin Ratio Rank: 62

ASHR

ASHR Risk / Return Rank: 82
ASHR Sharpe Ratio Rank: 80
ASHR Sortino Ratio Rank: 79
ASHR Omega Ratio Rank: 76
ASHR Calmar Ratio Rank: 91
ASHR Martin Ratio Rank: 83

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.

GMNY vs. ASHR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) and Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR). 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.

	GMNY	ASHR	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.46	-0.13
Sortino ratio: Return per unit of downside risk	3.39	3.36	+0.03
Omega ratio: Gain probability vs. loss probability	1.49	1.43	+0.06
Calmar ratio: Return relative to maximum drawdown	2.85	5.61	-2.75
Martin ratio: Return relative to average drawdown	10.80	16.31	-5.51

GMNY vs. ASHR - Sharpe Ratio Comparison

The current GMNY Sharpe Ratio is 2.33, which is comparable to the ASHR Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of GMNY and ASHR, 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

GMNY vs. ASHR - Drawdown Comparison

The maximum GMNY drawdown since its inception was -4.00%, smaller than the maximum ASHR drawdown of -51.30%. Use the drawdown chart below to compare losses from any high point for GMNY and ASHR.

Drawdown Indicators

	GMNY	ASHR	Difference
Max Drawdown Largest peak-to-trough decline	-4.00%	-51.30%	+47.30%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-7.69%	+5.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-33.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-44.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.30%	—
Current Drawdown Current decline from peak	-0.03%	-13.00%	+12.97%
Average Drawdown Average peak-to-trough decline	-0.90%	-29.13%	+28.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	2.64%	-2.06%

Volatility

GMNY vs. ASHR - Volatility Comparison

The current volatility for Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) is 0.60%, while Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) has a volatility of 6.41%. This indicates that GMNY experiences smaller price fluctuations and is considered to be less risky than ASHR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMNY	ASHR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	6.41%	-5.81%
Volatility (6M) Calculated over the trailing 6-month period	2.03%	12.47%	-10.44%
Volatility (1Y) Calculated over the trailing 1-year period	2.72%	17.58%	-14.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.58%	23.96%	-20.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.58%	24.09%	-20.51%

GMNY vs. ASHR - Expense Ratio Comparison

GMNY has a 0.30% expense ratio, which is lower than ASHR's 0.65% expense ratio.

Dividends

GMNY vs. ASHR - Dividend Comparison

GMNY's dividend yield for the trailing twelve months is around 3.28%, more than ASHR's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF	2.03%	2.31%	1.13%	2.48%	1.13%	0.88%	0.81%	0.98%	1.32%	0.84%	0.73%	30.13%
GMNY Goldman Sachs Dynamic New York Municipal Income ETF	3.28%	3.33%	1.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GMNY and ASHR in my portfolio?

GMNY and ASHR have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMNY or ASHR?

ASHR has higher volatility (6.41%) compared to GMNY (0.60%). In terms of maximum drawdown, GMNY dropped -4.00% vs ASHR's -51.30%.

Which ETF is better, GMNY or ASHR?

On 1-year performance, ASHR leads with 42.93% vs 6.30% for GMNY. On fees, GMNY is cheaper at 0.30% per year. On volatility, GMNY has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMNY or ASHR?

Over the 1-year period, ASHR has performed better with a 42.93% return vs 6.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMNY or ASHR?

GMNY is cheaper with a 0.30% expense ratio, compared with 0.65% for ASHR.

Which ETF pays a higher dividend yield, GMNY or ASHR?

GMNY has the higher dividend yield at 3.28%, compared with 2.03% for ASHR.

What is the main difference between GMNY and ASHR?

GMNY is categorized as Municipal Bonds, while ASHR is China Equities. They also come from different issuers: Goldman Sachs and DWS. Their fees differ too: 0.30% for GMNY and 0.65% for ASHR.

Which has better risk-adjusted returns?

ASHR currently has the higher Sharpe Ratio (2.46 vs 2.33), 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.