HDAW vs. CN

Last updated Jun 5, 2026

HDAW (Xtrackers MSCI All World ex US High Dividend Yield Equity ETF) and CN (Xtrackers MSCI All China Equity ETF) are both exchange-traded funds - HDAW is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index, while CN is a China Equities fund tracking the MSCI China All Shares. Both are passively managed. A 0.52 correlation means they provide meaningful diversification when combined. HDAW charges 0.20%/yr vs 0.50%/yr for CN.

Performance

HDAW vs. CN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW) and Xtrackers MSCI All China Equity ETF (CN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HDAW

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HDAW vs. CN - Yearly Performance Comparison

	2024 (YTD)	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	6.53%	16.58%	-5.74%	9.73%	-3.67%	22.40%	-13.63%	13.22%	12.06%	-7.22%
CN Xtrackers MSCI All China Equity ETF	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%	-5.78%	-7.60%

Correlation

The correlation between HDAW and CN is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Aug 17, 2015	0.52

The correlation between HDAW and CN has been stable across timeframes, ranging from 0.47 to 0.56 - a consistent structural relationship.

HDAW vs. CN - Sectors Allocation Comparison

Sectors	HDAW	CN
Financial Services	25.2%	55.1%
Basic Materials	12.4%	0.6%
Healthcare	12.3%	0.8%
Consumer Defensive	10.1%	0.3%
Energy	9.1%	0.9%
Consumer Cyclical	7.5%	5.4%
Industrials	6.6%	1.0%
Technology	6.3%	0.3%
Communication Services	4.7%	0.4%
Utilities	4.0%	0.2%
Real Estate	1.8%	0.8%

Return for Risk

HDAW vs. CN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW) and Xtrackers MSCI All China Equity ETF (CN). 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.

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

Drawdowns

Volatility

HDAW vs. CN - Expense Ratio Comparison

HDAW has a 0.20% expense ratio, which is lower than CN's 0.50% expense ratio.

Dividends

HDAW vs. CN - Dividend Comparison

Neither HDAW nor CN has paid dividends to shareholders.

Position	TTM	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	0.00%	4.85%	7.00%	4.84%	4.27%	3.95%	4.02%	4.09%	2.92%	1.18%

Frequently Asked Questions

Can I hold both HDAW and CN in my portfolio?

HDAW and CN have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HDAW or CN?

On fees, HDAW is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HDAW or CN?

HDAW is cheaper with a 0.20% expense ratio, compared with 0.50% for CN.

Which ETF pays a higher dividend yield, HDAW or CN?

HDAW and CN have nearly identical dividend yields, around 0.00%.

What is the main difference between HDAW and CN?

HDAW is categorized as Foreign Large Cap Equities, while CN is China Equities. HDAW tracks MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index, while CN tracks MSCI China All Shares. Their fees differ too: 0.20% for HDAW and 0.50% for CN.