HDEF vs. CN

Last updated Jun 5, 2026

HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity ETF) and CN (Xtrackers MSCI All China Equity ETF) are both exchange-traded funds - HDEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE High Dividend Yield US Dollar Hedged Index, while CN is a China Equities fund tracking the MSCI China All Shares. Both are passively managed. At a 0.40 correlation, their price movements are largely independent. HDEF charges 0.20%/yr vs 0.50%/yr for CN.

Performance

HDEF vs. CN - Performance Comparison

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

Returns By Period

HDEF

• 1D: 0.84%
• 1M: -1.49%
• YTD: 4.87%
• 6M: 7.11%
• 1Y: 16.55%
• 3Y*: 16.85%
• 5Y*: 10.01%
• 10Y*: 8.59%

CN

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

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

HDEF vs. CN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	4.87%	33.01%	2.85%	18.53%	-2.51%	6.95%	-1.90%	25.02%	-13.74%	9.89%
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%

Correlation

The correlation between HDEF and CN is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Aug 19, 2015	0.40

The correlation between HDEF and CN shifts across timeframes, from 0.27 (3 years) to 0.42 (10 years), reflecting how their relationship changes across market environments.

HDEF vs. CN - Sectors Allocation Comparison

Sectors	HDEF	CN
Financial Services	26.9%	55.1%
Consumer Defensive	17.9%	0.3%
Healthcare	14.0%	0.8%
Energy	13.8%	0.9%
Industrials	8.8%	1.0%
Utilities	8.4%	0.2%
Communication Services	4.0%	0.4%
Consumer Cyclical	3.9%	5.4%
Real Estate	0.9%	0.8%
Basic Materials	0.7%	0.6%
Technology	0.6%	0.3%

Return for Risk

HDEF vs. CN — Risk / Return Rank

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

HDEF

HDEF Risk / Return Rank: 41
HDEF Sharpe Ratio Rank: 41
HDEF Sortino Ratio Rank: 40
HDEF Omega Ratio Rank: 41
HDEF Calmar Ratio Rank: 43
HDEF Martin Ratio Rank: 41

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.

HDEF vs. CN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) 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.

	HDEF	CN	Difference
Sharpe ratio: Return per unit of total volatility	1.42	—	—
Sortino ratio: Return per unit of downside risk	2.01	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	2.07	—	—
Martin ratio: Return relative to average drawdown	6.36	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HDEF	CN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	—	—

Drawdowns

Drawdown Indicators

	HDEF	CN	Difference
Max Drawdown Largest peak-to-trough decline	-36.43%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.03%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-11.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.63%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.43%	—	—
Current Drawdown Current decline from peak	-4.89%	—	—
Average Drawdown Average peak-to-trough decline	-5.04%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	—	—

Volatility

Volatility by Period

	HDEF	CN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.22%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.68%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.14%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.24%	—	—

HDEF vs. CN - Expense Ratio Comparison

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

Dividends

HDEF vs. CN - Dividend Comparison

HDEF's dividend yield for the trailing twelve months is around 3.62%, while CN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.62%	3.88%	4.53%	4.38%	5.41%	4.76%	3.93%	4.20%	3.55%	3.38%	9.53%	1.87%

Frequently Asked Questions

Can I hold both HDEF and CN in my portfolio?

HDEF and CN have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HDEF or CN?

On fees, HDEF 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, HDEF or CN?

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

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

HDEF has the higher dividend yield at 3.62%, compared with 0.00% for CN.

What is the main difference between HDEF and CN?

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