HYDW vs. ASHX

Last updated Jun 5, 2026

HYDW (Xtrackers Low Beta High Yield Bond ETF) and ASHX (Xtrackers MSCI China A Inclusion Equity ETF) are both exchange-traded funds - HYDW is a High Yield Bonds fund tracking the Solactive USD High Yield Corporates Total Market Low Beta Index, while ASHX is a China Equities fund tracking the MSCI China A Inclusion Index. Both are passively managed. At a 0.27 correlation, their price movements are largely independent. HYDW charges 0.20%/yr vs 0.60%/yr for ASHX.

Performance

HYDW vs. ASHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Low Beta High Yield Bond ETF (HYDW) and Xtrackers MSCI China A Inclusion Equity ETF (ASHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HYDW

• 1D: 0.15%
• 1M: 0.27%
• YTD: 1.04%
• 6M: 1.44%
• 1Y: 5.53%
• 3Y*: 6.99%
• 5Y*: 3.58%
• 10Y*: —

ASHX

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

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

HYDW vs. ASHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HYDW Xtrackers Low Beta High Yield Bond ETF	1.04%	8.47%	5.42%	9.84%	-7.86%	2.77%	5.51%	11.44%	-1.08%
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.00%	0.00%	0.27%	-13.59%	-26.45%	2.64%	42.24%	35.03%	-30.38%

Correlation

The correlation between HYDW and ASHX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jan 12, 2018	0.27

The correlation between HYDW and ASHX shifts across timeframes, from 0.16 (3 years) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HYDW vs. ASHX — Risk / Return Rank

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

HYDW

HYDW Risk / Return Rank: 61
HYDW Sharpe Ratio Rank: 56
HYDW Sortino Ratio Rank: 62
HYDW Omega Ratio Rank: 62
HYDW Calmar Ratio Rank: 54
HYDW Martin Ratio Rank: 69

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.

HYDW vs. ASHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Low Beta High Yield Bond ETF (HYDW) and Xtrackers MSCI China A Inclusion Equity ETF (ASHX). 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.

	HYDW	ASHX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	—	—
Sortino ratio: Return per unit of downside risk	2.89	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	2.66	—	—
Martin ratio: Return relative to average drawdown	12.66	—	—
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

	HYDW	ASHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	—	—

Drawdowns

Drawdown Indicators

	HYDW	ASHX	Difference
Max Drawdown Largest peak-to-trough decline	-17.75%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.09%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.68%	—	—
Current Drawdown Current decline from peak	-0.11%	—	—
Average Drawdown Average peak-to-trough decline	-1.89%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	—	—

Volatility

Volatility by Period

	HYDW	ASHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.26%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.40%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.99%	—	—

HYDW vs. ASHX - Expense Ratio Comparison

HYDW has a 0.20% expense ratio, which is lower than ASHX's 0.60% expense ratio.

Dividends

HYDW vs. ASHX - Dividend Comparison

HYDW's dividend yield for the trailing twelve months is around 5.75%, while ASHX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.00%	0.00%	0.00%	2.38%	1.76%	0.84%	0.80%	1.78%	1.07%	2.48%	19.46%	2.91%
HYDW Xtrackers Low Beta High Yield Bond ETF	5.75%	5.75%	5.35%	5.69%	4.78%	3.30%	4.45%	4.56%	4.42%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYDW and ASHX in my portfolio?

HYDW and ASHX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYDW or ASHX?

On fees, HYDW 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, HYDW or ASHX?

HYDW is cheaper with a 0.20% expense ratio, compared with 0.60% for ASHX.

Which ETF pays a higher dividend yield, HYDW or ASHX?

HYDW has the higher dividend yield at 5.75%, compared with 0.00% for ASHX.

What is the main difference between HYDW and ASHX?

HYDW is categorized as High Yield Bonds, while ASHX is China Equities. HYDW tracks Solactive USD High Yield Corporates Total Market Low Beta Index, while ASHX tracks MSCI China A Inclusion Index. Their fees differ too: 0.20% for HYDW and 0.60% for ASHX.