IASH.L vs. CA3S.L
IASH.L (iShares MSCI China A UCITS USD) and CA3S.L (Invesco S&P China A 300 Swap UCITS ETF Acc) are both China Equities funds tracking the MSCI China A Onshore NR CNY, from iShares and Invesco respectively. Both are passively managed. Over the past 3 years, IASH.L returned 8.41%/yr vs 13.85%/yr for CA3S.L. With a 0.97 correlation, they move nearly in lockstep. IASH.L charges 0.40%/yr vs 0.35%/yr for CA3S.L.
Performance
IASH.L vs. CA3S.L - Performance Comparison
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Returns By Period
In the year-to-date period, IASH.L achieves a 9.51% return, which is significantly lower than CA3S.L's 15.44% return.
IASH.L
- 1D
- -0.06%
- 1M
- 3.10%
- YTD
- 9.51%
- 6M
- 12.93%
- 1Y
- 38.65%
- 3Y*
- 8.41%
- 5Y*
- 0.05%
- 10Y*
- 7.12%
CA3S.L
- 1D
- 0.33%
- 1M
- 5.31%
- YTD
- 15.44%
- 6M
- 19.58%
- 1Y
- 52.73%
- 3Y*
- 13.85%
- 5Y*
- —
- 10Y*
- —
IASH.L vs. CA3S.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IASH.L iShares MSCI China A UCITS USD | 9.51% | 17.67% | 12.92% | -18.83% | 4.21% |
CA3S.L Invesco S&P China A 300 Swap UCITS ETF Acc | 15.44% | 24.66% | 16.66% | -16.63% | 3.94% |
Correlation
The correlation between IASH.L and CA3S.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since May 10, 2022 | 0.97 |
The correlation between IASH.L and CA3S.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
IASH.L vs. CA3S.L — Risk / Return Rank
IASH.L
CA3S.L
IASH.L vs. CA3S.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China A UCITS USD (IASH.L) and Invesco S&P China A 300 Swap UCITS ETF Acc (CA3S.L). 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.
| IASH.L | CA3S.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.58 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 5.73 | 8.43 | -2.70 |
| Martin ratioReturn relative to average drawdown | 15.80 | 24.49 | -8.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IASH.L | CA3S.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.47 | 3.33 | -0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.00 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.33 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.46 | -0.37 |
Drawdowns
IASH.L vs. CA3S.L - Drawdown Comparison
The maximum IASH.L drawdown since its inception was -48.39%, which is greater than CA3S.L's maximum drawdown of -35.12%. Use the drawdown chart below to compare losses from any high point for IASH.L and CA3S.L.
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Drawdown Indicators
| IASH.L | CA3S.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.39% | -35.12% | -13.27% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -6.23% | -0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -25.77% | -26.15% | +0.38% |
Max Drawdown (5Y)Largest decline over 5 years | -42.23% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -44.67% | — | — |
Current DrawdownCurrent decline from peak | -10.06% | -0.47% | -9.59% |
Average DrawdownAverage peak-to-trough decline | -24.72% | -15.53% | -9.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 2.15% | +0.29% |
Volatility
IASH.L vs. CA3S.L - Volatility Comparison
iShares MSCI China A UCITS USD (IASH.L) has a higher volatility of 5.69% compared to Invesco S&P China A 300 Swap UCITS ETF Acc (CA3S.L) at 5.32%. This indicates that IASH.L's price experiences larger fluctuations and is considered to be riskier than CA3S.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IASH.L | CA3S.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.69% | 5.32% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 10.68% | 10.61% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.61% | 15.80% | -0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.27% | 20.99% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.79% | 20.99% | +1.80% |
IASH.L vs. CA3S.L - Expense Ratio Comparison
IASH.L has a 0.40% expense ratio, which is higher than CA3S.L's 0.35% expense ratio.
Dividends
IASH.L vs. CA3S.L - Dividend Comparison
Neither IASH.L nor CA3S.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, IASH.L and CA3S.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, CA3S.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CA3S.L is cheaper with a 0.35% expense ratio, compared with 0.40% for IASH.L.
Both ETFs track MSCI China A Onshore NR CNY. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.40% for IASH.L and 0.35% for CA3S.L.
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