JREC.L vs. CNAA.L
JREC.L (JPM China A Research Enhanced Index Equity Active UCITS ETF USD (Acc)) and CNAA.L (Lyxor Fortune SG UCITS MSCI China A DR) are both China Equities funds. JREC.L is actively managed, while CNAA.L is passively managed. Over the past 3 years, JREC.L returned 9.63%/yr vs 9.60%/yr for CNAA.L. Their correlation of 0.93 suggests significant overlap in exposure. JREC.L charges 0.40%/yr vs 0.35%/yr for CNAA.L.
Performance
JREC.L vs. CNAA.L - Performance Comparison
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Returns By Period
In the year-to-date period, JREC.L achieves a 3.55% return, which is significantly lower than CNAA.L's 4.27% return.
JREC.L
- 1D
- -3.42%
- 1M
- -7.89%
- 6M
- 0.63%
- YTD
- 3.55%
- 1Y
- 25.34%
- 3Y*
- 9.63%
- 5Y*
- —
- 10Y*
- —
CNAA.L
- 1D
- -2.29%
- 1M
- -5.55%
- 6M
- 1.58%
- YTD
- 4.27%
- 1Y
- 24.38%
- 3Y*
- 9.60%
- 5Y*
- -1.30%
- 10Y*
- 4.25%
JREC.L vs. CNAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JREC.L JPM China A Research Enhanced Index Equity Active UCITS ETF USD (Acc) | 3.55% | 28.38% | 9.65% | -13.02% | -19.50% |
CNAA.L Lyxor Fortune SG UCITS MSCI China A DR | 4.27% | 26.12% | 10.92% | -14.19% | -19.02% |
Correlation
The correlation between JREC.L and CNAA.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 Feb 15, 2022 | 0.93 |
The correlation between JREC.L and CNAA.L has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
JREC.L vs. CNAA.L — Risk / Return Rank
JREC.L
CNAA.L
JREC.L vs. CNAA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPM China A Research Enhanced Index Equity Active UCITS ETF USD (Acc) (JREC.L) and Lyxor Fortune SG UCITS MSCI China A DR (CNAA.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.
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.
| JREC.L | CNAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.24 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 3.17 | -0.76 |
| Martin ratioReturn relative to average drawdown | 8.89 | 8.38 | +0.51 |
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Drawdowns
JREC.L vs. CNAA.L - Drawdown Comparison
The maximum JREC.L drawdown since its inception was -37.92%, smaller than the maximum CNAA.L drawdown of -56.07%. Use the drawdown chart below to compare losses from any high point for JREC.L and CNAA.L.
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Drawdown Indicators
| JREC.L | CNAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.92% | -56.07% | +18.15% |
Max Drawdown (1Y)Largest decline over 1 year | -10.46% | -8.01% | -2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -27.06% | -28.67% | +1.61% |
Max Drawdown (5Y)Largest decline over 5 years | — | -44.54% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.66% | — |
Current DrawdownCurrent decline from peak | -10.46% | -17.89% | +7.43% |
Average DrawdownAverage peak-to-trough decline | -18.92% | -32.77% | +13.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 3.03% | -0.19% |
Volatility
JREC.L vs. CNAA.L - Volatility Comparison
JPM China A Research Enhanced Index Equity Active UCITS ETF USD (Acc) (JREC.L) has a higher volatility of 9.60% compared to Lyxor Fortune SG UCITS MSCI China A DR (CNAA.L) at 8.82%. This indicates that JREC.L's price experiences larger fluctuations and is considered to be riskier than CNAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JREC.L | CNAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.60% | 8.82% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 15.19% | 14.97% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.20% | 19.23% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.08% | 22.75% | +0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.08% | 22.59% | +0.49% |
JREC.L vs. CNAA.L - Expense Ratio Comparison
JREC.L has a 0.40% expense ratio, which is higher than CNAA.L's 0.35% expense ratio.
Dividends
JREC.L vs. CNAA.L - Dividend Comparison
Neither JREC.L nor CNAA.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, JREC.L and CNAA.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, CNAA.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNAA.L is cheaper with a 0.35% expense ratio, compared with 0.40% for JREC.L.
They also come from different issuers: JPMorgan and Amundi. Their fees differ too: 0.40% for JREC.L and 0.35% for CNAA.L.
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