KBA vs. ASHS

Last updated Jun 24, 2026

KBA (KraneShares Bosera MSCI China A Share ETF) and ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) are both China Equities funds - KBA tracks the MSCI China A Index while ASHS tracks the CSI 500 Index. Both are passively managed. Over the past 10 years, KBA returned 10.40%/yr vs 4.06%/yr for ASHS. Their correlation of 0.81 suggests significant overlap in exposure. KBA charges 0.60%/yr vs 0.65%/yr for ASHS.

Performance

KBA vs. ASHS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Bosera MSCI China A Share ETF (KBA) and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBA achieves a 10.36% return, which is significantly lower than ASHS's 20.07% return. Over the past 10 years, KBA has outperformed ASHS with an annualized return of 10.40%, while ASHS has yielded a comparatively lower 4.06% annualized return.

KBA

• 1D: -3.67%
• 1M: 2.74%
• YTD: 10.36%
• 6M: 10.50%
• 1Y: 45.45%
• 3Y*: 16.25%
• 5Y*: 6.66%
• 10Y*: 10.40%

ASHS

• 1D: -2.58%
• 1M: 1.98%
• YTD: 20.07%
• 6M: 23.64%
• 1Y: 63.65%
• 3Y*: 16.53%
• 5Y*: 4.91%
• 10Y*: 4.06%

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

KBA vs. ASHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBA KraneShares Bosera MSCI China A Share ETF	10.36%	33.88%	15.73%	-16.77%	-3.49%	3.17%	41.62%	35.44%	-26.28%	30.69%
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	20.07%	39.48%	2.68%	-10.03%	-24.78%	17.66%	28.22%	24.53%	-35.91%	7.90%

Correlation

The correlation between KBA and ASHS is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since May 21, 2014	0.81

The correlation between KBA and ASHS has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

KBA vs. ASHS - Sectors Allocation Comparison

Sectors	KBA	ASHS
Technology	34.1%	33.2%
Financial Services	17.4%	5.3%
Industrials	15.4%	18.7%
Basic Materials	9.3%	16.5%
Consumer Defensive	6.5%	1.7%
Consumer Cyclical	5.4%	5.3%
Healthcare	3.7%	6.2%
Utilities	3.2%	2.3%
Energy	3.0%	2.2%
Communication Services	1.4%	1.3%
Real Estate	0.5%	0.5%

Return for Risk

KBA vs. ASHS — Risk / Return Rank

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

KBA

KBA Risk / Return Rank: 81
KBA Sharpe Ratio Rank: 80
KBA Sortino Ratio Rank: 77
KBA Omega Ratio Rank: 77
KBA Calmar Ratio Rank: 92
KBA Martin Ratio Rank: 81

ASHS

ASHS Risk / Return Rank: 83
ASHS Sharpe Ratio Rank: 88
ASHS Sortino Ratio Rank: 83
ASHS Omega Ratio Rank: 80
ASHS Calmar Ratio Rank: 86
ASHS Martin Ratio Rank: 78

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.

KBA vs. ASHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Bosera MSCI China A Share ETF (KBA) and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS). 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.

	KBA	ASHS	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.74	-0.34
Sortino ratio: Return per unit of downside risk	3.21	3.43	-0.23
Omega ratio: Gain probability vs. loss probability	1.42	1.45	-0.02
Calmar ratio: Return relative to maximum drawdown	5.97	4.56	+1.41
Martin ratio: Return relative to average drawdown	15.15	14.25	+0.90

KBA vs. ASHS - Sharpe Ratio Comparison

The current KBA Sharpe Ratio is 2.40, which is comparable to the ASHS Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of KBA and ASHS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KBA vs. ASHS - Drawdown Comparison

The maximum KBA drawdown since its inception was -53.24%, smaller than the maximum ASHS drawdown of -69.90%. Use the drawdown chart below to compare losses from any high point for KBA and ASHS.

Drawdown Indicators

	KBA	ASHS	Difference
Max Drawdown Largest peak-to-trough decline	-53.24%	-69.90%	+16.66%
Max Drawdown (1Y) Largest decline over 1 year	-7.65%	-14.03%	+6.38%
Max Drawdown (3Y) Largest decline over 3 years	-31.23%	-34.13%	+2.90%
Max Drawdown (5Y) Largest decline over 5 years	-39.76%	-47.81%	+8.05%
Max Drawdown (10Y) Largest decline over 10 years	-45.32%	-47.81%	+2.49%
Current Drawdown Current decline from peak	-3.67%	-30.70%	+27.03%
Average Drawdown Average peak-to-trough decline	-25.71%	-48.49%	+22.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	4.48%	-1.47%

Volatility

KBA vs. ASHS - Volatility Comparison

KraneShares Bosera MSCI China A Share ETF (KBA) has a higher volatility of 8.89% compared to Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) at 7.72%. This indicates that KBA's price experiences larger fluctuations and is considered to be riskier than ASHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBA	ASHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.89%	7.72%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	14.20%	17.92%	-3.72%
Volatility (1Y) Calculated over the trailing 1-year period	19.00%	23.32%	-4.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.35%	26.60%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.39%	25.60%	-0.21%

KBA vs. ASHS - Expense Ratio Comparison

KBA has a 0.60% expense ratio, which is lower than ASHS's 0.65% expense ratio.

Dividends

KBA vs. ASHS - Dividend Comparison

KBA's dividend yield for the trailing twelve months is around 1.42%, while ASHS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	0.00%	0.00%	0.69%	0.65%	1.90%	0.76%	0.43%	0.57%	0.00%	0.00%	0.00%	8.34%
KBA KraneShares Bosera MSCI China A Share ETF	1.42%	1.56%	2.18%	2.34%	49.05%	9.07%	0.65%	1.53%	3.77%	1.46%	6.62%	29.08%

Frequently Asked Questions

Can I hold both KBA and ASHS in my portfolio?

KBA and ASHS have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBA or ASHS?

KBA has higher volatility (8.89%) compared to ASHS (7.72%). In terms of maximum drawdown, KBA dropped -53.24% vs ASHS's -69.90%.

Which ETF is better, KBA or ASHS?

On 10-year performance, KBA leads with 10.40% vs 4.06% for ASHS. On fees, KBA is cheaper at 0.60% per year. On volatility, ASHS has been the lower-risk option at 7.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBA or ASHS?

Over the 10-year period, KBA has performed better with a 10.40% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBA or ASHS?

KBA is cheaper with a 0.60% expense ratio, compared with 0.65% for ASHS.

Which ETF pays a higher dividend yield, KBA or ASHS?

KBA has the higher dividend yield at 1.42%, compared with 0.00% for ASHS.

What is the main difference between KBA and ASHS?

KBA tracks MSCI China A Index, while ASHS tracks CSI 500 Index. They also come from different issuers: CICC and Deutsche Bank. Their fees differ too: 0.60% for KBA and 0.65% for ASHS.

Which has better risk-adjusted returns?

ASHS currently has the higher Sharpe Ratio (2.74 vs 2.40), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.