KGRN vs. ASHS

Last updated Jul 14, 2026

KGRN (KraneShares MSCI China Clean Technology Index ETF) and ASHS (Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF) are both China Equities funds - KGRN tracks the MSCI China IMI Environment 10/40 Index while ASHS tracks the CSI 500 Index. Both are passively managed. Over the past 5 years, KGRN returned -12.00%/yr vs 3.07%/yr for ASHS. A 0.62 correlation means they provide meaningful diversification when combined. KGRN charges 0.79%/yr vs 0.65%/yr for ASHS.

Performance

KGRN vs. ASHS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares MSCI China Clean Technology Index ETF (KGRN) 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, KGRN achieves a -14.41% return, which is significantly lower than ASHS's 12.81% return.

KGRN

• 1D: -1.95%
• 1M: -9.42%
• 6M: -18.98%
• YTD: -14.41%
• 1Y: -13.47%
• 3Y*: -5.13%
• 5Y*: -12.00%
• 10Y*: —

ASHS

• 1D: -4.79%
• 1M: -0.10%
• 6M: 1.16%
• YTD: 12.81%
• 1Y: 44.88%
• 3Y*: 13.36%
• 5Y*: 3.07%
• 10Y*: 2.63%

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

KGRN vs. ASHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGRN KraneShares MSCI China Clean Technology Index ETF	-14.41%	21.45%	-1.11%	-14.75%	-40.45%	5.91%	138.49%	12.12%	-29.32%	-0.37%
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	12.81%	39.48%	2.68%	-10.03%	-24.78%	17.66%	28.22%	24.53%	-35.91%	-5.76%

Correlation

The correlation between KGRN and ASHS is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Oct 13, 2017	0.62

The correlation between KGRN and ASHS shifts across timeframes, from 0.56 (1 year) to 0.67 (3 years), reflecting how their relationship changes across market environments.

KGRN vs. ASHS - Sectors Allocation Comparison

Sectors	KGRN	ASHS
Industrials	34.2%	18.4%
Consumer Cyclical	27.2%	5.0%
Utilities	19.8%	2.1%
Technology	14.1%	34.4%
Energy	3.8%	2.0%
Basic Materials	-	16.1%
Communication Services	-	1.1%
Consumer Defensive	-	1.7%
Financial Services	-	5.5%
Healthcare	-	6.5%
Real Estate	-	0.5%

Return for Risk

KGRN vs. ASHS — Risk / Return Rank

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

KGRN

KGRN Risk / Return Rank: 5
KGRN Sharpe Ratio Rank: 5
KGRN Sortino Ratio Rank: 5
KGRN Omega Ratio Rank: 5
KGRN Calmar Ratio Rank: 5
KGRN Martin Ratio Rank: 4

ASHS

ASHS Risk / Return Rank: 69
ASHS Sharpe Ratio Rank: 71
ASHS Sortino Ratio Rank: 66
ASHS Omega Ratio Rank: 64
ASHS Calmar Ratio Rank: 78
ASHS Martin Ratio Rank: 68

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.

KGRN vs. ASHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI China Clean Technology Index ETF (KGRN) 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.

	KGRN	ASHS	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	1.81	-2.38
Sortino ratio: Return per unit of downside risk	-0.68	2.40	-3.08
Omega ratio: Gain probability vs. loss probability	0.92	1.31	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.48	3.21	-3.69
Martin ratio: Return relative to average drawdown	-1.06	9.73	-10.79

KGRN vs. ASHS - Sharpe Ratio Comparison

The current KGRN Sharpe Ratio is -0.57, which is lower than the ASHS Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of KGRN 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

KGRN vs. ASHS - Drawdown Comparison

The maximum KGRN drawdown since its inception was -66.24%, smaller than the maximum ASHS drawdown of -69.90%. Use the drawdown chart below to compare losses from any high point for KGRN and ASHS.

Drawdown Indicators

	KGRN	ASHS	Difference
Max Drawdown Largest peak-to-trough decline	-66.24%	-69.90%	+3.66%
Max Drawdown (1Y) Largest decline over 1 year	-28.36%	-14.03%	-14.33%
Max Drawdown (3Y) Largest decline over 3 years	-42.19%	-34.13%	-8.06%
Max Drawdown (5Y) Largest decline over 5 years	-63.60%	-47.81%	-15.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.81%	—
Current Drawdown Current decline from peak	-55.18%	-34.89%	-20.29%
Average Drawdown Average peak-to-trough decline	-34.15%	-48.41%	+14.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.76%	4.62%	+8.14%

Volatility

KGRN vs. ASHS - Volatility Comparison

The current volatility for KraneShares MSCI China Clean Technology Index ETF (KGRN) is 5.59%, while Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) has a volatility of 11.00%. This indicates that KGRN experiences smaller price fluctuations and is considered to be less risky than ASHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGRN	ASHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	11.00%	-5.41%
Volatility (6M) Calculated over the trailing 6-month period	15.57%	19.84%	-4.27%
Volatility (1Y) Calculated over the trailing 1-year period	23.68%	24.93%	-1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.64%	26.85%	+7.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.76%	25.73%	+7.03%

KGRN vs. ASHS - Expense Ratio Comparison

KGRN has a 0.79% expense ratio, which is higher than ASHS's 0.65% expense ratio.

Dividends

KGRN vs. ASHS - Dividend Comparison

KGRN's dividend yield for the trailing twelve months is around 1.00%, 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%
KGRN KraneShares MSCI China Clean Technology Index ETF	1.00%	0.85%	1.49%	0.74%	1.98%	0.41%	0.01%	5.88%	2.04%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KGRN and ASHS in my portfolio?

KGRN and ASHS have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KGRN or ASHS?

ASHS has higher volatility (11.00%) compared to KGRN (5.59%). In terms of maximum drawdown, KGRN dropped -66.24% vs ASHS's -69.90%.

Which ETF is better, KGRN or ASHS?

On 5-year performance, ASHS leads with 3.07% vs -12.00% for KGRN. On fees, ASHS is cheaper at 0.65% per year. On volatility, KGRN has been the lower-risk option at 5.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KGRN or ASHS?

Over the 5-year period, ASHS has performed better with a 3.07% return vs -12.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KGRN or ASHS?

ASHS is cheaper with a 0.65% expense ratio, compared with 0.79% for KGRN.

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

KGRN has the higher dividend yield at 1.00%, compared with 0.00% for ASHS.

What is the main difference between KGRN and ASHS?

KGRN tracks MSCI China IMI Environment 10/40 Index, while ASHS tracks CSI 500 Index. They also come from different issuers: CICC and Deutsche Bank. Their fees differ too: 0.79% for KGRN and 0.65% for ASHS.

Which has better risk-adjusted returns?

ASHS currently has the higher Sharpe Ratio (1.81 vs -0.57), 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.