KGRN vs. ASHX

Last updated Jun 5, 2026

KGRN (KraneShares MSCI China Clean Technology Index ETF) and ASHX (Xtrackers MSCI China A Inclusion Equity ETF) are both China Equities funds - KGRN tracks the MSCI China IMI Environment 10/40 Index while ASHX tracks the MSCI China A Inclusion Index. Both are passively managed. A 0.53 correlation means they provide meaningful diversification when combined. KGRN charges 0.79%/yr vs 0.60%/yr for ASHX.

Performance

KGRN vs. ASHX - 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 MSCI China A Inclusion Equity ETF (ASHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KGRN

• 1D: -0.84%
• 1M: -6.12%
• YTD: 0.04%
• 6M: -2.21%
• 1Y: 4.70%
• 3Y*: 2.68%
• 5Y*: -7.84%
• 10Y*: —

ASHX

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

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

KGRN vs. ASHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGRN KraneShares MSCI China Clean Technology Index ETF	0.04%	21.45%	-1.11%	-14.75%	-40.45%	5.91%	138.49%	12.12%	-29.32%	-0.37%
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.00%	0.00%	0.27%	-13.59%	-26.45%	2.64%	42.24%	35.03%	-27.51%	3.06%

Correlation

The correlation between KGRN and ASHX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Oct 16, 2017	0.53

The correlation between KGRN and ASHX shifts across timeframes, from 0.37 (3 years) to 0.53 (all time), reflecting how their relationship changes across market environments.

KGRN vs. ASHX - Sectors Allocation Comparison

Sectors	KGRN	ASHX
Consumer Cyclical	36.8%	7.1%
Industrials	26.5%	16.0%
Utilities	21.2%	4.3%
Technology	11.6%	14.1%
Energy	3.6%	4.2%
Basic Materials	-	9.6%
Communication Services	-	1.5%
Consumer Defensive	-	14.3%
Financial Services	-	19.6%
Healthcare	-	7.9%
Real Estate	-	1.4%

Return for Risk

KGRN vs. ASHX — Risk / Return Rank

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

KGRN

KGRN Risk / Return Rank: 12
KGRN Sharpe Ratio Rank: 12
KGRN Sortino Ratio Rank: 13
KGRN Omega Ratio Rank: 12
KGRN Calmar Ratio Rank: 12
KGRN Martin Ratio Rank: 11

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. ASHX - 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 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.

	KGRN	ASHX	Difference
Sharpe ratio: Return per unit of total volatility	0.20	—	—
Sortino ratio: Return per unit of downside risk	0.45	—	—
Omega ratio: Gain probability vs. loss probability	1.05	—	—
Calmar ratio: Return relative to maximum drawdown	0.27	—	—
Martin ratio: Return relative to average drawdown	0.46	—	—
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

	KGRN	ASHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	—	—

Drawdowns

Drawdown Indicators

	KGRN	ASHX	Difference
Max Drawdown Largest peak-to-trough decline	-66.24%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-17.26%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-42.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.60%	—	—
Current Drawdown Current decline from peak	-47.62%	—	—
Average Drawdown Average peak-to-trough decline	-33.96%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	10.13%	—	—

Volatility

Volatility by Period

	KGRN	ASHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.36%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.12%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.05%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.75%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.86%	—	—

KGRN vs. ASHX - Expense Ratio Comparison

KGRN has a 0.79% expense ratio, which is higher than ASHX's 0.60% expense ratio.

Dividends

KGRN vs. ASHX - Dividend Comparison

KGRN's dividend yield for the trailing twelve months is around 0.85%, 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%
KGRN KraneShares MSCI China Clean Technology Index ETF	0.85%	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 ASHX in my portfolio?

KGRN and ASHX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KGRN or ASHX?

On fees, ASHX is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KGRN or ASHX?

ASHX is cheaper with a 0.60% expense ratio, compared with 0.79% for KGRN.

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

KGRN has the higher dividend yield at 0.85%, compared with 0.00% for ASHX.

What is the main difference between KGRN and ASHX?

KGRN tracks MSCI China IMI Environment 10/40 Index, while ASHX tracks MSCI China A Inclusion Index. They also come from different issuers: CICC and Deutsche Bank. Their fees differ too: 0.79% for KGRN and 0.60% for ASHX.