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THD vs. CNYA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

THD vs. CNYA

Last updated Jul 14, 2026
Documentation

THD (iShares MSCI Thailand ETF) and CNYA (iShares MSCI China A ETF) are both exchange-traded funds - THD is a Asia Pacific Equities fund tracking the MSCI Thailand Investable Market Index, while CNYA is a China Equities fund tracking the MSCI China A Inclusion Index. Both are passively managed. Over the past 10 years, THD returned 2.94%/yr vs 5.28%/yr for CNYA. At a 0.41 correlation, their price movements are largely independent. THD charges 0.59%/yr vs 0.60%/yr for CNYA.

Performance

THD vs. CNYA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Thailand ETF (THD) and iShares MSCI China A ETF (CNYA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, THD achieves a 24.07% return, which is significantly higher than CNYA's 3.41% return. Over the past 10 years, THD has underperformed CNYA with an annualized return of 2.94%, while CNYA has yielded a comparatively higher 5.28% annualized return.

THD

1D
-0.25%
1M
-0.67%
6M
23.88%
YTD
24.07%
1Y
44.59%
3Y*
5.97%
5Y*
2.34%
10Y*
2.94%

CNYA

1D
-3.04%
1M
-3.13%
6M
-1.30%
YTD
3.41%
1Y
24.47%
3Y*
9.03%
5Y*
-1.52%
10Y*
5.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

THD vs. CNYA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
THD
iShares MSCI Thailand ETF		24.07%2.36%-2.21%-12.63%1.22%1.87%-9.89%8.32%-8.25%31.45%
CNYA
iShares MSCI China A ETF		3.41%26.48%10.78%-13.76%-26.51%3.53%41.54%35.95%-26.56%30.99%

Correlation

The correlation between THD and CNYA is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

Correlation (3Y)
Calculated over the trailing 3-year period

0.36

Correlation (5Y)
Calculated over the trailing 5-year period

0.39

Correlation (10Y)
Calculated over the trailing 10-year period

0.41

Correlation (All Time)
Calculated using the full available price history since Jun 15, 2016

0.41

The correlation between THD and CNYA shifts across timeframes, from 0.36 (3 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.

THD vs. CNYA - Sectors Allocation Comparison

Sectors
THD
CNYA

Industrials

31.1%
15.4%

Energy

13.5%
3.1%

Financial Services

11.1%
17.6%

Communication Services

9.8%
1.3%

Consumer Defensive

7.5%
6.8%

Utilities

7.0%
3.3%

Healthcare

6.1%
3.9%

Real Estate

5.0%
0.6%

Consumer Cyclical

4.7%
5.2%

Basic Materials

2.9%
11.2%

Technology

1.2%
31.7%

Industrials

THD
31.1%
CNYA
15.4%

Energy

THD
13.5%
CNYA
3.1%

Financial Services

THD
11.1%
CNYA
17.6%

Communication Services

THD
9.8%
CNYA
1.3%

Consumer Defensive

THD
7.5%
CNYA
6.8%

Utilities

THD
7.0%
CNYA
3.3%

Healthcare

THD
6.1%
CNYA
3.9%

Real Estate

THD
5.0%
CNYA
0.6%

Consumer Cyclical

THD
4.7%
CNYA
5.2%

Basic Materials

THD
2.9%
CNYA
11.2%

Technology

THD
1.2%
CNYA
31.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Thailand ETF

iShares MSCI China A ETF

Often compared with THD:
THD vs. VOOTHD vs. AAXJTHD vs. GREKTHD vs. SSOTHD vs. GQETXTHD vs. EPUTHD vs. BRAZ
Often compared with CNYA:
CNYA vs. MCHICNYA vs. ASHRCNYA vs. ICHN.ASCNYA vs. KBACNYA vs. FLCHCNYA vs. ICGA.DECNYA vs. GXC

Return for Risk

THD vs. CNYA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
THD
THD Risk / Return Rank: 7474
Overall Rank
THD Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
THD Sortino Ratio Rank: 7575
Sortino Ratio Rank
THD Omega Ratio Rank: 6969
Omega Ratio Rank
THD Calmar Ratio Rank: 8181
Calmar Ratio Rank
THD Martin Ratio Rank: 6868
Martin Ratio Rank
CNYA
CNYA Risk / Return Rank: 5454
Overall Rank
CNYA Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
CNYA Sortino Ratio Rank: 4343
Sortino Ratio Rank
CNYA Omega Ratio Rank: 4545
Omega Ratio Rank
CNYA Calmar Ratio Rank: 7777
Calmar Ratio Rank
CNYA Martin Ratio Rank: 6060
Martin Ratio Rank
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.

THD vs. CNYA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Thailand ETF (THD) and iShares MSCI China A ETF (CNYA). 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.

THDCNYADifference
Sharpe ratioReturn per unit of total volatility
1.97
1.27

+0.70

Sortino ratioReturn per unit of downside risk
2.68
1.80

+0.87

Omega ratioGain probability vs. loss probability

1.32

1.23

+0.09

Calmar ratioReturn relative to maximum drawdown

3.41

3.16

+0.25

Martin ratioReturn relative to average drawdown

9.81

8.38

+1.44

THD vs. CNYA - Sharpe Ratio Comparison

The current THD Sharpe Ratio is 1.97, which is higher than the CNYA Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of THD and CNYA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

THD vs. CNYA - Drawdown Comparison

The maximum THD drawdown since its inception was -64.22%, which is greater than CNYA's maximum drawdown of -49.49%. Use the drawdown chart below to compare losses from any high point for THD and CNYA.

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Drawdown Indicators

THDCNYADifference

Max Drawdown

Largest peak-to-trough decline

-64.22%

-49.49%

-14.73%

Max Drawdown (1Y)

Largest decline over 1 year

-13.12%

-7.77%

-5.35%

Max Drawdown (3Y)

Largest decline over 3 years

-34.11%

-33.35%

-0.76%

Max Drawdown (5Y)

Largest decline over 5 years

-40.24%

-44.65%

+4.41%

Max Drawdown (10Y)

Largest decline over 10 years

-49.32%

-49.49%

+0.17%

Current Drawdown

Current decline from peak

-8.89%

-18.08%

+9.19%

Average Drawdown

Average peak-to-trough decline

-18.23%

-20.62%

+2.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.56%

2.93%

+1.63%

Volatility

THD vs. CNYA - Volatility Comparison

The current volatility for iShares MSCI Thailand ETF (THD) is 6.87%, while iShares MSCI China A ETF (CNYA) has a volatility of 8.65%. This indicates that THD experiences smaller price fluctuations and is considered to be less risky than CNYA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

THDCNYADifference

Volatility (1M)

Calculated over the trailing 1-month period

6.87%

8.65%

-1.78%

Volatility (6M)

Calculated over the trailing 6-month period

18.87%

14.98%

+3.89%

Volatility (1Y)

Calculated over the trailing 1-year period

22.75%

19.41%

+3.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.00%

24.02%

-4.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.59%

23.59%

-2.00%

THD vs. CNYA - Expense Ratio Comparison

THD has a 0.59% expense ratio, which is lower than CNYA's 0.60% expense ratio.

Dividends

THD vs. CNYA - Dividend Comparison

THD's dividend yield for the trailing twelve months is around 3.49%, more than CNYA's 1.82% yield.

PositionTTM20252024202320222021202020192018201720162015
CNYA
iShares MSCI China A ETF		1.82%1.92%2.51%4.23%2.69%1.11%1.06%1.21%3.92%0.97%1.38%0.00%
THD
iShares MSCI Thailand ETF		3.49%3.36%3.15%2.92%2.41%3.16%2.31%2.42%2.57%2.16%2.61%3.58%

Frequently Asked Questions

THD and CNYA have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CNYA has higher volatility (8.65%) compared to THD (6.87%). In terms of maximum drawdown, THD dropped -64.22% vs CNYA's -49.49%.

On 10-year performance, CNYA leads with 5.28% vs 2.94% for THD. On fees, THD is cheaper at 0.59% per year. On volatility, THD has been the lower-risk option at 6.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CNYA has performed better with a 5.28% return vs 2.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

THD is cheaper with a 0.59% expense ratio, compared with 0.60% for CNYA.

THD has the higher dividend yield at 3.49%, compared with 1.82% for CNYA.

THD is categorized as Asia Pacific Equities, while CNYA is China Equities. THD tracks MSCI Thailand Investable Market Index, while CNYA tracks MSCI China A Inclusion Index. Their fees differ too: 0.59% for THD and 0.60% for CNYA.

THD currently has the higher Sharpe Ratio (1.97 vs 1.27), 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.

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