XCHA.L vs. CNSG.L

Last updated Jun 26, 2026

XCHA.L (Xtrackers CSI 300 Swap UCITS ETF 1C) and CNSG.L (UBS ETF (LU) MSCI China ESG Universal Low Carbon Select UCITS ETF (USD) A-dis) are both China Equities funds - XCHA.L tracks the MSCI China A Onshore NR CNY while CNSG.L tracks the MSCI China NR USD. Both are passively managed. Over the past 5 years, XCHA.L returned 2.96%/yr vs -6.61%/yr for CNSG.L. A 0.74 correlation means they provide meaningful diversification when combined. XCHA.L charges 0.50%/yr vs 0.45%/yr for CNSG.L.

Performance

XCHA.L vs. CNSG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.L) and UBS ETF (LU) MSCI China ESG Universal Low Carbon Select UCITS ETF (USD) A-dis (CNSG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XCHA.L is traded in USD, while CNSG.L is traded in GBp. To make them comparable, the CNSG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XCHA.L achieves a 14.22% return, which is significantly higher than CNSG.L's -11.67% return.

XCHA.L

• 1D: 2.00%
• 1M: 2.80%
• YTD: 14.22%
• 6M: 14.51%
• 1Y: 41.57%
• 3Y*: 17.46%
• 5Y*: 2.96%
• 10Y*: 10.03%

CNSG.L

• 1D: -1.87%
• 1M: -7.65%
• YTD: -11.67%
• 6M: -12.00%
• 1Y: -6.81%
• 3Y*: 7.04%
• 5Y*: -6.61%
• 10Y*: —

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

XCHA.L vs. CNSG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XCHA.L Xtrackers CSI 300 Swap UCITS ETF 1C	14.22%	30.11%	16.00%	-11.00%	-24.25%	3.24%	45.85%	7.47%
CNSG.L UBS ETF (LU) MSCI China ESG Universal Low Carbon Select UCITS ETF (USD) A-dis	-11.67%	27.10%	18.51%	-14.21%	-21.64%	-18.15%	30.89%	-12.14%

Correlation

The correlation between XCHA.L and CNSG.L is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jul 26, 2019	0.74

The correlation between XCHA.L and CNSG.L has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.

Return for Risk

XCHA.L vs. CNSG.L — Risk / Return Rank

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

XCHA.L

XCHA.L Risk / Return Rank: 87
XCHA.L Sharpe Ratio Rank: 84
XCHA.L Sortino Ratio Rank: 83
XCHA.L Omega Ratio Rank: 82
XCHA.L Calmar Ratio Rank: 95
XCHA.L Martin Ratio Rank: 90

CNSG.L

CNSG.L Risk / Return Rank: 7
CNSG.L Sharpe Ratio Rank: 7
CNSG.L Sortino Ratio Rank: 7
CNSG.L Omega Ratio Rank: 7
CNSG.L Calmar Ratio Rank: 7
CNSG.L Martin Ratio Rank: 7

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.

XCHA.L vs. CNSG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.L) and UBS ETF (LU) MSCI China ESG Universal Low Carbon Select UCITS ETF (USD) A-dis (CNSG.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.

	XCHA.L	CNSG.L	Difference
Sharpe ratio: Return per unit of total volatility	2.37	-0.39	+2.75
Sortino ratio: Return per unit of downside risk	3.22	-0.42	+3.64
Omega ratio: Gain probability vs. loss probability	1.42	0.95	+0.47
Calmar ratio: Return relative to maximum drawdown	6.63	-0.38	+7.01
Martin ratio: Return relative to average drawdown	17.93	-0.97	+18.90

XCHA.L vs. CNSG.L - Sharpe Ratio Comparison

The current XCHA.L Sharpe Ratio is 2.37, which is higher than the CNSG.L Sharpe Ratio of -0.39. The chart below compares the historical Sharpe Ratios of XCHA.L and CNSG.L, 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

XCHA.L vs. CNSG.L - Drawdown Comparison

The maximum XCHA.L drawdown since its inception was -50.90%, smaller than the maximum CNSG.L drawdown of -59.96%. Use the drawdown chart below to compare losses from any high point for XCHA.L and CNSG.L.

Drawdown Indicators

	XCHA.L	CNSG.L	Difference
Max Drawdown Largest peak-to-trough decline	-50.90%	-59.96%	+9.06%
Max Drawdown (1Y) Largest decline over 1 year	-6.24%	-17.63%	+11.39%
Max Drawdown (3Y) Largest decline over 3 years	-26.85%	-29.05%	+2.20%
Max Drawdown (5Y) Largest decline over 5 years	-39.75%	-54.65%	+14.90%
Max Drawdown (10Y) Largest decline over 10 years	-44.89%	—	—
Current Drawdown Current decline from peak	-1.10%	-38.00%	+36.90%
Average Drawdown Average peak-to-trough decline	-24.08%	-32.67%	+8.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	7.04%	-4.73%

Volatility

XCHA.L vs. CNSG.L - Volatility Comparison

Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.L) has a higher volatility of 6.99% compared to UBS ETF (LU) MSCI China ESG Universal Low Carbon Select UCITS ETF (USD) A-dis (CNSG.L) at 6.25%. This indicates that XCHA.L's price experiences larger fluctuations and is considered to be riskier than CNSG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCHA.L	CNSG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.99%	6.25%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	13.13%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	17.53%	17.55%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.49%	28.77%	-6.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.72%	27.63%	-4.91%

XCHA.L vs. CNSG.L - Expense Ratio Comparison

XCHA.L has a 0.50% expense ratio, which is higher than CNSG.L's 0.45% expense ratio.

Dividends

XCHA.L vs. CNSG.L - Dividend Comparison

XCHA.L has not paid dividends to shareholders, while CNSG.L's dividend yield for the trailing twelve months is around 2.80%.

Position	TTM	2025	2024	2023	2022	2021	2020
CNSG.L UBS ETF (LU) MSCI China ESG Universal Low Carbon Select UCITS ETF (USD) A-dis	2.80%	2.57%	0.85%	2.00%	1.80%	1.35%	0.74%
XCHA.L Xtrackers CSI 300 Swap UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XCHA.L and CNSG.L in my portfolio?

XCHA.L and CNSG.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XCHA.L or CNSG.L?

On fees, CNSG.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XCHA.L or CNSG.L?

CNSG.L is cheaper with a 0.45% expense ratio, compared with 0.50% for XCHA.L.

What is the main difference between XCHA.L and CNSG.L?

XCHA.L tracks MSCI China A Onshore NR CNY, while CNSG.L tracks MSCI China NR USD. They also come from different issuers: Xtrackers and UBS. Their fees differ too: 0.50% for XCHA.L and 0.45% for CNSG.L.