XX25.L vs. CM5S.L

Last updated Jun 5, 2026

XX25.L (Xtrackers FTSE China 50 UCITS ETF 1C) and CM5S.L (Invesco S&P China A MidCap 500 Swap UCITS ETF Acc) are both China Equities funds - XX25.L tracks the MSCI China NR USD while CM5S.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 3 years, XX25.L returned 13.47%/yr vs 19.85%/yr for CM5S.L. A 0.65 correlation means they provide meaningful diversification when combined. XX25.L charges 0.60%/yr vs 0.35%/yr for CM5S.L.

Performance

XX25.L vs. CM5S.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers FTSE China 50 UCITS ETF 1C (XX25.L) and Invesco S&P China A MidCap 500 Swap UCITS ETF Acc (CM5S.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XX25.L achieves a 8.96% return, which is significantly lower than CM5S.L's 19.25% return.

XX25.L

• 1D: -0.66%
• 1M: 0.28%
• YTD: 8.96%
• 6M: 10.97%
• 1Y: 36.41%
• 3Y*: 13.47%
• 5Y*: 0.29%
• 10Y*: 4.94%

CM5S.L

• 1D: -0.01%
• 1M: 0.33%
• YTD: 19.25%
• 6M: 25.83%
• 1Y: 70.40%
• 3Y*: 19.85%
• 5Y*: —
• 10Y*: —

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

XX25.L vs. CM5S.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XX25.L Xtrackers FTSE China 50 UCITS ETF 1C	8.96%	17.72%	29.08%	-18.23%	6.79%
CM5S.L Invesco S&P China A MidCap 500 Swap UCITS ETF Acc	19.25%	42.07%	14.29%	-14.04%	13.69%

Correlation

The correlation between XX25.L and CM5S.L is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since May 10, 2022	0.65

The correlation between XX25.L and CM5S.L shifts across timeframes, from 0.65 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

XX25.L vs. CM5S.L — Risk / Return Rank

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

XX25.L

XX25.L Risk / Return Rank: 76
XX25.L Sharpe Ratio Rank: 73
XX25.L Sortino Ratio Rank: 70
XX25.L Omega Ratio Rank: 71
XX25.L Calmar Ratio Rank: 88
XX25.L Martin Ratio Rank: 79

CM5S.L

CM5S.L Risk / Return Rank: 91
CM5S.L Sharpe Ratio Rank: 94
CM5S.L Sortino Ratio Rank: 90
CM5S.L Omega Ratio Rank: 90
CM5S.L Calmar Ratio Rank: 90
CM5S.L Martin Ratio Rank: 91

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.

XX25.L vs. CM5S.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers FTSE China 50 UCITS ETF 1C (XX25.L) and Invesco S&P China A MidCap 500 Swap UCITS ETF Acc (CM5S.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.

	XX25.L	CM5S.L	Difference
Sharpe ratio: Return per unit of total volatility	2.34	3.49	-1.15
Sortino ratio: Return per unit of downside risk	3.13	4.20	-1.07
Omega ratio: Gain probability vs. loss probability	1.42	1.57	-0.16
Calmar ratio: Return relative to maximum drawdown	5.10	5.48	-0.38
Martin ratio: Return relative to average drawdown	15.08	21.45	-6.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XX25.L vs. CM5S.L - Sharpe Ratio Comparison

The current XX25.L Sharpe Ratio is 2.34, which is lower than the CM5S.L Sharpe Ratio of 3.49. The chart below compares the historical Sharpe Ratios of XX25.L and CM5S.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.

Sharpe Ratios by Period

	XX25.L	CM5S.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	3.49	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.68	-0.59

Drawdowns

XX25.L vs. CM5S.L - Drawdown Comparison

The maximum XX25.L drawdown since its inception was -59.20%, which is greater than CM5S.L's maximum drawdown of -38.57%. Use the drawdown chart below to compare losses from any high point for XX25.L and CM5S.L.

Drawdown Indicators

	XX25.L	CM5S.L	Difference
Max Drawdown Largest peak-to-trough decline	-59.20%	-38.57%	-20.63%
Max Drawdown (1Y) Largest decline over 1 year	-7.21%	-12.93%	+5.72%
Max Drawdown (3Y) Largest decline over 3 years	-28.00%	-25.93%	-2.07%
Max Drawdown (5Y) Largest decline over 5 years	-47.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-54.65%	—	—
Current Drawdown Current decline from peak	-15.09%	-4.43%	-10.66%
Average Drawdown Average peak-to-trough decline	-23.23%	-13.46%	-9.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	3.31%	-0.87%

Volatility

XX25.L vs. CM5S.L - Volatility Comparison

The current volatility for Xtrackers FTSE China 50 UCITS ETF 1C (XX25.L) is 5.59%, while Invesco S&P China A MidCap 500 Swap UCITS ETF Acc (CM5S.L) has a volatility of 6.29%. This indicates that XX25.L experiences smaller price fluctuations and is considered to be less risky than CM5S.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XX25.L	CM5S.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	6.29%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	10.71%	15.26%	-4.55%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	20.30%	-4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.24%	25.03%	+2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.47%	25.03%	-0.56%

XX25.L vs. CM5S.L - Expense Ratio Comparison

XX25.L has a 0.60% expense ratio, which is higher than CM5S.L's 0.35% expense ratio.

Dividends

XX25.L vs. CM5S.L - Dividend Comparison

Neither XX25.L nor CM5S.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XX25.L and CM5S.L in my portfolio?

XX25.L and CM5S.L have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XX25.L or CM5S.L?

On fees, CM5S.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XX25.L or CM5S.L?

CM5S.L is cheaper with a 0.35% expense ratio, compared with 0.60% for XX25.L.

What is the main difference between XX25.L and CM5S.L?

XX25.L tracks MSCI China NR USD, while CM5S.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.60% for XX25.L and 0.35% for CM5S.L.