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China A-Shares – Quietly Winning

Published on 04/08/2026

Source: Market Mosaic Daily, by CMT Association

If you’re investing in China equities, the A-shares are holding up quite well.

Sections

China A-Shares
COPX – Global Copper Miners
International vs. US ratio

If you’re investing in China equities, the A-shares are holding up quite well compared to other China indices. ASHR tracks the CSI 300 Index, which holds the largest companies trading on mainland China’s Shanghai and Shenzhen exchanges. The fund holds zero exposure to Hong Kong-listed stocks like Alibaba or Tencent. ASHR is flat over the last 6-months, while comparable funds like the MSCI China Index (MCHI) and the FTSE China 50 Index (FXI) are down well over double digits.

COPX – Global Copper Miners

One chart that’s piqued my interest as of late is COPX – Global Copper Miners. Price broke out from a decade-plus long basing pattern in late 2025. The asset is now trading 25% off its highs but well above the 200-day simple moving average. If you’re bullish copper, but missed the initial run up, the chart is now providing an opportunity to climb onboard. This asset is not for the faint-hearted, it carries high levels of volatility, over 2.5x that of the S&P 500 Index.

International vs. US ratio

The International vs. US ratio is still very much tied to US Value vs. US Growth. The chart below displays each ratio indexed to 100 over the last 3-years. When International is outperforming the US, Value tends to outperform Growth. Given the composition of each market, this makes a lot of sense. Core US equity is heavy in Technology (Growth) and International is heavy in Financials (Value). If you believe the rotation into International has legs, the logical next question is whether your domestic portfolio reflects that same conviction or whether you’re still overweight the Growth names that tend to lag when this trade is working.

Shared content and posted charts are intended to be used for informational and educational purposes only. CMT Association does not offer, and this information shall not be understood or construed as, financial advice or investment recommendations. The information provided is not a substitute for advice from an investment professional. CMT Association does not accept liability for any financial loss or damage our audience may incur.

About the Author | Shane C. Murphy, CMT, CFP

Shane Murphy is an Associate at Michael Roberts Associates Inc. an independent wealth management firm located in Syracuse, NY. Prior to that, Shane worked in portfolio construction and research for an independent RIA. He also has experience in municipal finance, working at an independent municipal advisory firm. Shane attended Le Moyne College in Syracuse, NY, graduating honors cum laude with a Bachelor of Science degree in Finance and Business Analytics. Shane holds a Masters of Business Administration with a specialization in business analytics from Le Moyne College. He holds his Series 7 and 66 FINRA licenses and has received the designation of Chartered Market Technician (CMT) . In his spare time, Shane enjoys being out on the golf course, exercising and spending time with his family.