With the American markets on a tear and Chinese shares on a downturn, it appears that U.S. stocks are weathering the escalating trade war far better than China's.

One reason for the trend is due to Chinese markets' exposure to non-energy commodities, according to a study published in August by Axioma, a risk and performance analytics provider.

"The tariff spat caught China more exposed to changes in broad non-energy commodity prices, and the recent downturn in these commodities has weighed heavily on the Chinese market," said Diana R. Rudean, director of applied research at Axioma.

Shifts in the commodity trade are early indicators of global economic health and trade flows and are especially pertinent in the ongoing trade dispute as China consumes much of the world's raw materials.

Chinese indexes have posted steep losses, with market volatility rising so far this year, but U.S. stocks are up and volatility in the American market is down.

"Indeed, the U.S. at least the U.S. equity market appears to have largely skirted the effects of the trade war," Rudean added in the report.