CNXT vs. SPY

Last updated Jun 26, 2026

CNXT (VanEck Vectors ChinaAMC SME-ChiNext ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - CNXT is a China Equities fund tracking the SME-ChiNext 100 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CNXT returned 7.66%/yr vs 15.75%/yr for SPY. At a 0.32 correlation, their price movements are largely independent. CNXT charges 0.65%/yr vs 0.09%/yr for SPY.

Performance

CNXT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNXT achieves a 41.99% return, which is significantly higher than SPY's 8.25% return. Over the past 10 years, CNXT has underperformed SPY with an annualized return of 7.66%, while SPY has yielded a comparatively higher 15.75% annualized return.

CNXT

• 1D: 3.88%
• 1M: 8.35%
• YTD: 41.99%
• 6M: 39.66%
• 1Y: 119.78%
• 3Y*: 30.77%
• 5Y*: 5.14%
• 10Y*: 7.66%

SPY

• 1D: 0.14%
• 1M: -1.92%
• YTD: 8.25%
• 6M: 6.93%
• 1Y: 22.29%
• 3Y*: 20.89%
• 5Y*: 12.99%
• 10Y*: 15.75%

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

CNXT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	41.99%	59.31%	12.42%	-21.47%	-35.58%	8.78%	63.30%	42.66%	-39.48%	20.19%
SPY State Street SPDR S&P 500 ETF	8.25%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between CNXT and SPY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jul 24, 2014	0.32

The correlation between CNXT and SPY shifts across timeframes, from 0.25 (3 years) to 0.38 (1 year), reflecting how their relationship changes across market environments.

CNXT vs. SPY - Sectors Allocation Comparison

Sectors	CNXT	SPY
Industrials	42.4%	7.8%
Technology	39.9%	39.0%
Basic Materials	4.7%	1.7%
Healthcare	3.8%	8.3%
Financial Services	3.4%	11.1%
Consumer Defensive	1.4%	4.5%
Communication Services	1.0%	10.6%
Consumer Cyclical	0.7%	9.9%
Energy	-	3.1%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

CNXT vs. SPY — Risk / Return Rank

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

CNXT

CNXT Risk / Return Rank: 95
CNXT Sharpe Ratio Rank: 96
CNXT Sortino Ratio Rank: 94
CNXT Omega Ratio Rank: 93
CNXT Calmar Ratio Rank: 97
CNXT Martin Ratio Rank: 96

SPY

SPY Risk / Return Rank: 63
SPY Sharpe Ratio Rank: 63
SPY Sortino Ratio Rank: 61
SPY Omega Ratio Rank: 63
SPY Calmar Ratio Rank: 59
SPY Martin Ratio Rank: 70

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.

CNXT vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) and State Street SPDR S&P 500 ETF (SPY). 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.

	CNXT	SPY	Difference
Sharpe ratio: Return per unit of total volatility	3.73	1.80	+1.93
Sortino ratio: Return per unit of downside risk	4.32	2.46	+1.86
Omega ratio: Gain probability vs. loss probability	1.55	1.33	+0.22
Calmar ratio: Return relative to maximum drawdown	9.87	2.52	+7.35
Martin ratio: Return relative to average drawdown	29.07	11.15	+17.92

CNXT vs. SPY - Sharpe Ratio Comparison

The current CNXT Sharpe Ratio is 3.73, which is higher than the SPY Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of CNXT and SPY, 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

CNXT vs. SPY - Drawdown Comparison

The maximum CNXT drawdown since its inception was -68.98%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CNXT and SPY.

Drawdown Indicators

	CNXT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-68.98%	-55.19%	-13.79%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-8.88%	-3.33%
Max Drawdown (3Y) Largest decline over 3 years	-48.60%	-18.76%	-29.84%
Max Drawdown (5Y) Largest decline over 5 years	-61.21%	-24.50%	-36.71%
Max Drawdown (10Y) Largest decline over 10 years	-63.30%	-33.72%	-29.58%
Current Drawdown Current decline from peak	-0.13%	-3.08%	+2.95%
Average Drawdown Average peak-to-trough decline	-42.74%	-9.03%	-33.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	2.00%	+2.14%

Volatility

CNXT vs. SPY - Volatility Comparison

VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) has a higher volatility of 12.73% compared to State Street SPDR S&P 500 ETF (SPY) at 4.79%. This indicates that CNXT's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNXT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.73%	4.79%	+7.94%
Volatility (6M) Calculated over the trailing 6-month period	22.50%	9.80%	+12.70%
Volatility (1Y) Calculated over the trailing 1-year period	32.39%	12.43%	+19.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.55%	17.15%	+18.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.78%	17.95%	+13.83%

CNXT vs. SPY - Expense Ratio Comparison

CNXT has a 0.65% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

CNXT vs. SPY - Dividend Comparison

CNXT's dividend yield for the trailing twelve months is around 0.13%, less than SPY's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	0.13%	0.18%	0.15%	0.00%	0.00%	9.22%	0.01%	0.45%	0.00%	0.19%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.02%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both CNXT and SPY in my portfolio?

CNXT and SPY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNXT or SPY?

CNXT has higher volatility (12.73%) compared to SPY (4.79%). In terms of maximum drawdown, CNXT dropped -68.98% vs SPY's -55.19%.

Which ETF is better, CNXT or SPY?

On 10-year performance, SPY leads with 15.75% vs 7.66% for CNXT. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNXT or SPY?

Over the 10-year period, SPY has performed better with a 15.75% return vs 7.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNXT or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.65% for CNXT.

Which ETF pays a higher dividend yield, CNXT or SPY?

SPY has the higher dividend yield at 1.02%, compared with 0.13% for CNXT.

What is the main difference between CNXT and SPY?

CNXT is categorized as China Equities, while SPY is S&P 500. CNXT tracks SME-ChiNext 100 Index, while SPY tracks S&P 500 Index. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.65% for CNXT and 0.09% for SPY.

Which has better risk-adjusted returns?

CNXT currently has the higher Sharpe Ratio (3.73 vs 1.80), 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.