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CXSE vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CXSE vs. VOO

Last updated Jun 18, 2026

CXSE (WisdomTree China ex-State-Owned Enterprises Fund) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - CXSE is a China Equities fund tracking the WisdomTree China ex-State-Owned Enterprises Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CXSE returned 7.34%/yr vs 15.51%/yr for VOO. At a 0.46 correlation, their price movements are largely independent. CXSE charges 0.32%/yr vs 0.03%/yr for VOO.

Performance

CXSE vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree China ex-State-Owned Enterprises Fund (CXSE) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CXSE achieves a -2.87% return, which is significantly lower than VOO's 9.00% return. Over the past 10 years, CXSE has underperformed VOO with an annualized return of 7.34%, while VOO has yielded a comparatively higher 15.51% annualized return.

CXSE

1D
-1.01%
1M
-2.59%
YTD
-2.87%
6M
-2.68%
1Y
16.70%
3Y*
7.56%
5Y*
-8.33%
10Y*
7.34%

VOO

1D
-1.21%
1M
0.37%
YTD
9.00%
6M
11.04%
1Y
25.53%
3Y*
20.52%
5Y*
13.84%
10Y*
15.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CXSE vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CXSE
WisdomTree China ex-State-Owned Enterprises Fund		-2.87%37.00%8.56%-18.02%-29.32%-23.67%59.39%37.96%-28.55%81.50%
VOO
Vanguard S&P 500 ETF		9.00%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%

Correlation

The correlation between CXSE and VOO is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.50

Correlation (3Y)
Calculated over the trailing 3-year period

0.39

Correlation (5Y)
Calculated over the trailing 5-year period

0.40

Correlation (10Y)
Calculated over the trailing 10-year period

0.47

Correlation (All Time)
Calculated using the full available price history since Sep 20, 2012

0.46

The correlation between CXSE and VOO shifts across timeframes, from 0.39 (3 years) to 0.50 (1 year), reflecting how their relationship changes across market environments.

CXSE vs. VOO - Sectors Allocation Comparison

Sectors
CXSE
VOO

Technology

27.4%
35.6%

Consumer Cyclical

24.6%
10.1%

Industrials

12.7%
8.0%

Communication Services

12.1%
11.1%

Healthcare

8.6%
8.5%

Financial Services

6.2%
11.6%

Consumer Defensive

4.0%
4.9%

Basic Materials

3.2%
1.8%

Real Estate

0.8%
1.9%

Energy

0.4%
3.5%

Utilities

0.2%
2.8%

Technology

CXSE
27.4%
VOO
35.6%

Consumer Cyclical

CXSE
24.6%
VOO
10.1%

Industrials

CXSE
12.7%
VOO
8.0%

Communication Services

CXSE
12.1%
VOO
11.1%

Healthcare

CXSE
8.6%
VOO
8.5%

Financial Services

CXSE
6.2%
VOO
11.6%

Consumer Defensive

CXSE
4.0%
VOO
4.9%

Basic Materials

CXSE
3.2%
VOO
1.8%

Real Estate

CXSE
0.8%
VOO
1.9%

Energy

CXSE
0.4%
VOO
3.5%

Utilities

CXSE
0.2%
VOO
2.8%

Compare stocks, funds, or ETFs

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WisdomTree China ex-State-Owned Enterprises Fund

Vanguard S&P 500 ETF

Often compared with CXSE:
CXSE vs. FLCHCXSE vs. MCHICXSE vs. PGJCXSE vs. CNXTCXSE vs. CHIQCXSE vs. FXICXSE vs. 36BZ.DE
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. IVV

Return for Risk

CXSE vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CXSE
CXSE Risk / Return Rank: 2121
Overall Rank
CXSE Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
CXSE Sortino Ratio Rank: 2222
Sortino Ratio Rank
CXSE Omega Ratio Rank: 2222
Omega Ratio Rank
CXSE Calmar Ratio Rank: 2121
Calmar Ratio Rank
CXSE Martin Ratio Rank: 1717
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 6868
Overall Rank
VOO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6666
Sortino Ratio Rank
VOO Omega Ratio Rank: 6969
Omega Ratio Rank
VOO Calmar Ratio Rank: 6161
Calmar Ratio Rank
VOO Martin Ratio Rank: 7474
Martin Ratio Rank
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.

CXSE vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree China ex-State-Owned Enterprises Fund (CXSE) and Vanguard S&P 500 ETF (VOO). 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.

CXSEVOODifference
Sharpe ratioReturn per unit of total volatility
0.77
2.08

-1.30

Sortino ratioReturn per unit of downside risk
1.20
2.81

-1.62

Omega ratioGain probability vs. loss probability

1.15

1.38

-0.23

Calmar ratioReturn relative to maximum drawdown

0.95

2.88

-1.93

Martin ratioReturn relative to average drawdown

1.90

12.99

-11.08

CXSE vs. VOO - Sharpe Ratio Comparison

The current CXSE Sharpe Ratio is 0.77, which is lower than the VOO Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of CXSE and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CXSE vs. VOO - Drawdown Comparison

The maximum CXSE drawdown since its inception was -70.01%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for CXSE and VOO.

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Drawdown Indicators

CXSEVOODifference

Max Drawdown

Largest peak-to-trough decline

-70.01%

-33.99%

-36.02%

Max Drawdown (1Y)

Largest decline over 1 year

-17.70%

-8.90%

-8.80%

Max Drawdown (3Y)

Largest decline over 3 years

-32.12%

-18.69%

-13.43%

Max Drawdown (5Y)

Largest decline over 5 years

-64.47%

-24.52%

-39.95%

Max Drawdown (10Y)

Largest decline over 10 years

-70.01%

-33.99%

-36.02%

Current Drawdown

Current decline from peak

-48.04%

-2.41%

-45.63%

Average Drawdown

Average peak-to-trough decline

-27.88%

-3.68%

-24.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.80%

1.97%

+6.83%

Volatility

CXSE vs. VOO - Volatility Comparison

WisdomTree China ex-State-Owned Enterprises Fund (CXSE) has a higher volatility of 6.86% compared to Vanguard S&P 500 ETF (VOO) at 4.65%. This indicates that CXSE's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CXSEVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.86%

4.65%

+2.21%

Volatility (6M)

Calculated over the trailing 6-month period

15.28%

9.76%

+5.52%

Volatility (1Y)

Calculated over the trailing 1-year period

21.69%

12.37%

+9.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.33%

16.91%

+15.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.71%

18.05%

+10.66%

CXSE vs. VOO - Expense Ratio Comparison

CXSE has a 0.32% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

CXSE vs. VOO - Dividend Comparison

CXSE's dividend yield for the trailing twelve months is around 2.06%, more than VOO's 1.05% yield.

PositionTTM20252024202320222021202020192018201720162015
CXSE
WisdomTree China ex-State-Owned Enterprises Fund		2.06%1.95%1.70%1.71%1.55%0.86%0.54%0.96%1.49%1.24%1.39%2.50%
VOO
Vanguard S&P 500 ETF		1.05%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

CXSE and VOO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CXSE has higher volatility (6.86%) compared to VOO (4.65%). In terms of maximum drawdown, CXSE dropped -70.01% vs VOO's -33.99%.

On 10-year performance, VOO leads with 15.51% vs 7.34% for CXSE. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOO has performed better with a 15.51% return vs 7.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.32% for CXSE.

CXSE has the higher dividend yield at 2.06%, compared with 1.05% for VOO.

CXSE is categorized as China Equities, while VOO is S&P 500. CXSE tracks WisdomTree China ex-State-Owned Enterprises Index, while VOO tracks S&P 500 Index. They also come from different issuers: WisdomTree and Vanguard. Their fees differ too: 0.32% for CXSE and 0.03% for VOO.

VOO currently has the higher Sharpe Ratio (2.08 vs 0.77), 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.

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