ECNS vs. FXI

Last updated Aug 4, 2026

ECNS (iShares MSCI China Small-Cap ETF) and FXI (iShares China Large-Cap ETF) are both China Equities funds from iShares - ECNS tracks the MSCI China Small Cap Index while FXI tracks the FTSE China 50 Index. Both are passively managed. Over the past 10 years, ECNS returned 0.89%/yr vs 2.59%/yr for FXI. Their 0.75 correlation means they have sometimes moved together and sometimes differently. ECNS charges 0.59%/yr vs 0.74%/yr for FXI.

Performance

ECNS vs. FXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China Small-Cap ETF (ECNS) and iShares China Large-Cap ETF (FXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ECNS achieves a -10.84% return, which is significantly lower than FXI's -4.06% return. Over the past 10 years, ECNS has underperformed FXI with an annualized return of 0.89%, while FXI has yielded a comparatively higher 2.59% annualized return.

ECNS

• 1D: -0.28%
• 1M: 1.48%
• 6M: -15.13%
• YTD: -10.84%
• 1Y: -10.63%
• 3Y*: 3.54%
• 5Y*: -7.01%
• 10Y*: 0.89%
• ALL TIME*: 0.21%

FXI

• 1D: -0.11%
• 1M: 14.26%
• 6M: -6.22%
• YTD: -4.06%
• 1Y: 0.82%
• 3Y*: 10.52%
• 5Y*: -0.17%
• 10Y*: 2.59%
• ALL TIME*: 5.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ECNS iShares MSCI China Small-Cap ETF	$217.02K	$210.44K	$354.53K
FXI iShares China Large-Cap ETF	$711.55M	$774.56M	$979.33M

ECNS vs. FXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ECNS iShares MSCI China Small-Cap ETF	-10.84%	36.49%	5.64%	-23.05%	-24.58%	2.11%	25.42%	7.84%	-18.27%	27.55%
FXI iShares China Large-Cap ETF	-4.06%	28.95%	28.98%	-12.42%	-20.66%	-20.06%	8.92%	14.90%	-13.28%	36.26%

Correlation

The correlation between ECNS and FXI is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.79
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010	0.75

The correlation between ECNS and FXI shifts across timeframes, from 0.70 (1 year) to 0.82 (5 years), reflecting how their relationship changes across market environments.

ECNS vs. FXI - Sectors Allocation Comparison

Sectors	ECNS	FXI
Healthcare	21.2%	2.6%
Industrials	20.1%	2.8%
Technology	10.7%	5.9%
Basic Materials	9.2%	3.4%
Communication Services	8.7%	17.8%
Consumer Cyclical	8.4%	25.3%
Real Estate	8.0%	1.0%
Consumer Defensive	5.3%	0.8%
Financial Services	4.4%	35.2%
Utilities	2.3%	0.3%
Energy	1.8%	4.8%

Return for Risk

ECNS vs. FXI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ECNS

ECNS Risk / Return Rank: 5
ECNS Sharpe Ratio Rank: 5
ECNS Sortino Ratio Rank: 5
ECNS Omega Ratio Rank: 5
ECNS Calmar Ratio Rank: 6
ECNS Martin Ratio Rank: 6

FXI

FXI Risk / Return Rank: 12
FXI Sharpe Ratio Rank: 12
FXI Sortino Ratio Rank: 12
FXI Omega Ratio Rank: 12
FXI Calmar Ratio Rank: 12
FXI Martin Ratio Rank: 12

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ECNS vs. FXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China Small-Cap ETF (ECNS) and iShares China Large-Cap ETF (FXI). 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.

	ECNS	FXI	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	0.04	-0.55
Sortino ratio: Return per unit of downside risk	-0.57	0.20	-0.78
Omega ratio: Gain probability vs. loss probability	0.93	1.02	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.41	0.04	-0.45
Martin ratio: Return relative to average drawdown	-0.82	0.08	-0.90

ECNS vs. FXI - Sharpe Ratio Comparison

The current ECNS Sharpe Ratio is -0.51, which is lower than the FXI Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of ECNS and FXI, 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

ECNS vs. FXI - Drawdown Comparison

The maximum ECNS drawdown since its inception was -63.43%, smaller than the maximum FXI drawdown of -72.68%. Use the drawdown chart below to compare losses from any high point for ECNS and FXI.

Drawdown Indicators

	ECNS	FXI	Difference
Max Drawdown Largest peak-to-trough decline	-63.43%	-72.68%	+9.25%
Max Drawdown (1Y) Largest decline over 1 year	-25.73%	-22.94%	-2.79%
Max Drawdown (3Y) Largest decline over 3 years	-29.29%	-25.56%	-3.73%
Max Drawdown (5Y) Largest decline over 5 years	-57.31%	-49.88%	-7.43%
Max Drawdown (10Y) Largest decline over 10 years	-63.43%	-60.81%	-2.62%
Current Drawdown Current decline from peak	-42.60%	-24.45%	-18.15%
Average Drawdown Average peak-to-trough decline	-29.51%	-31.21%	+1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.01%	10.03%	+2.98%

Volatility

ECNS vs. FXI - Volatility Comparison

iShares MSCI China Small-Cap ETF (ECNS) has a higher volatility of 6.37% compared to iShares China Large-Cap ETF (FXI) at 5.13%. This indicates that ECNS's price experiences larger fluctuations and is considered to be riskier than FXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ECNS	FXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.37%	5.13%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	14.27%	14.33%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	20.87%	20.27%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.09%	31.44%	-2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.82%	27.61%	-1.79%

ECNS vs. FXI - Expense Ratio Comparison

ECNS has a 0.59% expense ratio, which is lower than FXI's 0.74% expense ratio.

Dividends

ECNS vs. FXI - Dividend Comparison

ECNS's dividend yield for the trailing twelve months is around 6.60%, more than FXI's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECNS iShares MSCI China Small-Cap ETF	6.60%	6.20%	5.98%	4.89%	3.54%	4.87%	3.59%	3.23%	6.16%	3.18%	4.29%	3.58%
FXI iShares China Large-Cap ETF	1.86%	2.42%	1.76%	3.17%	2.61%	1.60%	2.19%	2.74%	2.69%	2.31%	2.69%	2.90%

Frequently Asked Questions

Can I hold both ECNS and FXI in my portfolio?

ECNS and FXI have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ECNS or FXI?

ECNS has higher volatility (6.37%) compared to FXI (5.13%). In terms of maximum drawdown, ECNS dropped -63.43% vs FXI's -72.68%.

Which ETF is better, ECNS or FXI?

On 10-year performance, FXI leads with 2.59% vs 0.89% for ECNS. On fees, ECNS is cheaper at 0.59% per year. On volatility, FXI has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ECNS or FXI?

Over the 10-year period, FXI has performed better with a 2.59% return vs 0.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ECNS or FXI?

ECNS is cheaper with a 0.59% expense ratio, compared with 0.74% for FXI.

Which ETF pays a higher dividend yield, ECNS or FXI?

ECNS has the higher dividend yield at 6.60%, compared with 1.86% for FXI.

What is the main difference between ECNS and FXI?

ECNS tracks MSCI China Small Cap Index, while FXI tracks FTSE China 50 Index. Their fees differ too: 0.59% for ECNS and 0.74% for FXI.

Which has better risk-adjusted returns?

FXI currently has the higher Sharpe Ratio (0.04 vs -0.51), 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.