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FCA vs. GXC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FCA vs. GXC

Last updated Aug 2, 2026
Documentation

FCA (First Trust China AlphaDEX Fund) and GXC (SPDR S&P China ETF) are both China Equities funds - FCA tracks the NASDAQ AlphaDEX China Index while GXC tracks the S&P China BMI Index. Both are passively managed. Over the past 10 years, FCA returned 7.88%/yr vs 4.69%/yr for GXC. Their 0.66 correlation means they have sometimes moved together and sometimes differently. FCA charges 0.80%/yr vs 0.59%/yr for GXC.

Performance

FCA vs. GXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust China AlphaDEX Fund (FCA) and SPDR S&P China ETF (GXC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FCA achieves a -1.73% return, which is significantly higher than GXC's -4.85% return. Over the past 10 years, FCA has outperformed GXC with an annualized return of 7.88%, while GXC has yielded a comparatively lower 4.69% annualized return.

FCA

1D
0.13%
1M
2.89%
6M
-13.34%
YTD
-1.73%
1Y
11.99%
3Y*
14.04%
5Y*
3.42%
10Y*
7.88%
ALL TIME*
2.82%

GXC

1D
0.38%
1M
6.09%
6M
-9.74%
YTD
-4.85%
1Y
3.49%
3Y*
7.77%
5Y*
-2.07%
10Y*
4.69%
ALL TIME*
4.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FCA

First Trust China AlphaDEX Fund
$167.08K$290.49K$1.96M

GXC

SPDR S&P China ETF
$4.07M$2.78M$2.53M

FCA vs. GXC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FCA
First Trust China AlphaDEX Fund		-1.73%45.20%14.07%-8.28%-17.61%-0.65%11.80%18.72%-18.30%60.26%
GXC
SPDR S&P China ETF		-4.85%30.84%14.60%-9.93%-22.12%-19.70%28.31%23.07%-19.39%51.66%

Correlation

The correlation between FCA and GXC is 0.64, 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.

0.64

Correlation (3Y)
Balances recent behavior with more history.

0.70

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.68

Correlation (10Y)
Provides a long-term view across more market conditions.

0.68

Correlation (All Time)
Calculated using the full available price history since Apr 21, 2011

0.66

The correlation between FCA and GXC has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

FCA vs. GXC - Sectors Allocation Comparison

Sectors
FCA
GXC

Industrials

22.3%
6.8%

Financial Services

21.0%
14.9%

Basic Materials

17.2%
4.5%

Technology

15.2%
9.6%

Energy

13.5%
2.6%

Healthcare

3.2%
6.0%

Communication Services

2.7%
13.4%

Utilities

2.4%
1.2%

Consumer Cyclical

1.0%
20.1%

Real Estate

1.0%
1.7%

Consumer Defensive

0.5%
2.5%

Industrials

FCA
22.3%
GXC
6.8%

Financial Services

FCA
21.0%
GXC
14.9%

Basic Materials

FCA
17.2%
GXC
4.5%

Technology

FCA
15.2%
GXC
9.6%

Energy

FCA
13.5%
GXC
2.6%

Healthcare

FCA
3.2%
GXC
6.0%

Communication Services

FCA
2.7%
GXC
13.4%

Utilities

FCA
2.4%
GXC
1.2%

Consumer Cyclical

FCA
1.0%
GXC
20.1%

Real Estate

FCA
1.0%
GXC
1.7%

Consumer Defensive

FCA
0.5%
GXC
2.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust China AlphaDEX Fund

SPDR S&P China ETF

Often compared with FCA:
FCA vs. KGRNFCA vs. KLIPFCA vs. SPYFCA vs. YINNFCA vs. SMINFCA vs. DIVOFCA vs. CNYA
Often compared with GXC:
GXC vs. MCHIGXC vs. KWEBGXC vs. ASHRGXC vs. SPYGXC vs. FXIGXC vs. CQQQGXC vs. CNYA

Return for Risk

FCA vs. GXC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FCA
FCA Risk / Return Rank: 2020
Overall Rank
FCA Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
FCA Sortino Ratio Rank: 2121
Sortino Ratio Rank
FCA Omega Ratio Rank: 2121
Omega Ratio Rank
FCA Calmar Ratio Rank: 1818
Calmar Ratio Rank
FCA Martin Ratio Rank: 1919
Martin Ratio Rank
GXC
GXC Risk / Return Rank: 1313
Overall Rank
GXC Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
GXC Sortino Ratio Rank: 1313
Sortino Ratio Rank
GXC Omega Ratio Rank: 1313
Omega Ratio Rank
GXC Calmar Ratio Rank: 1313
Calmar Ratio Rank
GXC Martin Ratio Rank: 1212
Martin Ratio Rank
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.

FCA vs. GXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust China AlphaDEX Fund (FCA) and SPDR S&P China ETF (GXC). 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.

FCAGXCDifference
Sharpe ratioReturn per unit of total volatility
0.44
0.10

+0.34

Sortino ratioReturn per unit of downside risk
0.73
0.28

+0.45

Omega ratioGain probability vs. loss probability

1.09

1.03

+0.06

Calmar ratioReturn relative to maximum drawdown

0.43

0.11

+0.31

Martin ratioReturn relative to average drawdown

1.23

0.24

+0.99

FCA vs. GXC - Sharpe Ratio Comparison

The current FCA Sharpe Ratio is 0.44, which is higher than the GXC Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of FCA and GXC, 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

FCA vs. GXC - Drawdown Comparison

The maximum FCA drawdown since its inception was -45.56%, smaller than the maximum GXC drawdown of -71.96%. Use the drawdown chart below to compare losses from any high point for FCA and GXC.

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Drawdown Indicators

FCAGXCDifference

Max Drawdown

Largest peak-to-trough decline

-45.56%

-71.96%

+26.40%

Max Drawdown (1Y)

Largest decline over 1 year

-24.11%

-17.77%

-6.34%

Max Drawdown (3Y)

Largest decline over 3 years

-26.13%

-25.54%

-0.59%

Max Drawdown (5Y)

Largest decline over 5 years

-42.47%

-48.78%

+6.31%

Max Drawdown (10Y)

Largest decline over 10 years

-42.47%

-60.23%

+17.76%

Current Drawdown

Current decline from peak

-19.71%

-32.76%

+13.05%

Average Drawdown

Average peak-to-trough decline

-21.61%

-28.86%

+7.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.38%

8.51%

-0.13%

Volatility

FCA vs. GXC - Volatility Comparison

First Trust China AlphaDEX Fund (FCA) has a higher volatility of 6.73% compared to SPDR S&P China ETF (GXC) at 5.39%. This indicates that FCA's price experiences larger fluctuations and is considered to be riskier than GXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FCAGXCDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.73%

5.39%

+1.34%

Volatility (6M)

Calculated over the trailing 6-month period

18.02%

13.92%

+4.10%

Volatility (1Y)

Calculated over the trailing 1-year period

23.46%

19.44%

+4.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.77%

28.70%

-0.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.74%

26.05%

+0.69%

FCA vs. GXC - Expense Ratio Comparison

FCA has a 0.80% expense ratio, which is higher than GXC's 0.59% expense ratio.

Dividends

FCA vs. GXC - Dividend Comparison

FCA's dividend yield for the trailing twelve months is around 2.87%, more than GXC's 2.18% yield.

PositionTTM20252024202320222021202020192018201720162015
FCA
First Trust China AlphaDEX Fund		2.87%2.67%5.17%5.70%6.00%4.91%4.12%3.73%3.10%2.30%2.51%4.13%
GXC
SPDR S&P China ETF		2.18%2.40%2.81%3.70%2.67%1.35%1.04%1.60%2.03%1.84%2.05%2.85%

Frequently Asked Questions

FCA and GXC have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FCA has higher volatility (6.73%) compared to GXC (5.39%). In terms of maximum drawdown, FCA dropped -45.56% vs GXC's -71.96%.

On 10-year performance, FCA leads with 7.88% vs 4.69% for GXC. On fees, GXC is cheaper at 0.59% per year. On volatility, GXC has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FCA has performed better with a 7.88% return vs 4.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GXC is cheaper with a 0.59% expense ratio, compared with 0.80% for FCA.

FCA has the higher dividend yield at 2.87%, compared with 2.18% for GXC.

FCA tracks NASDAQ AlphaDEX China Index, while GXC tracks S&P China BMI Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.80% for FCA and 0.59% for GXC.

FCA currently has the higher Sharpe Ratio (0.44 vs 0.10), 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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