FHKCX vs. GXC

Last updated Jun 4, 2026

FHKCX (Fidelity China Region Fund) and GXC (SPDR S&P China ETF) are both China Equities funds. Over the past 10 years, FHKCX returned 15.41%/yr vs 5.25%/yr for GXC. Their correlation of 0.87 suggests significant overlap in exposure. FHKCX charges 0.91%/yr vs 0.59%/yr for GXC.

Performance

FHKCX vs. GXC - Performance Comparison

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

Returns By Period

In the year-to-date period, FHKCX achieves a 39.90% return, which is significantly higher than GXC's -3.93% return. Over the past 10 years, FHKCX has outperformed GXC with an annualized return of 15.41%, while GXC has yielded a comparatively lower 5.25% annualized return.

FHKCX

• 1D: 2.61%
• 1M: 7.20%
• YTD: 39.90%
• 6M: 43.06%
• 1Y: 86.69%
• 3Y*: 34.11%
• 5Y*: 9.09%
• 10Y*: 15.41%

GXC

• 1D: -2.27%
• 1M: -2.82%
• YTD: -3.93%
• 6M: -5.13%
• 1Y: 12.26%
• 3Y*: 10.65%
• 5Y*: -4.55%
• 10Y*: 5.25%

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

FHKCX vs. GXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHKCX Fidelity China Region Fund	39.90%	42.56%	23.15%	-0.29%	-23.87%	-13.69%	47.85%	35.12%	-17.43%	51.94%
GXC SPDR S&P China ETF	-3.93%	30.84%	14.60%	-9.93%	-22.12%	-19.70%	28.31%	23.07%	-19.39%	51.66%

Correlation

The correlation between FHKCX and GXC is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 26, 2007	0.87

The correlation between FHKCX and GXC shifts across timeframes, from 0.75 (1 year) to 0.90 (10 years), reflecting how their relationship changes across market environments.

FHKCX vs. GXC - Sectors Allocation Comparison

Sectors	FHKCX	GXC
Technology	50.8%	11.9%
Consumer Cyclical	11.3%	22.9%
Financial Services	10.6%	17.1%
Communication Services	9.0%	14.3%
Industrials	7.0%	9.1%
Basic Materials	5.5%	7.0%
Healthcare	4.1%	6.7%
Consumer Defensive	1.2%	3.7%
Real Estate	0.5%	1.9%
Energy	-	3.5%
Utilities	-	1.8%

Return for Risk

FHKCX vs. GXC — Risk / Return Rank

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

FHKCX

FHKCX Risk / Return Rank: 96
FHKCX Sharpe Ratio Rank: 99
FHKCX Sortino Ratio Rank: 94
FHKCX Omega Ratio Rank: 92
FHKCX Calmar Ratio Rank: 98
FHKCX Martin Ratio Rank: 97

GXC

GXC Risk / Return Rank: 19
GXC Sharpe Ratio Rank: 19
GXC Sortino Ratio Rank: 19
GXC Omega Ratio Rank: 19
GXC Calmar Ratio Rank: 20
GXC Martin Ratio Rank: 18

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.

FHKCX vs. GXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity China Region Fund (FHKCX) 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.

	FHKCX	GXC	Difference
Sharpe ratio Return per unit of total volatility	4.14	0.65	+3.49
Sortino ratio Return per unit of downside risk	4.85	1.03	+3.82
Omega ratio Gain probability vs. loss probability	1.69	1.13	+0.56
Calmar ratio Return relative to maximum drawdown	8.15	0.90	+7.25
Martin ratio Return relative to average drawdown	25.25	2.02	+23.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHKCX vs. GXC - Sharpe Ratio Comparison

The current FHKCX Sharpe Ratio is 4.14, which is higher than the GXC Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of FHKCX 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.

Sharpe Ratios by Period

	FHKCX	GXC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.14	0.65	+3.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	-0.16	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.20	+0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.16	+0.28

Drawdowns

FHKCX vs. GXC - Drawdown Comparison

The maximum FHKCX drawdown since its inception was -61.96%, smaller than the maximum GXC drawdown of -71.96%. Use the drawdown chart below to compare losses from any high point for FHKCX and GXC.

Drawdown Indicators

	FHKCX	GXC	Difference
Max Drawdown Largest peak-to-trough decline	-61.96%	-71.96%	+10.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.80%	-13.73%	+2.93%
Max Drawdown (3Y) Largest decline over 3 years	-22.02%	-25.54%	+3.52%
Max Drawdown (5Y) Largest decline over 5 years	-52.42%	-53.99%	+1.57%
Max Drawdown (10Y) Largest decline over 10 years	-58.41%	-60.23%	+1.82%
Current Drawdown Current decline from peak	0.00%	-32.10%	+32.10%
Average Drawdown Average peak-to-trough decline	-20.26%	-28.82%	+8.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	6.09%	-2.61%

Volatility

FHKCX vs. GXC - Volatility Comparison

Fidelity China Region Fund (FHKCX) has a higher volatility of 7.43% compared to SPDR S&P China ETF (GXC) at 6.64%. This indicates that FHKCX'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.

Volatility by Period

	FHKCX	GXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.43%	6.64%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	16.63%	13.59%	+3.04%
Volatility (1Y) Calculated over the trailing 1-year period	21.26%	18.88%	+2.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.24%	28.97%	-4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.33%	26.09%	-3.76%

FHKCX vs. GXC - Expense Ratio Comparison

FHKCX has a 0.91% expense ratio, which is higher than GXC's 0.59% expense ratio.

Dividends

FHKCX vs. GXC - Dividend Comparison

FHKCX's dividend yield for the trailing twelve months is around 1.25%, less than GXC's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKCX Fidelity China Region Fund	1.25%	1.75%	1.39%	1.92%	1.05%	10.77%	4.85%	0.66%	0.83%	0.39%	1.35%	15.47%
GXC SPDR S&P China ETF	2.50%	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

Can I hold both FHKCX and GXC in my portfolio?

FHKCX and GXC have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHKCX or GXC?

FHKCX has higher volatility (7.43%) compared to GXC (6.64%). In terms of maximum drawdown, FHKCX dropped -61.96% vs GXC's -71.96%.

Which has better risk-adjusted returns?

FHKCX currently has the higher Sharpe Ratio (4.14 vs 0.65), 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.