FLCH vs. GXC

Last updated Jun 4, 2026

FLCH (Franklin FTSE China ETF) and GXC (SPDR S&P China ETF) are both China Equities funds - FLCH tracks the FTSE China RIC Capped Index while GXC tracks the S&P China BMI Index. Both are passively managed. Over the past 5 years, FLCH returned -4.93%/yr vs -4.55%/yr for GXC. With a 0.98 correlation, they move nearly in lockstep. FLCH charges 0.19%/yr vs 0.59%/yr for GXC.

Performance

FLCH vs. GXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE China ETF (FLCH) 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, FLCH achieves a -6.30% return, which is significantly lower than GXC's -3.93% return.

FLCH

• 1D: -1.68%
• 1M: -2.79%
• YTD: -6.30%
• 6M: -7.45%
• 1Y: 8.36%
• 3Y*: 10.66%
• 5Y*: -4.93%
• 10Y*: —

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)

FLCH vs. GXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLCH Franklin FTSE China ETF	-6.30%	32.55%	18.00%	-11.21%	-22.74%	-20.87%	30.09%	24.32%	-19.52%	0.91%
GXC SPDR S&P China ETF	-3.93%	30.84%	14.60%	-9.93%	-22.12%	-19.70%	28.31%	23.07%	-19.39%	0.88%

Correlation

The correlation between FLCH and GXC is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Nov 7, 2017	0.98

The correlation between FLCH and GXC has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

FLCH vs. GXC - Sectors Allocation Comparison

Sectors	FLCH	GXC
Consumer Cyclical	23.4%	22.9%
Financial Services	18.2%	17.1%
Communication Services	14.2%	14.3%
Technology	12.9%	11.9%
Industrials	9.1%	9.1%
Basic Materials	5.5%	7.0%
Healthcare	5.3%	6.7%
Energy	3.7%	3.5%
Consumer Defensive	3.3%	3.7%
Utilities	2.0%	1.8%
Real Estate	1.7%	1.9%

Return for Risk

FLCH vs. GXC — Risk / Return Rank

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

FLCH

FLCH Risk / Return Rank: 15
FLCH Sharpe Ratio Rank: 15
FLCH Sortino Ratio Rank: 15
FLCH Omega Ratio Rank: 15
FLCH Calmar Ratio Rank: 15
FLCH Martin Ratio Rank: 14

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.

FLCH vs. GXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE China ETF (FLCH) 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.

	FLCH	GXC	Difference
Sharpe ratio: Return per unit of total volatility	0.44	0.65	-0.22
Sortino ratio: Return per unit of downside risk	0.75	1.03	-0.29
Omega ratio: Gain probability vs. loss probability	1.09	1.13	-0.04
Calmar ratio: Return relative to maximum drawdown	0.54	0.90	-0.36
Martin ratio: Return relative to average drawdown	1.14	2.02	-0.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLCH vs. GXC - Sharpe Ratio Comparison

The current FLCH Sharpe Ratio is 0.44, which is lower than the GXC Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of FLCH 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

	FLCH	GXC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	0.65	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	-0.16	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.16	-0.14

Drawdowns

FLCH vs. GXC - Drawdown Comparison

The maximum FLCH drawdown since its inception was -62.09%, smaller than the maximum GXC drawdown of -71.96%. Use the drawdown chart below to compare losses from any high point for FLCH and GXC.

Drawdown Indicators

	FLCH	GXC	Difference
Max Drawdown Largest peak-to-trough decline	-62.09%	-71.96%	+9.87%
Max Drawdown (1Y) Largest decline over 1 year	-15.52%	-13.73%	-1.79%
Max Drawdown (3Y) Largest decline over 3 years	-25.43%	-25.54%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-55.78%	-53.99%	-1.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-60.23%	—
Current Drawdown Current decline from peak	-33.95%	-32.10%	-1.85%
Average Drawdown Average peak-to-trough decline	-30.53%	-28.82%	-1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.38%	6.09%	+1.29%

Volatility

FLCH vs. GXC - Volatility Comparison

Franklin FTSE China ETF (FLCH) and SPDR S&P China ETF (GXC) have volatilities of 6.59% and 6.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLCH	GXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.59%	6.64%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	13.67%	13.59%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	19.22%	18.88%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.59%	28.97%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.91%	26.09%	+1.82%

FLCH vs. GXC - Expense Ratio Comparison

FLCH has a 0.19% expense ratio, which is lower than GXC's 0.59% expense ratio.

Dividends

FLCH vs. GXC - Dividend Comparison

FLCH's dividend yield for the trailing twelve months is around 2.52%, which matches GXC's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLCH Franklin FTSE China ETF	2.52%	2.36%	2.87%	3.47%	2.69%	1.48%	0.91%	1.98%	1.92%	0.01%	0.00%	0.00%
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 FLCH and GXC in my portfolio?

With a correlation of 0.96, FLCH and GXC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FLCH or GXC?

GXC has higher volatility (6.64%) compared to FLCH (6.59%). In terms of maximum drawdown, FLCH dropped -62.09% vs GXC's -71.96%.

Which ETF is better, FLCH or GXC?

On 5-year performance, GXC leads with -4.55% vs -4.93% for FLCH. On fees, FLCH is cheaper at 0.19% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLCH or GXC?

Over the 5-year period, GXC has performed better with a -4.55% return vs -4.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLCH or GXC?

FLCH is cheaper with a 0.19% expense ratio, compared with 0.59% for GXC.

Which ETF pays a higher dividend yield, FLCH or GXC?

FLCH has the higher dividend yield at 2.52%, compared with 2.50% for GXC.

What is the main difference between FLCH and GXC?

FLCH tracks FTSE China RIC Capped Index, while GXC tracks S&P China BMI Index. They also come from different issuers: Franklin Templeton and State Street. Their fees differ too: 0.19% for FLCH and 0.59% for GXC.

Which has better risk-adjusted returns?

GXC currently has the higher Sharpe Ratio (0.65 vs 0.44), 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.