FXC.AS vs. CPXJ.AS

Last updated Jul 21, 2026

FXC.AS (iShares China Large Cap UCITS ETF) and CPXJ.AS (iShares Core MSCI Pacific ex Japan UCITS ETF) are both exchange-traded funds - FXC.AS is a China Equities fund tracking the MSCI China NR USD, while CPXJ.AS is a Asia Pacific Equities fund tracking the MSCI Pacific Ex Japan NR USD. Both are passively managed. Over the past 10 years, FXC.AS returned 1.63%/yr vs 7.06%/yr for CPXJ.AS. A 0.66 correlation means they provide meaningful diversification when combined. FXC.AS charges 0.74%/yr vs 0.20%/yr for CPXJ.AS.

Performance

FXC.AS vs. CPXJ.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares China Large Cap UCITS ETF (FXC.AS) and iShares Core MSCI Pacific ex Japan UCITS ETF (CPXJ.AS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXC.AS achieves a -8.13% return, which is significantly lower than CPXJ.AS's 13.24% return. Over the past 10 years, FXC.AS has underperformed CPXJ.AS with an annualized return of 1.63%, while CPXJ.AS has yielded a comparatively higher 7.06% annualized return.

FXC.AS

• 1D: 0.00%
• 1M: 2.51%
• 6M: -11.22%
• YTD: -8.13%
• 1Y: -7.42%
• 3Y*: 8.80%
• 5Y*: -1.86%
• 10Y*: 1.63%
• ALL TIME*: -1.81%

CPXJ.AS

• 1D: 0.00%
• 1M: 2.74%
• 6M: 10.29%
• YTD: 13.24%
• 1Y: 16.16%
• 3Y*: 11.85%
• 5Y*: 6.69%
• 10Y*: 7.06%
• ALL TIME*: 6.47%

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

FXC.AS vs. CPXJ.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXC.AS iShares China Large Cap UCITS ETF	-8.13%	13.80%	38.37%	-15.83%	-16.25%	-13.60%	0.80%	15.49%	-7.49%	18.82%
CPXJ.AS iShares Core MSCI Pacific ex Japan UCITS ETF	13.24%	6.69%	11.90%	2.33%	-0.55%	12.79%	-2.03%	20.23%	-5.97%	10.75%

Correlation

The correlation between FXC.AS and CPXJ.AS is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jan 18, 2011	0.66

Over the past year, the correlation between FXC.AS and CPXJ.AS has dropped to 0.43 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

Return for Risk

FXC.AS vs. CPXJ.AS — Risk / Return Rank

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

FXC.AS

FXC.AS Risk / Return Rank: 6
FXC.AS Sharpe Ratio Rank: 6
FXC.AS Sortino Ratio Rank: 6
FXC.AS Omega Ratio Rank: 6
FXC.AS Calmar Ratio Rank: 7
FXC.AS Martin Ratio Rank: 6

CPXJ.AS

CPXJ.AS Risk / Return Rank: 58
CPXJ.AS Sharpe Ratio Rank: 53
CPXJ.AS Sortino Ratio Rank: 57
CPXJ.AS Omega Ratio Rank: 51
CPXJ.AS Calmar Ratio Rank: 70
CPXJ.AS Martin Ratio Rank: 58

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.

FXC.AS vs. CPXJ.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large Cap UCITS ETF (FXC.AS) and iShares Core MSCI Pacific ex Japan UCITS ETF (CPXJ.AS). 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.

	FXC.AS	CPXJ.AS	Difference
Sharpe ratio: Return per unit of total volatility	-0.40	1.36	-1.76
Sortino ratio: Return per unit of downside risk	-0.46	2.06	-2.51
Omega ratio: Gain probability vs. loss probability	0.95	1.24	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.35	2.59	-2.95
Martin ratio: Return relative to average drawdown	-0.80	7.47	-8.27

FXC.AS vs. CPXJ.AS - Sharpe Ratio Comparison

The current FXC.AS Sharpe Ratio is -0.40, which is lower than the CPXJ.AS Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of FXC.AS and CPXJ.AS, 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

FXC.AS vs. CPXJ.AS - Drawdown Comparison

The maximum FXC.AS drawdown since its inception was -68.25%, which is greater than CPXJ.AS's maximum drawdown of -36.83%. Use the drawdown chart below to compare losses from any high point for FXC.AS and CPXJ.AS.

Drawdown Indicators

	FXC.AS	CPXJ.AS	Difference
Max Drawdown Largest peak-to-trough decline	-68.25%	-36.83%	-31.42%
Max Drawdown (1Y) Largest decline over 1 year	-20.97%	-6.20%	-14.77%
Max Drawdown (3Y) Largest decline over 3 years	-27.79%	-19.95%	-7.84%
Max Drawdown (5Y) Largest decline over 5 years	-44.19%	-19.95%	-24.24%
Max Drawdown (10Y) Largest decline over 10 years	-53.92%	-36.83%	-17.09%
Current Drawdown Current decline from peak	-29.45%	-0.66%	-28.79%
Average Drawdown Average peak-to-trough decline	-37.57%	-6.62%	-30.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.27%	2.16%	+7.11%

Volatility

FXC.AS vs. CPXJ.AS - Volatility Comparison

iShares China Large Cap UCITS ETF (FXC.AS) has a higher volatility of 6.32% compared to iShares Core MSCI Pacific ex Japan UCITS ETF (CPXJ.AS) at 2.37%. This indicates that FXC.AS's price experiences larger fluctuations and is considered to be riskier than CPXJ.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXC.AS	CPXJ.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.32%	2.37%	+3.95%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	9.27%	+3.99%
Volatility (1Y) Calculated over the trailing 1-year period	18.57%	11.83%	+6.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.26%	14.62%	+13.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.08%	16.41%	+8.67%

FXC.AS vs. CPXJ.AS - Expense Ratio Comparison

FXC.AS has a 0.74% expense ratio, which is higher than CPXJ.AS's 0.20% expense ratio.

Dividends

FXC.AS vs. CPXJ.AS - Dividend Comparison

FXC.AS's dividend yield for the trailing twelve months is around 1.81%, while CPXJ.AS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPXJ.AS iShares Core MSCI Pacific ex Japan UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FXC.AS iShares China Large Cap UCITS ETF	1.81%	1.79%	2.26%	2.51%	2.52%	1.79%	2.49%	2.47%	2.99%	2.39%	2.34%	2.62%

Frequently Asked Questions

Can I hold both FXC.AS and CPXJ.AS in my portfolio?

FXC.AS and CPXJ.AS have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FXC.AS or CPXJ.AS?

On fees, CPXJ.AS is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FXC.AS or CPXJ.AS?

CPXJ.AS is cheaper with a 0.20% expense ratio, compared with 0.74% for FXC.AS.

What is the main difference between FXC.AS and CPXJ.AS?

FXC.AS is categorized as China Equities, while CPXJ.AS is Asia Pacific Equities. FXC.AS tracks MSCI China NR USD, while CPXJ.AS tracks MSCI Pacific Ex Japan NR USD. Their fees differ too: 0.74% for FXC.AS and 0.20% for CPXJ.AS.