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FXC.AS vs. ICHN.AS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXC.AS vs. ICHN.AS

Last updated Jun 5, 2026

FXC.AS (iShares China Large Cap UCITS ETF) and ICHN.AS (iShares MSCI China UCITS ETF) are both China Equities funds from iShares tracking the MSCI China NR USD. Both are passively managed. Over the past 5 years, FXC.AS returned -2.02%/yr vs -4.34%/yr for ICHN.AS. Their correlation of 0.92 suggests significant overlap in exposure. FXC.AS charges 0.74%/yr vs 0.40%/yr for ICHN.AS.

Performance

FXC.AS vs. ICHN.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 MSCI China UCITS ETF (ICHN.AS). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

FXC.AS is traded in EUR, while ICHN.AS is traded in USD. To make them comparable, the ICHN.AS values have been converted to EUR using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with FXC.AS having a -6.20% return and ICHN.AS slightly higher at -6.17%.

FXC.AS

1D
-0.39%
1M
-2.11%
YTD
-6.20%
6M
-8.22%
1Y
-1.13%
3Y*
9.37%
5Y*
-2.02%
10Y*
3.01%

ICHN.AS

1D
-0.63%
1M
-2.12%
YTD
-6.17%
6M
-8.44%
1Y
2.68%
3Y*
7.69%
5Y*
-4.34%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
FXC.AS
iShares China Large Cap UCITS ETF		-6.20%14.11%38.75%-15.70%-16.24%-13.34%1.28%7.64%
ICHN.AS
iShares MSCI China UCITS ETF		-6.17%16.07%26.38%-14.37%-17.72%-16.22%18.94%12.49%

Correlation

The correlation between FXC.AS and ICHN.AS is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.95

Correlation (5Y)
Calculated over the trailing 5-year period

0.95

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2019

0.92

The correlation between FXC.AS and ICHN.AS has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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

iShares China Large Cap UCITS ETF

iShares MSCI China UCITS ETF

Often compared with FXC.AS:
FXC.AS vs. AMDWXFXC.AS vs. HMCD.LFXC.AS vs. MCHIFXC.AS vs. EMIM.LFXC.AS vs. IWDA.LFXC.AS vs. IWDA.ASFXC.AS vs. CQQQ
Often compared with ICHN.AS:
ICHN.AS vs. CNYAICHN.AS vs. IWRD.ASICHN.AS vs. VHYG.LICHN.AS vs. IJPN.LICHN.AS vs. SWRD.LICHN.AS vs. CHIQICHN.AS vs. FLXC.L

Return for Risk

FXC.AS vs. ICHN.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: 88
Overall Rank
FXC.AS Sharpe Ratio Rank: 99
Sharpe Ratio Rank
FXC.AS Sortino Ratio Rank: 88
Sortino Ratio Rank
FXC.AS Omega Ratio Rank: 88
Omega Ratio Rank
FXC.AS Calmar Ratio Rank: 99
Calmar Ratio Rank
FXC.AS Martin Ratio Rank: 88
Martin Ratio Rank
ICHN.AS
ICHN.AS Risk / Return Rank: 1212
Overall Rank
ICHN.AS Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
ICHN.AS Sortino Ratio Rank: 1313
Sortino Ratio Rank
ICHN.AS Omega Ratio Rank: 1212
Omega Ratio Rank
ICHN.AS Calmar Ratio Rank: 1212
Calmar Ratio Rank
ICHN.AS Martin Ratio Rank: 1212
Martin Ratio Rank
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. ICHN.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 MSCI China UCITS ETF (ICHN.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.

FXC.ASICHN.ASDifference
Sharpe ratioReturn per unit of total volatility
-0.06
0.13

-0.20

Sortino ratioReturn per unit of downside risk
0.04
0.33

-0.30

Omega ratioGain probability vs. loss probability

1.00

1.04

-0.03

Calmar ratioReturn relative to maximum drawdown

-0.07

0.16

-0.23

Martin ratioReturn relative to average drawdown

-0.16

0.34

-0.49

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current FXC.AS Sharpe Ratio is -0.06, which is lower than the ICHN.AS Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of FXC.AS and ICHN.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.

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Sharpe Ratios by Period

FXC.ASICHN.ASDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.06

0.13

-0.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.07

-0.15

+0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.12

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.22

0.04

+0.18

Drawdowns

FXC.AS vs. ICHN.AS - Drawdown Comparison

The maximum FXC.AS drawdown since its inception was -66.56%, which is greater than ICHN.AS's maximum drawdown of -55.88%. Use the drawdown chart below to compare losses from any high point for FXC.AS and ICHN.AS.

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Drawdown Indicators

FXC.ASICHN.ASDifference

Max Drawdown

Largest peak-to-trough decline

-66.56%

-55.88%

-10.68%

Max Drawdown (1Y)

Largest decline over 1 year

-15.19%

-16.50%

+1.31%

Max Drawdown (3Y)

Largest decline over 3 years

-27.68%

-24.44%

-3.24%

Max Drawdown (5Y)

Largest decline over 5 years

-47.26%

-49.36%

+2.10%

Max Drawdown (10Y)

Largest decline over 10 years

-53.70%

—

—

Current Drawdown

Current decline from peak

-23.10%

-32.47%

+9.37%

Average Drawdown

Average peak-to-trough decline

-25.51%

-29.78%

+4.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.09%

7.96%

-0.87%

Volatility

FXC.AS vs. ICHN.AS - Volatility Comparison

The current volatility for iShares China Large Cap UCITS ETF (FXC.AS) is 6.92%, while iShares MSCI China UCITS ETF (ICHN.AS) has a volatility of 7.42%. This indicates that FXC.AS experiences smaller price fluctuations and is considered to be less risky than ICHN.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FXC.ASICHN.ASDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.92%

7.42%

-0.50%

Volatility (6M)

Calculated over the trailing 6-month period

12.77%

14.34%

-1.57%

Volatility (1Y)

Calculated over the trailing 1-year period

17.95%

19.87%

-1.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.17%

27.86%

+0.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.05%

27.92%

-2.87%

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

FXC.AS has a 0.74% expense ratio, which is higher than ICHN.AS's 0.40% expense ratio.

Dividends

FXC.AS vs. ICHN.AS - Dividend Comparison

FXC.AS's dividend yield for the trailing twelve months is around 2.24%, while ICHN.AS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
FXC.AS
iShares China Large Cap UCITS ETF		2.24%2.07%2.48%2.68%2.53%2.10%2.93%2.74%3.48%2.83%2.62%2.94%
ICHN.AS
iShares MSCI China 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%

Frequently Asked Questions

With a correlation of 0.94, FXC.AS and ICHN.AS 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.

On fees, ICHN.AS is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ICHN.AS is cheaper with a 0.40% expense ratio, compared with 0.74% for FXC.AS.

Both ETFs track MSCI China NR USD. Their fees differ too: 0.74% for FXC.AS and 0.40% for ICHN.AS.

Portfolio Optimizer

Find the right allocation for FXC.AS and ICHN.AS

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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