FXC.AS vs. MCHI
FXC.AS (iShares China Large Cap UCITS ETF) and MCHI (iShares MSCI China ETF) are both China Equities funds from iShares - FXC.AS tracks the MSCI China NR USD while MCHI tracks the MSCI China Index. Both are passively managed. Over the past 10 years, FXC.AS returned 3.01%/yr vs 4.26%/yr for MCHI. Their correlation of 0.81 suggests significant overlap in exposure. FXC.AS charges 0.74%/yr vs 0.59%/yr for MCHI.
Performance
FXC.AS vs. MCHI - Performance Comparison
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Different Trading Currencies
FXC.AS is traded in EUR, while MCHI is traded in USD. To make them comparable, the MCHI 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 MCHI slightly higher at -6.17%. Over the past 10 years, FXC.AS has underperformed MCHI with an annualized return of 3.01%, while MCHI has yielded a comparatively higher 4.26% annualized return.
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%
MCHI
- 1D
- -0.59%
- 1M
- -1.95%
- YTD
- -6.17%
- 6M
- -8.74%
- 1Y
- 2.23%
- 3Y*
- 6.81%
- 5Y*
- -4.88%
- 10Y*
- 4.26%
FXC.AS vs. MCHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXC.AS iShares China Large Cap UCITS ETF | -6.20% | 14.11% | 38.75% | -15.70% | -16.24% | -13.34% | 1.28% | 15.82% | -7.05% | 19.38% |
MCHI iShares MSCI China ETF | -6.17% | 15.49% | 25.50% | -14.58% | -18.24% | -15.89% | 17.25% | 26.52% | -16.02% | 35.66% |
Correlation
The correlation between FXC.AS and MCHI is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2011 | 0.81 |
The correlation between FXC.AS and MCHI has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.
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Return for Risk
FXC.AS vs. MCHI — Risk / Return Rank
FXC.AS
MCHI
FXC.AS vs. MCHI - 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 ETF (MCHI). 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.AS | MCHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.04 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 0.14 | -0.21 |
| Martin ratioReturn relative to average drawdown | -0.16 | 0.28 | -0.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXC.AS | MCHI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.06 | 0.11 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.07 | -0.17 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.12 | 0.16 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.14 | +0.08 |
Drawdowns
FXC.AS vs. MCHI - Drawdown Comparison
The maximum FXC.AS drawdown since its inception was -66.56%, which is greater than MCHI's maximum drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for FXC.AS and MCHI.
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Drawdown Indicators
| FXC.AS | MCHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.56% | -56.70% | -9.86% |
Max Drawdown (1Y)Largest decline over 1 year | -15.19% | -16.41% | +1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -27.68% | -24.99% | -2.69% |
Max Drawdown (5Y)Largest decline over 5 years | -47.26% | -50.19% | +2.93% |
Max Drawdown (10Y)Largest decline over 10 years | -53.70% | -56.70% | +3.00% |
Current DrawdownCurrent decline from peak | -23.10% | -34.42% | +11.32% |
Average DrawdownAverage peak-to-trough decline | -25.51% | -21.29% | -4.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.09% | 8.10% | -1.01% |
Volatility
FXC.AS vs. MCHI - Volatility Comparison
iShares China Large Cap UCITS ETF (FXC.AS) and iShares MSCI China ETF (MCHI) have volatilities of 6.92% and 6.87%, 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.
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Volatility by Period
| FXC.AS | MCHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.92% | 6.87% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 12.77% | 13.81% | -1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.95% | 19.64% | -1.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.17% | 29.35% | -1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.05% | 26.68% | -1.63% |
FXC.AS vs. MCHI - Expense Ratio Comparison
FXC.AS has a 0.74% expense ratio, which is higher than MCHI's 0.59% expense ratio.
Dividends
FXC.AS vs. MCHI - Dividend Comparison
FXC.AS's dividend yield for the trailing twelve months is around 2.24%, less than MCHI's 2.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MCHI iShares MSCI China ETF | 2.28% | 2.12% | 2.31% | 2.66% | 1.78% | 1.04% | 1.04% | 1.45% | 1.60% | 1.56% | 1.66% | 2.76% |
Frequently Asked Questions
FXC.AS and MCHI have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MCHI is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MCHI is cheaper with a 0.59% expense ratio, compared with 0.74% for FXC.AS.
FXC.AS tracks MSCI China NR USD, while MCHI tracks MSCI China Index. Their fees differ too: 0.74% for FXC.AS and 0.59% for MCHI.
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