FXC.L vs. C500.L

Last updated Jun 4, 2026

FXC.L (iShares China Large Cap UCITS) and C500.L (Invesco S&P China A MidCap 500 Swap UCITS ETF Acc) are both China Equities funds - FXC.L tracks the MSCI China NR USD while C500.L tracks the S&P China A MidCap 500 Index. Both are passively managed. Over the past 3 years, FXC.L returned 9.76%/yr vs 19.56%/yr for C500.L. At a 0.32 correlation, their price movements are largely independent. FXC.L charges 0.74%/yr vs 0.35%/yr for C500.L.

Performance

FXC.L vs. C500.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares China Large Cap UCITS (FXC.L) and Invesco S&P China A MidCap 500 Swap UCITS ETF Acc (C500.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FXC.L is traded in GBp, while C500.L is traded in USD. To make them comparable, the C500.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, FXC.L achieves a -6.72% return, which is significantly lower than C500.L's 19.60% return.

FXC.L

• 1D: -2.40%
• 1M: -1.78%
• YTD: -6.72%
• 6M: -8.20%
• 1Y: 3.46%
• 3Y*: 9.76%
• 5Y*: -1.37%
• 10Y*: 4.68%

C500.L

• 1D: 0.33%
• 1M: 2.51%
• YTD: 19.60%
• 6M: 28.26%
• 1Y: 73.07%
• 3Y*: 19.56%
• 5Y*: —
• 10Y*: —

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

FXC.L vs. C500.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FXC.L iShares China Large Cap UCITS	-6.72%	20.50%	33.78%	-17.86%	-10.63%
C500.L Invesco S&P China A MidCap 500 Swap UCITS ETF Acc	19.64%	37.19%	20.63%	-14.32%	-7.71%

Correlation

The correlation between FXC.L and C500.L is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jun 16, 2022	0.32

Over the past year, FXC.L and C500.L have become more correlated (0.57) than their long-term average of 0.32, meaning their price movements have been converging.

Return for Risk

FXC.L vs. C500.L — Risk / Return Rank

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

FXC.L

FXC.L Risk / Return Rank: 11
FXC.L Sharpe Ratio Rank: 11
FXC.L Sortino Ratio Rank: 11
FXC.L Omega Ratio Rank: 11
FXC.L Calmar Ratio Rank: 12
FXC.L Martin Ratio Rank: 11

C500.L

C500.L Risk / Return Rank: 89
C500.L Sharpe Ratio Rank: 92
C500.L Sortino Ratio Rank: 87
C500.L Omega Ratio Rank: 86
C500.L Calmar Ratio Rank: 89
C500.L Martin Ratio Rank: 90

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.L vs. C500.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large Cap UCITS (FXC.L) and Invesco S&P China A MidCap 500 Swap UCITS ETF Acc (C500.L). 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.L	C500.L	Difference
Sharpe ratio: Return per unit of total volatility	0.19	3.44	-3.25
Sortino ratio: Return per unit of downside risk	0.40	4.11	-3.72
Omega ratio: Gain probability vs. loss probability	1.05	1.57	-0.52
Calmar ratio: Return relative to maximum drawdown	0.22	5.56	-5.34
Martin ratio: Return relative to average drawdown	0.48	22.27	-21.79
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.L vs. C500.L - Sharpe Ratio Comparison

The current FXC.L Sharpe Ratio is 0.19, which is lower than the C500.L Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of FXC.L and C500.L, 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

	FXC.L	C500.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.19	3.44	-3.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.75	-0.45

Drawdowns

FXC.L vs. C500.L - Drawdown Comparison

The maximum FXC.L drawdown since its inception was -60.51%, which is greater than C500.L's maximum drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for FXC.L and C500.L.

Drawdown Indicators

	FXC.L	C500.L	Difference
Max Drawdown Largest peak-to-trough decline	-60.51%	-34.70%	-25.81%
Max Drawdown (1Y) Largest decline over 1 year	-15.54%	-13.06%	-2.48%
Max Drawdown (3Y) Largest decline over 3 years	-27.53%	-24.17%	-3.36%
Max Drawdown (5Y) Largest decline over 5 years	-46.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-53.90%	—	—
Current Drawdown Current decline from peak	-21.71%	-4.28%	-17.43%
Average Drawdown Average peak-to-trough decline	-18.76%	-7.90%	-10.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.20%	3.27%	+3.93%

Volatility

FXC.L vs. C500.L - Volatility Comparison

iShares China Large Cap UCITS (FXC.L) and Invesco S&P China A MidCap 500 Swap UCITS ETF Acc (C500.L) have volatilities of 6.71% and 6.56%, 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

	FXC.L	C500.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	6.56%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	16.18%	-3.61%
Volatility (1Y) Calculated over the trailing 1-year period	17.97%	21.16%	-3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.14%	37.49%	-9.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.95%	37.49%	-12.54%

FXC.L vs. C500.L - Expense Ratio Comparison

FXC.L has a 0.74% expense ratio, which is higher than C500.L's 0.35% expense ratio.

Dividends

FXC.L vs. C500.L - Dividend Comparison

FXC.L's dividend yield for the trailing twelve months is around 2.58%, while C500.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
C500.L Invesco S&P China A MidCap 500 Swap UCITS ETF Acc	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.L iShares China Large Cap UCITS	2.58%	2.37%	2.99%	3.10%	2.85%	2.51%	3.26%	3.22%	3.89%	3.18%	3.04%	4.00%

Frequently Asked Questions

Can I hold both FXC.L and C500.L in my portfolio?

FXC.L and C500.L have a correlation of 0.57, 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.L or C500.L?

On fees, C500.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FXC.L or C500.L?

C500.L is cheaper with a 0.35% expense ratio, compared with 0.74% for FXC.L.

What is the main difference between FXC.L and C500.L?

FXC.L tracks MSCI China NR USD, while C500.L tracks S&P China A MidCap 500 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.74% for FXC.L and 0.35% for C500.L.