FXC.L vs. CM5S.L
FXC.L (iShares China Large Cap UCITS) and CM5S.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 CM5S.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 3 years, FXC.L returned 9.76%/yr vs 19.62%/yr for CM5S.L. A 0.58 correlation means they provide meaningful diversification when combined. FXC.L charges 0.74%/yr vs 0.35%/yr for CM5S.L.
Performance
FXC.L vs. CM5S.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXC.L achieves a -6.72% return, which is significantly lower than CM5S.L's 19.27% 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%
CM5S.L
- 1D
- 0.37%
- 1M
- 2.83%
- YTD
- 19.27%
- 6M
- 28.14%
- 1Y
- 72.97%
- 3Y*
- 19.62%
- 5Y*
- —
- 10Y*
- —
FXC.L vs. CM5S.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% | 7.11% |
CM5S.L Invesco S&P China A MidCap 500 Swap UCITS ETF Acc | 19.27% | 42.07% | 14.29% | -14.04% | 13.69% |
Correlation
The correlation between FXC.L and CM5S.L is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since May 10, 2022 | 0.58 |
The correlation between FXC.L and CM5S.L has been stable across timeframes, ranging from 0.56 to 0.58 - 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.
Return for Risk
FXC.L vs. CM5S.L — Risk / Return Rank
FXC.L
CM5S.L
FXC.L vs. CM5S.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 (CM5S.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 | CM5S.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.38 | ||
| Sortino ratioReturn per unit of downside risk | -3.89 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.58 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 5.61 | -5.39 |
| Martin ratioReturn relative to average drawdown | 0.48 | 22.06 | -21.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| FXC.L | CM5S.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.19 | 3.58 | -3.38 |
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 | 0.68 | -0.37 |
Drawdowns
FXC.L vs. CM5S.L - Drawdown Comparison
The maximum FXC.L drawdown since its inception was -60.51%, which is greater than CM5S.L's maximum drawdown of -38.57%. Use the drawdown chart below to compare losses from any high point for FXC.L and CM5S.L.
Loading charts...
Drawdown Indicators
| FXC.L | CM5S.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.51% | -38.57% | -21.94% |
Max Drawdown (1Y)Largest decline over 1 year | -15.54% | -12.93% | -2.61% |
Max Drawdown (3Y)Largest decline over 3 years | -27.53% | -27.21% | -0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -46.74% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -53.90% | — | — |
Current DrawdownCurrent decline from peak | -21.71% | -4.42% | -17.29% |
Average DrawdownAverage peak-to-trough decline | -18.76% | -13.47% | -5.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.20% | 3.30% | +3.90% |
Volatility
FXC.L vs. CM5S.L - Volatility Comparison
iShares China Large Cap UCITS (FXC.L) has a higher volatility of 6.71% compared to Invesco S&P China A MidCap 500 Swap UCITS ETF Acc (CM5S.L) at 6.29%. This indicates that FXC.L's price experiences larger fluctuations and is considered to be riskier than CM5S.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FXC.L | CM5S.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.71% | 6.29% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 12.57% | 15.28% | -2.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.97% | 20.35% | -2.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.14% | 25.04% | +3.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.95% | 25.04% | -0.09% |
FXC.L vs. CM5S.L - Expense Ratio Comparison
FXC.L has a 0.74% expense ratio, which is higher than CM5S.L's 0.35% expense ratio.
Dividends
FXC.L vs. CM5S.L - Dividend Comparison
FXC.L's dividend yield for the trailing twelve months is around 2.58%, while CM5S.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CM5S.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
FXC.L and CM5S.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CM5S.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CM5S.L is cheaper with a 0.35% expense ratio, compared with 0.74% for FXC.L.
FXC.L tracks MSCI China NR USD, while CM5S.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.74% for FXC.L and 0.35% for CM5S.L.
Find the right allocation for FXC.L and CM5S.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer