FXC.L vs. CNSG.L
FXC.L (iShares China Large Cap UCITS) and CNSG.L (UBS ETF (LU) MSCI China ESG Universal Low Carbon Select UCITS ETF (USD) A-dis) are both China Equities funds tracking the MSCI China NR USD, from iShares and UBS respectively. Both are passively managed. Over the past 5 years, FXC.L returned -2.27%/yr vs -3.95%/yr for CNSG.L. Their correlation of 0.94 suggests significant overlap in exposure. FXC.L charges 0.74%/yr vs 0.45%/yr for CNSG.L.
Performance
FXC.L vs. CNSG.L - Performance Comparison
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Returns By Period
In the year-to-date period, FXC.L achieves a -9.81% return, which is significantly lower than CNSG.L's -6.01% return.
FXC.L
- 1D
- 0.84%
- 1M
- -2.73%
- 6M
- -13.62%
- YTD
- -9.81%
- 1Y
- -6.72%
- 3Y*
- 8.31%
- 5Y*
- -2.27%
- 10Y*
- 1.45%
CNSG.L
- 1D
- 1.02%
- 1M
- -2.19%
- 6M
- -9.68%
- YTD
- -6.01%
- 1Y
- -2.56%
- 3Y*
- 6.74%
- 5Y*
- -3.95%
- 10Y*
- —
FXC.L vs. CNSG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FXC.L iShares China Large Cap UCITS | -9.81% | 19.76% | 32.64% | -18.31% | -11.02% | -19.42% | 6.78% | -0.92% |
CNSG.L UBS ETF (LU) MSCI China ESG Universal Low Carbon Select UCITS ETF (USD) A-dis | -6.01% | 18.19% | 20.51% | -18.51% | -12.26% | -17.41% | 26.99% | -17.90% |
Correlation
The correlation between FXC.L and CNSG.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
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 Jul 26, 2019 | 0.94 |
The correlation between FXC.L and CNSG.L has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
FXC.L vs. CNSG.L — Risk / Return Rank
FXC.L
CNSG.L
FXC.L vs. CNSG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China Large Cap UCITS (FXC.L) and UBS ETF (LU) MSCI China ESG Universal Low Carbon Select UCITS ETF (USD) A-dis (CNSG.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.
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.L | CNSG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.99 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | -0.15 | -0.15 |
| Martin ratioReturn relative to average drawdown | -0.70 | -0.33 | -0.37 |
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Drawdowns
FXC.L vs. CNSG.L - Drawdown Comparison
The maximum FXC.L drawdown since its inception was -72.82%, which is greater than CNSG.L's maximum drawdown of -55.67%. Use the drawdown chart below to compare losses from any high point for FXC.L and CNSG.L.
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Drawdown Indicators
| FXC.L | CNSG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.82% | -55.67% | -17.15% |
Max Drawdown (1Y)Largest decline over 1 year | -22.05% | -16.53% | -5.52% |
Max Drawdown (3Y)Largest decline over 3 years | -27.93% | -27.90% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -44.90% | -46.84% | +1.94% |
Max Drawdown (10Y)Largest decline over 10 years | -54.62% | — | — |
Current DrawdownCurrent decline from peak | -26.58% | -31.84% | +5.26% |
Average DrawdownAverage peak-to-trough decline | -17.61% | -29.84% | +12.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.60% | 7.68% | +1.92% |
Volatility
FXC.L vs. CNSG.L - Volatility Comparison
iShares China Large Cap UCITS (FXC.L) has a higher volatility of 5.93% compared to UBS ETF (LU) MSCI China ESG Universal Low Carbon Select UCITS ETF (USD) A-dis (CNSG.L) at 4.77%. This indicates that FXC.L's price experiences larger fluctuations and is considered to be riskier than CNSG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXC.L | CNSG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.93% | 4.77% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 12.83% | 11.76% | +1.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.29% | 16.74% | +1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.18% | 26.86% | +1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.99% | 26.00% | -1.01% |
FXC.L vs. CNSG.L - Expense Ratio Comparison
FXC.L has a 0.74% expense ratio, which is higher than CNSG.L's 0.45% expense ratio.
Dividends
FXC.L vs. CNSG.L - Dividend Comparison
FXC.L's dividend yield for the trailing twelve months is around 1.83%, less than CNSG.L's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CNSG.L UBS ETF (LU) MSCI China ESG Universal Low Carbon Select UCITS ETF (USD) A-dis | 2.68% | 2.57% | 0.85% | 2.00% | 1.80% | 1.35% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FXC.L iShares China Large Cap UCITS | 1.83% | 1.76% | 2.30% | 2.49% | 2.46% | 1.83% | 2.52% | 2.59% | 0.00% | 0.00% | 2.32% | 2.61% |
Frequently Asked Questions
With a correlation of 0.97, FXC.L and CNSG.L 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, CNSG.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNSG.L is cheaper with a 0.45% expense ratio, compared with 0.74% for FXC.L.
Both ETFs track MSCI China NR USD. They also come from different issuers: iShares and UBS. Their fees differ too: 0.74% for FXC.L and 0.45% for CNSG.L.
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