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FXC.L vs. JREC.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXC.L vs. JREC.L

Last updated Jul 16, 2026
Documentation

FXC.L (iShares China Large Cap UCITS) and JREC.L (JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc)) are both China Equities funds. FXC.L is passively managed, while JREC.L is actively managed. Over the past 3 years, FXC.L returned 8.31%/yr vs 9.94%/yr for JREC.L. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

FXC.L vs. JREC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares China Large Cap UCITS (FXC.L) and JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc) (JREC.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

FXC.L is traded in GBp, while JREC.L is traded in USD. To make them comparable, the JREC.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 -9.81% return, which is significantly lower than JREC.L's 9.07% 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%

JREC.L

1D
-1.80%
1M
-2.78%
6M
5.86%
YTD
9.07%
1Y
31.42%
3Y*
9.94%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022
FXC.L
iShares China Large Cap UCITS		-9.81%19.76%32.64%-18.31%-12.09%
JREC.L
JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc)		9.07%19.23%11.57%-17.36%-9.90%

Correlation

The correlation between FXC.L and JREC.L is 0.52, 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

0.52

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

0.61

Correlation (All Time)
Calculated using the full available price history since Feb 15, 2022

0.60

The correlation between FXC.L and JREC.L has been stable across timeframes, ranging from 0.52 to 0.61 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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iShares China Large Cap UCITS

JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc)

Often compared with FXC.L:
FXC.L vs. KWEB.LFXC.L vs. FRCH.LFXC.L vs. XCX6.LFXC.L vs. ASIL.LFXC.L vs. IWDA.LFXC.L vs. CSPX.LFXC.L vs. IWDA.AS

Return for Risk

FXC.L vs. JREC.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: 66
Overall Rank
FXC.L Sharpe Ratio Rank: 66
Sharpe Ratio Rank
FXC.L Sortino Ratio Rank: 66
Sortino Ratio Rank
FXC.L Omega Ratio Rank: 66
Omega Ratio Rank
FXC.L Calmar Ratio Rank: 66
Calmar Ratio Rank
FXC.L Martin Ratio Rank: 66
Martin Ratio Rank
JREC.L
JREC.L Risk / Return Rank: 7474
Overall Rank
JREC.L Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
JREC.L Sortino Ratio Rank: 6767
Sortino Ratio Rank
JREC.L Omega Ratio Rank: 6565
Omega Ratio Rank
JREC.L Calmar Ratio Rank: 9191
Calmar Ratio Rank
JREC.L Martin Ratio Rank: 7979
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.L vs. JREC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large Cap UCITS (FXC.L) and JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc) (JREC.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.LJREC.LDifference
Sharpe ratioReturn per unit of total volatility
-0.37
1.68

-2.04

Sortino ratioReturn per unit of downside risk
-0.40
2.32

-2.72

Omega ratioGain probability vs. loss probability

0.95

1.30

-0.34

Calmar ratioReturn relative to maximum drawdown

-0.30

3.83

-4.13

Martin ratioReturn relative to average drawdown

-0.70

11.58

-12.28

FXC.L vs. JREC.L - Sharpe Ratio Comparison

The current FXC.L Sharpe Ratio is -0.37, which is lower than the JREC.L Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of FXC.L and JREC.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.

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Drawdowns

FXC.L vs. JREC.L - Drawdown Comparison

The maximum FXC.L drawdown since its inception was -72.82%, which is greater than JREC.L's maximum drawdown of -36.61%. Use the drawdown chart below to compare losses from any high point for FXC.L and JREC.L.

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Drawdown Indicators

FXC.LJREC.LDifference

Max Drawdown

Largest peak-to-trough decline

-72.82%

-36.61%

-36.21%

Max Drawdown (1Y)

Largest decline over 1 year

-22.05%

-8.17%

-13.88%

Max Drawdown (3Y)

Largest decline over 3 years

-27.93%

-25.01%

-2.92%

Max Drawdown (5Y)

Largest decline over 5 years

-44.90%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-54.62%

—

—

Current Drawdown

Current decline from peak

-26.58%

-7.21%

-19.37%

Average Drawdown

Average peak-to-trough decline

-17.61%

-16.89%

-0.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.60%

2.71%

+6.89%

Volatility

FXC.L vs. JREC.L - Volatility Comparison

The current volatility for iShares China Large Cap UCITS (FXC.L) is 5.93%, while JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (acc) (JREC.L) has a volatility of 9.11%. This indicates that FXC.L experiences smaller price fluctuations and is considered to be less risky than JREC.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.LJREC.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.93%

9.11%

-3.18%

Volatility (6M)

Calculated over the trailing 6-month period

12.83%

14.56%

-1.73%

Volatility (1Y)

Calculated over the trailing 1-year period

18.29%

18.67%

-0.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.18%

22.38%

+5.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.99%

22.38%

+2.61%

Dividends

FXC.L vs. JREC.L - Dividend Comparison

FXC.L's dividend yield for the trailing twelve months is around 1.83%, while JREC.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
JREC.L
JPM China A Research Enhanced Index Equity Active UCITS ETF - USD (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%

Frequently Asked Questions

FXC.L and JREC.L have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: iShares and ETF Issuer.

Portfolio Optimizer

Find the right allocation for FXC.L and JREC.L

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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