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

FXC.L vs. XCHA.L

Last updated Jun 4, 2026

FXC.L (iShares China Large Cap UCITS) and XCHA.L (Xtrackers CSI 300 Swap UCITS ETF 1C) are both China Equities funds - FXC.L tracks the MSCI China NR USD while XCHA.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 10 years, FXC.L returned 4.68%/yr vs 10.30%/yr for XCHA.L. A 0.69 correlation means they provide meaningful diversification when combined. FXC.L charges 0.74%/yr vs 0.50%/yr for XCHA.L.

Performance

FXC.L vs. XCHA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares China Large Cap UCITS (FXC.L) and Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.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 XCHA.L is traded in USD. To make them comparable, the XCHA.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 XCHA.L's 12.49% return. Over the past 10 years, FXC.L has underperformed XCHA.L with an annualized return of 4.68%, while XCHA.L has yielded a comparatively higher 10.30% annualized 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%

XCHA.L

1D
0.24%
1M
3.91%
YTD
12.49%
6M
15.74%
1Y
44.73%
3Y*
12.32%
5Y*
3.28%
10Y*
10.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
FXC.L
iShares China Large Cap UCITS		-6.72%20.50%33.78%-17.86%-10.68%-18.89%7.61%10.16%-6.21%24.12%
XCHA.L
Xtrackers CSI 300 Swap UCITS ETF 1C		12.49%20.82%18.05%-15.45%-15.25%4.22%41.57%35.22%-19.79%23.54%

Correlation

The correlation between FXC.L and XCHA.L is 0.61, 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

0.61

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

0.65

Correlation (5Y)
Calculated over the trailing 5-year period

0.67

Correlation (10Y)
Calculated over the trailing 10-year period

0.70

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2012

0.69

The correlation between FXC.L and XCHA.L has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.

FXC.L vs. XCHA.L - Sectors Allocation Comparison

Sectors
FXC.L
XCHA.L

Financial Services

34.7%
20.0%

Consumer Cyclical

26.6%
6.5%

Communication Services

16.2%
1.6%

Technology

5.4%
26.9%

Energy

5.2%
3.0%

Basic Materials

4.1%
10.3%

Industrials

3.1%
16.5%

Healthcare

2.3%
4.7%

Real Estate

1.1%
0.5%

Consumer Defensive

0.9%
7.2%

Utilities

0.4%
2.8%

Financial Services

FXC.L
34.7%
XCHA.L
20.0%

Consumer Cyclical

FXC.L
26.6%
XCHA.L
6.5%

Communication Services

FXC.L
16.2%
XCHA.L
1.6%

Technology

FXC.L
5.4%
XCHA.L
26.9%

Energy

FXC.L
5.2%
XCHA.L
3.0%

Basic Materials

FXC.L
4.1%
XCHA.L
10.3%

Industrials

FXC.L
3.1%
XCHA.L
16.5%

Healthcare

FXC.L
2.3%
XCHA.L
4.7%

Real Estate

FXC.L
1.1%
XCHA.L
0.5%

Consumer Defensive

FXC.L
0.9%
XCHA.L
7.2%

Utilities

FXC.L
0.4%
XCHA.L
2.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares China Large Cap UCITS

Xtrackers CSI 300 Swap UCITS ETF 1C

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
Often compared with XCHA.L:
XCHA.L vs. ASHRXCHA.L vs. CSPX.LXCHA.L vs. VUAA.DEXCHA.L vs. HMCT.LXCHA.L vs. CA3S.LXCHA.L vs. XCNA.LXCHA.L vs. CEBG.L

Return for Risk

FXC.L vs. XCHA.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: 1111
Overall Rank
FXC.L Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
FXC.L Sortino Ratio Rank: 1111
Sortino Ratio Rank
FXC.L Omega Ratio Rank: 1111
Omega Ratio Rank
FXC.L Calmar Ratio Rank: 1212
Calmar Ratio Rank
FXC.L Martin Ratio Rank: 1111
Martin Ratio Rank
XCHA.L
XCHA.L Risk / Return Rank: 8585
Overall Rank
XCHA.L Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
XCHA.L Sortino Ratio Rank: 8080
Sortino Ratio Rank
XCHA.L Omega Ratio Rank: 7979
Omega Ratio Rank
XCHA.L Calmar Ratio Rank: 9494
Calmar Ratio Rank
XCHA.L Martin Ratio Rank: 8989
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. XCHA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large Cap UCITS (FXC.L) and Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.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.LXCHA.LDifference
Sharpe ratioReturn per unit of total volatility
0.19
2.71

-2.52

Sortino ratioReturn per unit of downside risk
0.40
3.53

-3.14

Omega ratioGain probability vs. loss probability

1.05

1.48

-0.44

Calmar ratioReturn relative to maximum drawdown

0.22

7.16

-6.94

Martin ratioReturn relative to average drawdown

0.48

20.09

-19.61

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. XCHA.L - Sharpe Ratio Comparison

The current FXC.L Sharpe Ratio is 0.19, which is lower than the XCHA.L Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of FXC.L and XCHA.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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Sharpe Ratios by Period

FXC.LXCHA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.19

2.71

-2.52

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.05

0.15

-0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.46

-0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

0.34

-0.03

Drawdowns

FXC.L vs. XCHA.L - Drawdown Comparison

The maximum FXC.L drawdown since its inception was -60.51%, which is greater than XCHA.L's maximum drawdown of -47.42%. Use the drawdown chart below to compare losses from any high point for FXC.L and XCHA.L.

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Drawdown Indicators

FXC.LXCHA.LDifference

Max Drawdown

Largest peak-to-trough decline

-60.51%

-47.42%

-13.09%

Max Drawdown (1Y)

Largest decline over 1 year

-15.54%

-6.22%

-9.32%

Max Drawdown (3Y)

Largest decline over 3 years

-27.53%

-24.78%

-2.75%

Max Drawdown (5Y)

Largest decline over 5 years

-46.74%

-36.96%

-9.78%

Max Drawdown (10Y)

Largest decline over 10 years

-53.90%

-39.52%

-14.38%

Current Drawdown

Current decline from peak

-21.71%

-0.64%

-21.07%

Average Drawdown

Average peak-to-trough decline

-18.76%

-18.81%

+0.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.20%

2.22%

+4.98%

Volatility

FXC.L vs. XCHA.L - Volatility Comparison

iShares China Large Cap UCITS (FXC.L) has a higher volatility of 6.71% compared to Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.L) at 5.64%. This indicates that FXC.L's price experiences larger fluctuations and is considered to be riskier than XCHA.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.LXCHA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.71%

5.64%

+1.07%

Volatility (6M)

Calculated over the trailing 6-month period

12.57%

11.54%

+1.03%

Volatility (1Y)

Calculated over the trailing 1-year period

17.97%

16.47%

+1.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.14%

21.49%

+6.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.95%

22.57%

+2.38%

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

FXC.L has a 0.74% expense ratio, which is higher than XCHA.L's 0.50% expense ratio.

Dividends

FXC.L vs. XCHA.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
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%
XCHA.L
Xtrackers CSI 300 Swap UCITS ETF 1C		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 XCHA.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XCHA.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XCHA.L is cheaper with a 0.50% expense ratio, compared with 0.74% for FXC.L.

FXC.L tracks MSCI China NR USD, while XCHA.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.74% for FXC.L and 0.50% for XCHA.L.

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