FXI vs. ATAT

Last updated Jun 4, 2026

FXI (iShares China Large-Cap ETF) is China Equities fund tracking the FTSE China 25 Index, while ATAT (Atour Lifestyle Holdings Limited) is a stock. Over the past 3 years, FXI returned 11.73%/yr vs 27.61%/yr for ATAT. At a 0.46 correlation, their price movements are largely independent.

Performance

FXI vs. ATAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares China Large-Cap ETF (FXI) and Atour Lifestyle Holdings Limited (ATAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXI achieves a -7.18% return, which is significantly higher than ATAT's -10.48% return.

FXI

• 1D: -2.26%
• 1M: -2.76%
• YTD: -7.18%
• 6M: -8.38%
• 1Y: 2.05%
• 3Y*: 11.73%
• 5Y*: -3.18%
• 10Y*: 2.96%

ATAT

• 1D: 0.83%
• 1M: -5.70%
• YTD: -10.48%
• 6M: -17.09%
• 1Y: 15.11%
• 3Y*: 27.61%
• 5Y*: —
• 10Y*: —

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

FXI vs. ATAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FXI iShares China Large-Cap ETF	-7.18%	28.95%	28.98%	-12.42%	13.55%
ATAT Atour Lifestyle Holdings Limited	-10.48%	49.78%	58.43%	-2.92%	39.91%

Correlation

The correlation between FXI and ATAT is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Nov 14, 2022	0.46

The correlation between FXI and ATAT shifts across timeframes, from 0.30 (1 year) to 0.47 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FXI vs. ATAT — Risk / Return Rank

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

FXI

FXI Risk / Return Rank: 10
FXI Sharpe Ratio Rank: 10
FXI Sortino Ratio Rank: 10
FXI Omega Ratio Rank: 9
FXI Calmar Ratio Rank: 10
FXI Martin Ratio Rank: 10

ATAT

ATAT Risk / Return Rank: 53
ATAT Sharpe Ratio Rank: 55
ATAT Sortino Ratio Rank: 50
ATAT Omega Ratio Rank: 47
ATAT Calmar Ratio Rank: 55
ATAT Martin Ratio Rank: 57

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.

FXI vs. ATAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) and Atour Lifestyle Holdings Limited (ATAT). 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.

	FXI	ATAT	Difference
Sharpe ratio: Return per unit of total volatility	0.10	0.40	-0.30
Sortino ratio: Return per unit of downside risk	0.29	0.85	-0.56
Omega ratio: Gain probability vs. loss probability	1.03	1.09	-0.06
Calmar ratio: Return relative to maximum drawdown	0.13	0.65	-0.52
Martin ratio: Return relative to average drawdown	0.28	1.59	-1.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXI vs. ATAT - Sharpe Ratio Comparison

The current FXI Sharpe Ratio is 0.10, which is lower than the ATAT Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of FXI and ATAT, 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

	FXI	ATAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	0.40	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.60	-0.43

Drawdowns

FXI vs. ATAT - Drawdown Comparison

The maximum FXI drawdown since its inception was -72.68%, which is greater than ATAT's maximum drawdown of -46.91%. Use the drawdown chart below to compare losses from any high point for FXI and ATAT.

Drawdown Indicators

	FXI	ATAT	Difference
Max Drawdown Largest peak-to-trough decline	-72.68%	-46.91%	-25.77%
Max Drawdown (1Y) Largest decline over 1 year	-15.62%	-23.27%	+7.65%
Max Drawdown (3Y) Largest decline over 3 years	-28.72%	-30.96%	+2.24%
Max Drawdown (5Y) Largest decline over 5 years	-54.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-60.81%	—	—
Current Drawdown Current decline from peak	-26.91%	-17.77%	-9.14%
Average Drawdown Average peak-to-trough decline	-31.22%	-20.01%	-11.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.22%	9.50%	-2.28%

Volatility

FXI vs. ATAT - Volatility Comparison

The current volatility for iShares China Large-Cap ETF (FXI) is 7.13%, while Atour Lifestyle Holdings Limited (ATAT) has a volatility of 11.17%. This indicates that FXI experiences smaller price fluctuations and is considered to be less risky than ATAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXI	ATAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.13%	11.17%	-4.04%
Volatility (6M) Calculated over the trailing 6-month period	14.35%	28.66%	-14.31%
Volatility (1Y) Calculated over the trailing 1-year period	19.93%	37.81%	-17.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.68%	58.44%	-26.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.67%	58.44%	-30.77%

Dividends

FXI vs. ATAT - Dividend Comparison

FXI's dividend yield for the trailing twelve months is around 2.60%, more than ATAT's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATAT Atour Lifestyle Holdings Limited	1.02%	1.98%	1.67%	0.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FXI iShares China Large-Cap ETF	2.60%	2.42%	1.76%	3.17%	2.61%	1.60%	2.19%	2.74%	2.69%	2.31%	2.69%	2.90%

Frequently Asked Questions

Can I hold both FXI and ATAT in my portfolio?

FXI and ATAT have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXI or ATAT?

ATAT has higher volatility (11.17%) compared to FXI (7.13%). In terms of maximum drawdown, FXI dropped -72.68% vs ATAT's -46.91%.

Which has better risk-adjusted returns?

ATAT currently has the higher Sharpe Ratio (0.40 vs 0.10), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.