FXI vs. CN

Last updated Jun 24, 2026

FXI (iShares China Large-Cap ETF) and CN (Xtrackers MSCI All China Equity ETF) are both China Equities funds - FXI tracks the FTSE China 50 Index while CN tracks the MSCI China All Shares. Both are passively managed. A 0.77 correlation means they provide meaningful diversification when combined. FXI charges 0.74%/yr vs 0.50%/yr for CN.

Performance

FXI vs. CN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares China Large-Cap ETF (FXI) and Xtrackers MSCI All China Equity ETF (CN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FXI

• 1D: -1.79%
• 1M: -6.88%
• YTD: -13.61%
• 6M: -14.15%
• 1Y: -7.33%
• 3Y*: 9.64%
• 5Y*: -4.39%
• 10Y*: 2.55%

CN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXI vs. CN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXI iShares China Large-Cap ETF	-13.61%	28.95%	28.98%	-12.42%	-20.66%	-20.06%	8.92%	14.90%	-13.28%	36.26%
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%

Correlation

The correlation between FXI and CN is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 30, 2014	0.77

The correlation between FXI and CN shifts across timeframes, from 0.46 (3 years) to 0.79 (10 years), reflecting how their relationship changes across market environments.

FXI vs. CN - Sectors Allocation Comparison

Sectors	FXI	CN
Financial Services	34.8%	55.1%
Consumer Cyclical	26.4%	5.4%
Communication Services	16.3%	0.4%
Technology	5.4%	0.3%
Energy	5.3%	0.9%
Basic Materials	3.9%	0.6%
Industrials	3.2%	1.0%
Healthcare	2.3%	0.8%
Real Estate	1.1%	0.8%
Consumer Defensive	0.9%	0.3%
Utilities	0.4%	0.2%

Return for Risk

FXI vs. CN — Risk / Return Rank

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

FXI

FXI Risk / Return Rank: 5
FXI Sharpe Ratio Rank: 6
FXI Sortino Ratio Rank: 5
FXI Omega Ratio Rank: 5
FXI Calmar Ratio Rank: 6
FXI Martin Ratio Rank: 5

CN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. CN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) and Xtrackers MSCI All China Equity ETF (CN). 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.

	FXI	CN	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	—	—
Sortino ratio: Return per unit of downside risk	-0.40	—	—
Omega ratio: Gain probability vs. loss probability	0.95	—	—
Calmar ratio: Return relative to maximum drawdown	-0.37	—	—
Martin ratio: Return relative to average drawdown	-0.90	—	—

Drawdowns

Drawdown Indicators

	FXI	CN	Difference
Max Drawdown Largest peak-to-trough decline	-72.68%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-19.91%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-28.72%	—	—
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	-31.97%	—	—
Average Drawdown Average peak-to-trough decline	-31.21%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	8.13%	—	—

Volatility

Volatility by Period

	FXI	CN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.00%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.72%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.60%	—	—

FXI vs. CN - Expense Ratio Comparison

FXI has a 0.74% expense ratio, which is higher than CN's 0.50% expense ratio.

Dividends

FXI vs. CN - Dividend Comparison

FXI's dividend yield for the trailing twelve months is around 2.07%, while CN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%
FXI iShares China Large-Cap ETF	2.07%	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 CN in my portfolio?

FXI and CN have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FXI or CN?

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

Which ETF is cheaper, FXI or CN?

CN is cheaper with a 0.50% expense ratio, compared with 0.74% for FXI.

Which ETF pays a higher dividend yield, FXI or CN?

FXI has the higher dividend yield at 2.07%, compared with 0.00% for CN.

What is the main difference between FXI and CN?

FXI tracks FTSE China 50 Index, while CN tracks MSCI China All Shares. They also come from different issuers: iShares and Deutsche Bank. Their fees differ too: 0.74% for FXI and 0.50% for CN.