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FXI vs. CNYA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXI vs. CNYA

Last updated Jun 5, 2026

FXI (iShares China Large-Cap ETF) and CNYA (iShares MSCI China A ETF) are both China Equities funds from iShares - FXI tracks the FTSE China 25 Index while CNYA tracks the MSCI China A Inclusion Index. Both are passively managed. Over the past 5 years, FXI returned -3.22%/yr vs -1.13%/yr for CNYA. A 0.70 correlation means they provide meaningful diversification when combined. FXI charges 0.74%/yr vs 0.60%/yr for CNYA.

Performance

FXI vs. CNYA - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, FXI achieves a -7.36% return, which is significantly lower than CNYA's 8.91% return.

FXI

1D
-0.20%
1M
-2.80%
YTD
-7.36%
6M
-8.79%
1Y
-0.03%
3Y*
11.71%
5Y*
-3.22%
10Y*
2.81%

CNYA

1D
-0.36%
1M
1.89%
YTD
8.91%
6M
13.45%
1Y
36.38%
3Y*
11.15%
5Y*
-1.13%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXI vs. CNYA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXI
iShares China Large-Cap ETF		-7.36%28.95%28.98%-12.42%-20.66%-20.06%8.92%14.90%-13.28%36.26%
CNYA
iShares MSCI China A ETF		8.91%26.48%10.78%-13.76%-26.51%3.53%41.54%35.95%-26.56%30.99%

Correlation

The correlation between FXI and CNYA is 0.64, 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

0.64

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

0.69

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

0.71

Correlation (All Time)
Calculated using the full available price history since Jun 16, 2016

0.70

The correlation between FXI and CNYA has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.

FXI vs. CNYA - Sectors Allocation Comparison

Sectors
FXI
CNYA

Financial Services

34.4%
17.0%

Consumer Cyclical

25.7%
5.7%

Communication Services

12.2%
0.6%

Technology

9.3%
30.0%

Energy

5.2%
3.2%

Basic Materials

4.1%
10.6%

Industrials

3.8%
18.3%

Healthcare

2.2%
3.8%

Real Estate

1.1%
0.7%

Consumer Defensive

0.9%
6.7%

Utilities

0.4%
3.2%

Financial Services

FXI
34.4%
CNYA
17.0%

Consumer Cyclical

FXI
25.7%
CNYA
5.7%

Communication Services

FXI
12.2%
CNYA
0.6%

Technology

FXI
9.3%
CNYA
30.0%

Energy

FXI
5.2%
CNYA
3.2%

Basic Materials

FXI
4.1%
CNYA
10.6%

Industrials

FXI
3.8%
CNYA
18.3%

Healthcare

FXI
2.2%
CNYA
3.8%

Real Estate

FXI
1.1%
CNYA
0.7%

Consumer Defensive

FXI
0.9%
CNYA
6.7%

Utilities

FXI
0.4%
CNYA
3.2%

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 ETF

iShares MSCI China A ETF

Often compared with FXI:
FXI vs. MCHIFXI vs. KWEBFXI vs. CQQQFXI vs. ASHRFXI vs. EWHFXI vs. EEMFXI vs. GXC
Often compared with CNYA:
CNYA vs. MCHICNYA vs. ASHRCNYA vs. ICHN.ASCNYA vs. KBACNYA vs. FLCHCNYA vs. ICGA.DECNYA vs. GXC

Return for Risk

FXI vs. CNYA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXI
FXI Risk / Return Rank: 99
Overall Rank
FXI Sharpe Ratio Rank: 99
Sharpe Ratio Rank
FXI Sortino Ratio Rank: 99
Sortino Ratio Rank
FXI Omega Ratio Rank: 99
Omega Ratio Rank
FXI Calmar Ratio Rank: 99
Calmar Ratio Rank
FXI Martin Ratio Rank: 99
Martin Ratio Rank
CNYA
CNYA Risk / Return Rank: 7171
Overall Rank
CNYA Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
CNYA Sortino Ratio Rank: 6464
Sortino Ratio Rank
CNYA Omega Ratio Rank: 6464
Omega Ratio Rank
CNYA Calmar Ratio Rank: 8686
Calmar Ratio Rank
CNYA Martin Ratio Rank: 7575
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.

FXI vs. CNYA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) and iShares MSCI China A ETF (CNYA). 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.

FXICNYADifference
Sharpe ratioReturn per unit of total volatility
-0.00
2.11

-2.11

Sortino ratioReturn per unit of downside risk
0.14
2.92

-2.78

Omega ratioGain probability vs. loss probability

1.02

1.38

-0.36

Calmar ratioReturn relative to maximum drawdown

-0.00

4.81

-4.82

Martin ratioReturn relative to average drawdown

-0.00

14.19

-14.20

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. CNYA - Sharpe Ratio Comparison

The current FXI Sharpe Ratio is -0.00, which is lower than the CNYA Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FXI and CNYA, 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

FXICNYADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.00

2.11

-2.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.10

-0.05

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.10

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.17

0.27

-0.11

Drawdowns

FXI vs. CNYA - Drawdown Comparison

The maximum FXI drawdown since its inception was -72.68%, which is greater than CNYA's maximum drawdown of -49.49%. Use the drawdown chart below to compare losses from any high point for FXI and CNYA.

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Drawdown Indicators

FXICNYADifference

Max Drawdown

Largest peak-to-trough decline

-72.68%

-49.49%

-23.19%

Max Drawdown (1Y)

Largest decline over 1 year

-15.62%

-7.59%

-8.03%

Max Drawdown (3Y)

Largest decline over 3 years

-28.72%

-33.35%

+4.63%

Max Drawdown (5Y)

Largest decline over 5 years

-54.94%

-44.70%

-10.24%

Max Drawdown (10Y)

Largest decline over 10 years

-60.81%

—

—

Current Drawdown

Current decline from peak

-27.05%

-13.73%

-13.32%

Average Drawdown

Average peak-to-trough decline

-31.22%

-20.68%

-10.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.28%

2.57%

+4.71%

Volatility

FXI vs. CNYA - Volatility Comparison

iShares China Large-Cap ETF (FXI) has a higher volatility of 7.13% compared to iShares MSCI China A ETF (CNYA) at 6.44%. This indicates that FXI's price experiences larger fluctuations and is considered to be riskier than CNYA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FXICNYADifference

Volatility (1M)

Calculated over the trailing 1-month period

7.13%

6.44%

+0.69%

Volatility (6M)

Calculated over the trailing 6-month period

14.34%

12.23%

+2.11%

Volatility (1Y)

Calculated over the trailing 1-year period

19.91%

17.31%

+2.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.67%

23.80%

+7.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.66%

23.55%

+4.11%

FXI vs. CNYA - Expense Ratio Comparison

FXI has a 0.74% expense ratio, which is higher than CNYA's 0.60% expense ratio.

Dividends

FXI vs. CNYA - Dividend Comparison

FXI's dividend yield for the trailing twelve months is around 2.61%, more than CNYA's 1.76% yield.

PositionTTM20252024202320222021202020192018201720162015
CNYA
iShares MSCI China A ETF		1.76%1.92%2.51%4.23%2.69%1.11%1.06%1.21%3.92%0.97%1.38%0.00%
FXI
iShares China Large-Cap ETF		2.61%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

FXI and CNYA have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FXI has higher volatility (7.13%) compared to CNYA (6.44%). In terms of maximum drawdown, FXI dropped -72.68% vs CNYA's -49.49%.

On 5-year performance, CNYA leads with -1.13% vs -3.22% for FXI. On fees, CNYA is cheaper at 0.60% per year. On volatility, CNYA has been the lower-risk option at 6.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, CNYA has performed better with a -1.13% return vs -3.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CNYA is cheaper with a 0.60% expense ratio, compared with 0.74% for FXI.

FXI has the higher dividend yield at 2.61%, compared with 1.76% for CNYA.

FXI tracks FTSE China 25 Index, while CNYA tracks MSCI China A Inclusion Index. Their fees differ too: 0.74% for FXI and 0.60% for CNYA.

CNYA currently has the higher Sharpe Ratio (2.11 vs -0.00), 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.

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