FXI vs. GXC

Last updated Jun 18, 2026

FXI (iShares China Large-Cap ETF) and GXC (SPDR S&P China ETF) are both China Equities funds - FXI tracks the FTSE China 50 Index while GXC tracks the S&P China BMI Index. Both are passively managed. Over the past 10 years, FXI returned 2.78%/yr vs 5.20%/yr for GXC. With a 0.96 correlation, they move nearly in lockstep. FXI charges 0.74%/yr vs 0.59%/yr for GXC.

Performance

FXI vs. GXC - Performance Comparison

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

Returns By Period

In the year-to-date period, FXI achieves a -11.46% return, which is significantly lower than GXC's -7.13% return. Over the past 10 years, FXI has underperformed GXC with an annualized return of 2.78%, while GXC has yielded a comparatively higher 5.20% annualized return.

FXI

• 1D: -2.63%
• 1M: -6.24%
• YTD: -11.46%
• 6M: -10.43%
• 1Y: -5.43%
• 3Y*: 7.88%
• 5Y*: -3.64%
• 10Y*: 2.78%

GXC

• 1D: -1.60%
• 1M: -4.96%
• YTD: -7.13%
• 6M: -6.50%
• 1Y: 5.84%
• 3Y*: 7.60%
• 5Y*: -4.65%
• 10Y*: 5.20%

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

FXI vs. GXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXI iShares China Large-Cap ETF	-11.46%	28.95%	28.98%	-12.42%	-20.66%	-20.06%	8.92%	14.90%	-13.28%	36.26%
GXC SPDR S&P China ETF	-7.13%	30.84%	14.60%	-9.93%	-22.12%	-19.70%	28.31%	23.07%	-19.39%	51.66%

Correlation

The correlation between FXI and GXC is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 23, 2007	0.96

The correlation between FXI and GXC has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

FXI vs. GXC - Sectors Allocation Comparison

Sectors	FXI	GXC
Financial Services	34.8%	17.1%
Consumer Cyclical	26.4%	21.9%
Communication Services	16.3%	13.9%
Technology	5.4%	13.8%
Energy	5.3%	3.3%
Basic Materials	3.9%	6.7%
Industrials	3.2%	9.5%
Healthcare	2.3%	6.3%
Real Estate	1.1%	2.0%
Consumer Defensive	0.9%	3.5%
Utilities	0.4%	1.9%

Return for Risk

FXI vs. GXC — Risk / Return Rank

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

FXI

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

GXC

GXC Risk / Return Rank: 13
GXC Sharpe Ratio Rank: 13
GXC Sortino Ratio Rank: 12
GXC Omega Ratio Rank: 12
GXC Calmar Ratio Rank: 13
GXC Martin Ratio Rank: 12

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. GXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) and SPDR S&P China ETF (GXC). 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	GXC	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	0.31	-0.58
Sortino ratio: Return per unit of downside risk	-0.26	0.56	-0.82
Omega ratio: Gain probability vs. loss probability	0.97	1.07	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.30	0.40	-0.71
Martin ratio: Return relative to average drawdown	-0.69	0.88	-1.57

FXI vs. GXC - Sharpe Ratio Comparison

The current FXI Sharpe Ratio is -0.27, which is lower than the GXC Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of FXI and GXC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FXI vs. GXC - Drawdown Comparison

The maximum FXI drawdown since its inception was -72.68%, roughly equal to the maximum GXC drawdown of -71.96%. Use the drawdown chart below to compare losses from any high point for FXI and GXC.

Drawdown Indicators

	FXI	GXC	Difference
Max Drawdown Largest peak-to-trough decline	-72.68%	-71.96%	-0.72%
Max Drawdown (1Y) Largest decline over 1 year	-17.91%	-14.57%	-3.34%
Max Drawdown (3Y) Largest decline over 3 years	-28.72%	-25.54%	-3.18%
Max Drawdown (5Y) Largest decline over 5 years	-54.94%	-53.99%	-0.95%
Max Drawdown (10Y) Largest decline over 10 years	-60.81%	-60.23%	-0.58%
Current Drawdown Current decline from peak	-30.27%	-34.37%	+4.10%
Average Drawdown Average peak-to-trough decline	-31.21%	-28.82%	-2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.86%	6.65%	+1.21%

Volatility

FXI vs. GXC - Volatility Comparison

iShares China Large-Cap ETF (FXI) and SPDR S&P China ETF (GXC) have volatilities of 5.82% and 5.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXI	GXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.82%	5.73%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	14.58%	13.96%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	19.97%	19.02%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.70%	28.99%	+2.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.67%	26.10%	+1.57%

FXI vs. GXC - Expense Ratio Comparison

FXI has a 0.74% expense ratio, which is higher than GXC's 0.59% expense ratio.

Dividends

FXI vs. GXC - Dividend Comparison

FXI's dividend yield for the trailing twelve months is around 2.02%, less than GXC's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXI iShares China Large-Cap ETF	2.02%	2.42%	1.76%	3.17%	2.61%	1.60%	2.19%	2.74%	2.69%	2.31%	2.69%	2.90%
GXC SPDR S&P China ETF	2.59%	2.40%	2.81%	3.70%	2.67%	1.35%	1.04%	1.60%	2.03%	1.84%	2.05%	2.85%

Frequently Asked Questions

Can I hold both FXI and GXC in my portfolio?

With a correlation of 0.93, FXI and GXC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FXI or GXC?

FXI has higher volatility (5.82%) compared to GXC (5.73%). In terms of maximum drawdown, FXI dropped -72.68% vs GXC's -71.96%.

Which ETF is better, FXI or GXC?

On 10-year performance, GXC leads with 5.20% vs 2.78% for FXI. On fees, GXC is cheaper at 0.59% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXI or GXC?

Over the 10-year period, GXC has performed better with a 5.20% return vs 2.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXI or GXC?

GXC is cheaper with a 0.59% expense ratio, compared with 0.74% for FXI.

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

GXC has the higher dividend yield at 2.59%, compared with 2.02% for FXI.

What is the main difference between FXI and GXC?

FXI tracks FTSE China 50 Index, while GXC tracks S&P China BMI Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.74% for FXI and 0.59% for GXC.

Which has better risk-adjusted returns?

GXC currently has the higher Sharpe Ratio (0.31 vs -0.27), 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.