FXI vs. IAU
FXI (iShares China Large-Cap ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 50 Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, FXI returned 2.55%/yr vs 11.76%/yr for IAU. At a 0.13 correlation, their price movements are largely independent. FXI charges 0.74%/yr vs 0.25%/yr for IAU.
Performance
FXI vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, FXI achieves a -13.61% return, which is significantly lower than IAU's -4.73% return. Over the past 10 years, FXI has underperformed IAU with an annualized return of 2.55%, while IAU has yielded a comparatively higher 11.76% annualized return.
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%
IAU
- 1D
- -1.87%
- 1M
- -8.82%
- YTD
- -4.73%
- 6M
- -8.68%
- 1Y
- 21.45%
- 3Y*
- 28.61%
- 5Y*
- 18.02%
- 10Y*
- 11.76%
FXI vs. IAU - 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% |
IAU iShares Gold Trust | -4.73% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between FXI and IAU is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2005 | 0.13 |
Over the past year, FXI and IAU have become more correlated (0.34) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
FXI vs. IAU — Risk / Return Rank
FXI
IAU
FXI vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -1.54 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.17 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 0.88 | -1.25 |
| Martin ratioReturn relative to average drawdown | -0.90 | 2.37 | -3.28 |
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Drawdowns
FXI vs. IAU - Drawdown Comparison
The maximum FXI drawdown since its inception was -72.68%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for FXI and IAU.
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Drawdown Indicators
| FXI | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.68% | -45.14% | -27.54% |
Max Drawdown (1Y)Largest decline over 1 year | -19.91% | -24.40% | +4.49% |
Max Drawdown (3Y)Largest decline over 3 years | -28.72% | -24.40% | -4.32% |
Max Drawdown (5Y)Largest decline over 5 years | -54.94% | -24.40% | -30.54% |
Max Drawdown (10Y)Largest decline over 10 years | -60.81% | -24.40% | -36.41% |
Current DrawdownCurrent decline from peak | -31.97% | -23.87% | -8.10% |
Average DrawdownAverage peak-to-trough decline | -31.21% | -15.97% | -15.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.13% | 9.07% | -0.94% |
Volatility
FXI vs. IAU - Volatility Comparison
The current volatility for iShares China Large-Cap ETF (FXI) is 6.02%, while iShares Gold Trust (IAU) has a volatility of 8.10%. This indicates that FXI experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXI | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.02% | 8.10% | -2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 14.66% | 24.23% | -9.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.00% | 27.38% | -7.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.72% | 18.18% | +13.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.60% | 15.98% | +11.62% |
FXI vs. IAU - Expense Ratio Comparison
FXI has a 0.74% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
FXI vs. IAU - Dividend Comparison
FXI's dividend yield for the trailing twelve months is around 2.07%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IAU iShares Gold Trust | 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
FXI and IAU have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (8.10%) compared to FXI (6.02%). In terms of maximum drawdown, FXI dropped -72.68% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.76% vs 2.55% for FXI. On fees, IAU is cheaper at 0.25% per year. On volatility, FXI has been the lower-risk option at 6.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 11.76% return vs 2.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.74% for FXI.
FXI has the higher dividend yield at 2.07%, compared with 0.00% for IAU.
FXI is categorized as China Equities, while IAU is Gold. FXI tracks FTSE China 50 Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.74% for FXI and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (0.79 vs -0.37), 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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