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 2.59%/yr vs 11.45%/yr for IAU. Their 0.13 correlation means their historical movements had little consistent relationship. 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 -4.06% return, which is significantly higher than IAU's -6.14% return. Over the past 10 years, FXI has underperformed IAU with an annualized return of 2.59%, while IAU has yielded a comparatively higher 11.45% annualized return.
FXI
- 1D
- -0.11%
- 1M
- 14.26%
- 6M
- -6.22%
- YTD
- -4.06%
- 1Y
- 0.82%
- 3Y*
- 10.52%
- 5Y*
- -0.17%
- 10Y*
- 2.59%
- ALL TIME*
- 5.58%
IAU
- 1D
- 0.03%
- 1M
- -1.70%
- 6M
- -13.00%
- YTD
- -6.14%
- 1Y
- 20.38%
- 3Y*
- 27.49%
- 5Y*
- 17.16%
- 10Y*
- 11.45%
- ALL TIME*
- 10.71%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $711.55M | $774.56M | $979.33M | |
| $325.17M | $361.79M | $469.22M |
FXI vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | -4.06% | 28.95% | 28.98% | -12.42% | -20.66% | -20.06% | 8.92% | 14.90% | -13.28% | 36.26% |
IAU iShares Gold Trust | -6.14% | 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 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.21 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2005 | 0.13 |
The correlation between FXI and IAU shifts across timeframes, from 0.13 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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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 | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.16 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.04 | 0.78 | -0.74 |
| Martin ratioReturn relative to average drawdown | 0.08 | 1.67 | -1.58 |
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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 | -22.94% | -26.36% | +3.42% |
Max Drawdown (3Y)Largest decline over 3 years | -25.56% | -26.36% | +0.80% |
Max Drawdown (5Y)Largest decline over 5 years | -49.88% | -26.36% | -23.52% |
Max Drawdown (10Y)Largest decline over 10 years | -60.81% | -26.36% | -34.45% |
Current DrawdownCurrent decline from peak | -24.45% | -24.99% | +0.54% |
Average DrawdownAverage peak-to-trough decline | -31.21% | -16.02% | -15.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.03% | 12.26% | -2.23% |
Volatility
FXI vs. IAU - Volatility Comparison
The current volatility for iShares China Large-Cap ETF (FXI) is 5.13%, while iShares Gold Trust (IAU) has a volatility of 5.99%. 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 | 5.13% | 5.99% | -0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 14.33% | 20.79% | -6.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.27% | 27.90% | -7.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.44% | 18.43% | +13.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.61% | 16.08% | +11.53% |
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 1.86%, 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 | 1.86% | 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 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (5.99%) compared to FXI (5.13%). In terms of maximum drawdown, FXI dropped -72.68% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.45% vs 2.59% for FXI. On fees, IAU is cheaper at 0.25% per year. On volatility, FXI has been the lower-risk option at 5.13%. 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 11.45% return vs 2.59%. 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 1.86%, 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 (0.74 vs 0.04), 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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