FXI vs. SHLD

Last updated Jun 13, 2026

FXI (iShares China Large-Cap ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 50 Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, FXI returned -2.91% vs 10.40% for SHLD. At a 0.23 correlation, their price movements are largely independent. FXI charges 0.74%/yr vs 0.50%/yr for SHLD.

Performance

FXI vs. SHLD - Performance Comparison

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

Returns By Period

In the year-to-date period, FXI achieves a -7.83% return, which is significantly lower than SHLD's -1.50% return.

FXI

• 1D: 1.09%
• 1M: -7.76%
• YTD: -7.83%
• 6M: -8.72%
• 1Y: -2.91%
• 3Y*: 10.41%
• 5Y*: -3.08%
• 10Y*: 3.13%

SHLD

• 1D: -2.04%
• 1M: 0.05%
• YTD: -1.50%
• 6M: -1.03%
• 1Y: 10.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXI vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FXI iShares China Large-Cap ETF	-7.83%	28.95%	28.98%	-9.71%
SHLD Global X Defense Tech ETF	-1.50%	74.16%	35.03%	12.89%

Correlation

The correlation between FXI and SHLD is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.23

FXI vs. SHLD - Sectors Allocation Comparison

Sectors	FXI	SHLD
Financial Services	34.6%	-
Consumer Cyclical	25.3%	-
Communication Services	12.2%	-
Technology	9.3%	11.8%
Energy	5.3%	-
Industrials	4.1%	88.2%
Basic Materials	3.9%	-
Healthcare	2.2%	-
Real Estate	1.1%	-
Consumer Defensive	0.9%	-
Utilities	0.4%	-

Return for Risk

FXI vs. SHLD — Risk / Return Rank

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

FXI

FXI Risk / Return Rank: 8
FXI Sharpe Ratio Rank: 8
FXI Sortino Ratio Rank: 8
FXI Omega Ratio Rank: 8
FXI Calmar Ratio Rank: 8
FXI Martin Ratio Rank: 8

SHLD

SHLD Risk / Return Rank: 16
SHLD Sharpe Ratio Rank: 17
SHLD Sortino Ratio Rank: 17
SHLD Omega Ratio Rank: 16
SHLD Calmar Ratio Rank: 16
SHLD Martin Ratio Rank: 16

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.15	0.43	-0.57
Sortino ratio: Return per unit of downside risk	-0.07	0.78	-0.85
Omega ratio: Gain probability vs. loss probability	0.99	1.09	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.18	0.52	-0.70
Martin ratio: Return relative to average drawdown	-0.38	1.28	-1.66

FXI vs. SHLD - Sharpe Ratio Comparison

The current FXI Sharpe Ratio is -0.15, which is lower than the SHLD Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of FXI and SHLD, 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. SHLD - Drawdown Comparison

The maximum FXI drawdown since its inception was -72.68%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for FXI and SHLD.

Drawdown Indicators

	FXI	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-72.68%	-20.10%	-52.58%
Max Drawdown (1Y) Largest decline over 1 year	-16.03%	-20.10%	+4.07%
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	-27.42%	-18.20%	-9.22%
Average Drawdown Average peak-to-trough decline	-31.21%	-3.34%	-27.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.66%	8.12%	-0.46%

Volatility

FXI vs. SHLD - Volatility Comparison

The current volatility for iShares China Large-Cap ETF (FXI) is 6.22%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.05%. This indicates that FXI experiences smaller price fluctuations and is considered to be less risky than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXI	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	9.05%	-2.83%
Volatility (6M) Calculated over the trailing 6-month period	14.30%	19.94%	-5.64%
Volatility (1Y) Calculated over the trailing 1-year period	19.90%	24.55%	-4.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.67%	21.29%	+10.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.64%	21.29%	+6.35%

FXI vs. SHLD - Expense Ratio Comparison

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

Dividends

FXI vs. SHLD - Dividend Comparison

FXI's dividend yield for the trailing twelve months is around 2.62%, more than SHLD's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXI iShares China Large-Cap ETF	2.62%	2.42%	1.76%	3.17%	2.61%	1.60%	2.19%	2.74%	2.69%	2.31%	2.69%	2.90%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXI and SHLD in my portfolio?

FXI and SHLD have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXI or SHLD?

SHLD has higher volatility (9.05%) compared to FXI (6.22%). In terms of maximum drawdown, FXI dropped -72.68% vs SHLD's -20.10%.

Which ETF is better, FXI or SHLD?

On 1-year performance, SHLD leads with 10.40% vs -2.91% for FXI. On fees, SHLD is cheaper at 0.50% per year. On volatility, FXI has been the lower-risk option at 6.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXI or SHLD?

Over the 1-year period, SHLD has performed better with a 10.40% return vs -2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXI or SHLD?

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

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

FXI has the higher dividend yield at 2.62%, compared with 0.56% for SHLD.

What is the main difference between FXI and SHLD?

FXI is categorized as China Equities, while SHLD is Aerospace & Defense. FXI tracks FTSE China 50 Index, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.74% for FXI and 0.50% for SHLD.

Which has better risk-adjusted returns?

SHLD currently has the higher Sharpe Ratio (0.43 vs -0.15), 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.