FXI vs. XBIL

Last updated Jun 24, 2026

FXI (iShares China Large-Cap ETF) and XBIL (US Treasury 6 Month Bill ETF) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 50 Index, while XBIL is a Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, FXI returned 9.64%/yr vs 4.60%/yr for XBIL. At a 0.00 correlation, their price movements are largely independent. FXI charges 0.74%/yr vs 0.15%/yr for XBIL.

Performance

FXI vs. XBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares China Large-Cap ETF (FXI) and US Treasury 6 Month Bill ETF (XBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXI achieves a -13.61% return, which is significantly lower than XBIL's 1.57% 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%

XBIL

• 1D: 0.01%
• 1M: 0.22%
• YTD: 1.57%
• 6M: 1.67%
• 1Y: 3.82%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —

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

FXI vs. XBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FXI iShares China Large-Cap ETF	-13.61%	28.95%	28.98%	-15.35%
XBIL US Treasury 6 Month Bill ETF	1.57%	4.17%	5.16%	4.28%

Correlation

The correlation between FXI and XBIL is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023	0.00

Return for Risk

FXI vs. XBIL — Risk / Return Rank

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

FXI

FXI Risk / Return Rank: 5
FXI Sharpe Ratio Rank: 6
FXI Sortino Ratio Rank: 5
FXI Omega Ratio Rank: 5
FXI Calmar Ratio Rank: 6
FXI Martin Ratio Rank: 5

XBIL

XBIL Risk / Return Rank: 100
XBIL Sharpe Ratio Rank: 100
XBIL Sortino Ratio Rank: 100
XBIL Omega Ratio Rank: 99
XBIL Calmar Ratio Rank: 100
XBIL Martin Ratio Rank: 100

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. XBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) and US Treasury 6 Month Bill ETF (XBIL). 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	XBIL	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	12.56	-12.93
Sortino ratio: Return per unit of downside risk	-0.40	38.47	-38.87
Omega ratio: Gain probability vs. loss probability	0.95	10.10	-9.14
Calmar ratio: Return relative to maximum drawdown	-0.37	64.01	-64.38
Martin ratio: Return relative to average drawdown	-0.90	592.11	-593.02

FXI vs. XBIL - Sharpe Ratio Comparison

The current FXI Sharpe Ratio is -0.37, which is lower than the XBIL Sharpe Ratio of 12.56. The chart below compares the historical Sharpe Ratios of FXI and XBIL, 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. XBIL - Drawdown Comparison

The maximum FXI drawdown since its inception was -72.68%, which is greater than XBIL's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for FXI and XBIL.

Drawdown Indicators

	FXI	XBIL	Difference
Max Drawdown Largest peak-to-trough decline	-72.68%	-0.08%	-72.60%
Max Drawdown (1Y) Largest decline over 1 year	-19.91%	-0.06%	-19.85%
Max Drawdown (3Y) Largest decline over 3 years	-28.72%	-0.07%	-28.65%
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	-31.97%	0.00%	-31.97%
Average Drawdown Average peak-to-trough decline	-31.21%	-0.00%	-31.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.13%	0.01%	+8.12%

Volatility

FXI vs. XBIL - Volatility Comparison

iShares China Large-Cap ETF (FXI) has a higher volatility of 6.02% compared to US Treasury 6 Month Bill ETF (XBIL) at 0.12%. This indicates that FXI's price experiences larger fluctuations and is considered to be riskier than XBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXI	XBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.02%	0.12%	+5.90%
Volatility (6M) Calculated over the trailing 6-month period	14.66%	0.19%	+14.47%
Volatility (1Y) Calculated over the trailing 1-year period	20.00%	0.31%	+19.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.72%	0.38%	+31.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.60%	0.38%	+27.22%

FXI vs. XBIL - Expense Ratio Comparison

FXI has a 0.74% expense ratio, which is higher than XBIL's 0.15% expense ratio.

Dividends

FXI vs. XBIL - Dividend Comparison

FXI's dividend yield for the trailing twelve months is around 2.07%, less than XBIL's 3.76% yield.

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%
XBIL US Treasury 6 Month Bill ETF	3.76%	4.01%	4.90%	4.30%	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 XBIL in my portfolio?

FXI and XBIL have a correlation of -0.09, 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 XBIL?

FXI has higher volatility (6.02%) compared to XBIL (0.12%). In terms of maximum drawdown, FXI dropped -72.68% vs XBIL's -0.08%.

Which ETF is better, FXI or XBIL?

On 3-year performance, FXI leads with 9.64% vs 4.60% for XBIL. On fees, XBIL is cheaper at 0.15% per year. On volatility, XBIL has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXI or XBIL?

Over the 3-year period, FXI has performed better with a 9.64% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXI or XBIL?

XBIL is cheaper with a 0.15% expense ratio, compared with 0.74% for FXI.

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

XBIL has the higher dividend yield at 3.76%, compared with 2.07% for FXI.

What is the main difference between FXI and XBIL?

FXI is categorized as China Equities, while XBIL is Ultrashort Bond. FXI tracks FTSE China 50 Index, while XBIL tracks ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross. They also come from different issuers: iShares and US Benchmark Series. Their fees differ too: 0.74% for FXI and 0.15% for XBIL.

Which has better risk-adjusted returns?

XBIL currently has the higher Sharpe Ratio (12.56 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.