GXC vs. ASHX

Last updated Aug 2, 2026

GXC (SPDR S&P China ETF) and ASHX (Xtrackers MSCI China A Inclusion Equity ETF) are both China Equities funds - GXC tracks the S&P China BMI Index while ASHX tracks the MSCI China A Inclusion Index. Both are passively managed. Their 0.57 correlation means they have sometimes moved together and sometimes differently. GXC charges 0.59%/yr vs 0.60%/yr for ASHX.

Performance

GXC vs. ASHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P China ETF (GXC) and Xtrackers MSCI China A Inclusion Equity ETF (ASHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GXC

• 1D: 0.38%
• 1M: 6.09%
• 6M: -9.74%
• YTD: -4.85%
• 1Y: 3.49%
• 3Y*: 7.77%
• 5Y*: -2.07%
• 10Y*: 4.69%
• ALL TIME*: 4.93%

ASHX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GXC SPDR S&P China ETF	$4.07M	$2.78M	$2.53M

GXC vs. ASHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GXC SPDR S&P China ETF	-4.85%	30.84%	14.60%	-9.93%	-22.12%	-19.70%	28.31%	23.07%	-19.39%	51.66%
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.00%	0.00%	0.27%	-13.59%	-26.45%	2.64%	42.24%	35.03%	-27.51%	20.14%

Correlation

The correlation between GXC and ASHX is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	0.31
Correlation (5Y) Shows whether the relationship held over a longer period.	0.55
Correlation (10Y) Provides a long-term view across more market conditions.	0.59
Correlation (All Time) Calculated using the full available price history since Oct 20, 2015	0.57

The correlation between GXC and ASHX shifts across timeframes, from 0.31 (3 years) to 0.59 (10 years), reflecting how their relationship changes across market environments.

GXC vs. ASHX - Sectors Allocation Comparison

Sectors	GXC	ASHX
Consumer Cyclical	20.1%	7.1%
Financial Services	14.9%	19.6%
Communication Services	13.4%	1.5%
Technology	9.6%	14.1%
Industrials	6.8%	16.0%
Healthcare	6.0%	7.9%
Basic Materials	4.5%	9.6%
Energy	2.6%	4.2%
Consumer Defensive	2.5%	14.3%
Real Estate	1.7%	1.4%
Utilities	1.2%	4.3%

Return for Risk

GXC vs. ASHX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GXC

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

ASHX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GXC vs. ASHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P China ETF (GXC) and Xtrackers MSCI China A Inclusion Equity ETF (ASHX). 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.

	GXC	ASHX	Difference
Sharpe ratio: Return per unit of total volatility	0.10	—	—
Sortino ratio: Return per unit of downside risk	0.28	—	—
Omega ratio: Gain probability vs. loss probability	1.03	—	—
Calmar ratio: Return relative to maximum drawdown	0.11	—	—
Martin ratio: Return relative to average drawdown	0.24	—	—

Drawdowns

Drawdown Indicators

	GXC	ASHX	Difference
Max Drawdown Largest peak-to-trough decline	-71.96%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-17.77%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-25.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-48.78%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-60.23%	—	—
Current Drawdown Current decline from peak	-32.76%	—	—
Average Drawdown Average peak-to-trough decline	-28.86%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	8.51%	—	—

Volatility

Volatility by Period

	GXC	ASHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.44%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.70%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.05%	—	—

GXC vs. ASHX - Expense Ratio Comparison

GXC has a 0.59% expense ratio, which is lower than ASHX's 0.60% expense ratio.

Dividends

GXC vs. ASHX - Dividend Comparison

GXC's dividend yield for the trailing twelve months is around 2.18%, while ASHX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHX Xtrackers MSCI China A Inclusion Equity ETF	0.00%	0.00%	0.00%	2.38%	1.76%	0.84%	0.80%	1.78%	1.07%	2.48%	19.46%	2.91%
GXC SPDR S&P China ETF	2.18%	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 GXC and ASHX in my portfolio?

GXC and ASHX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GXC or ASHX?

On fees, GXC is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GXC or ASHX?

GXC is cheaper with a 0.59% expense ratio, compared with 0.60% for ASHX.

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

GXC has the higher dividend yield at 2.18%, compared with 0.00% for ASHX.

What is the main difference between GXC and ASHX?

GXC tracks S&P China BMI Index, while ASHX tracks MSCI China A Inclusion Index. They also come from different issuers: State Street and Deutsche Bank. Their fees differ too: 0.59% for GXC and 0.60% for ASHX.