GXC vs. CN

Last updated Jun 4, 2026

GXC (SPDR S&P China ETF) and CN (Xtrackers MSCI All China Equity ETF) are both China Equities funds - GXC tracks the S&P China BMI Index while CN tracks the MSCI China All Shares. Both are passively managed. Their correlation of 0.80 suggests significant overlap in exposure. GXC charges 0.59%/yr vs 0.50%/yr for CN.

Performance

GXC vs. CN - Performance Comparison

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

Returns By Period

GXC

• 1D: -2.27%
• 1M: -2.82%
• YTD: -3.93%
• 6M: -5.13%
• 1Y: 12.26%
• 3Y*: 10.65%
• 5Y*: -4.55%
• 10Y*: 5.25%

CN

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

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

GXC vs. CN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GXC SPDR S&P China ETF	-3.93%	30.84%	14.60%	-9.93%	-22.12%	-19.70%	28.31%	23.07%	-19.39%	51.66%
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-22.41%	43.69%

Correlation

The correlation between GXC and CN is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since May 1, 2014	0.80

The correlation between GXC and CN shifts across timeframes, from 0.48 (3 years) to 0.83 (10 years), reflecting how their relationship changes across market environments.

GXC vs. CN - Sectors Allocation Comparison

Sectors	GXC	CN
Consumer Cyclical	22.9%	5.4%
Financial Services	17.1%	55.1%
Communication Services	14.3%	0.4%
Technology	11.9%	0.3%
Industrials	9.1%	1.0%
Basic Materials	7.0%	0.6%
Healthcare	6.7%	0.8%
Consumer Defensive	3.7%	0.3%
Energy	3.5%	0.9%
Real Estate	1.9%	0.8%
Utilities	1.8%	0.2%

Return for Risk

GXC vs. CN — Risk / Return Rank

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

GXC

GXC Risk / Return Rank: 19
GXC Sharpe Ratio Rank: 19
GXC Sortino Ratio Rank: 19
GXC Omega Ratio Rank: 19
GXC Calmar Ratio Rank: 20
GXC Martin Ratio Rank: 18

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.

GXC vs. CN - Risk-Adjusted Trends Comparison

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

	GXC	CN	Difference
Sharpe ratio: Return per unit of total volatility	0.65	—	—
Sortino ratio: Return per unit of downside risk	1.03	—	—
Omega ratio: Gain probability vs. loss probability	1.13	—	—
Calmar ratio: Return relative to maximum drawdown	0.90	—	—
Martin ratio: Return relative to average drawdown	2.02	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	GXC	CN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	—	—

Drawdowns

Drawdown Indicators

	GXC	CN	Difference
Max Drawdown Largest peak-to-trough decline	-71.96%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-13.73%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-25.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-53.99%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-60.23%	—	—
Current Drawdown Current decline from peak	-32.10%	—	—
Average Drawdown Average peak-to-trough decline	-28.82%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	6.09%	—	—

Volatility

Volatility by Period

	GXC	CN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.88%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.97%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.09%	—	—

GXC vs. CN - Expense Ratio Comparison

GXC has a 0.59% expense ratio, which is higher than CN's 0.50% expense ratio.

Dividends

GXC vs. CN - Dividend Comparison

GXC's dividend yield for the trailing twelve months is around 2.50%, while CN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%
GXC SPDR S&P China ETF	2.50%	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 CN in my portfolio?

GXC and CN have a correlation of 0.80, 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 CN?

On fees, CN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GXC or CN?

CN is cheaper with a 0.50% expense ratio, compared with 0.59% for GXC.

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

GXC has the higher dividend yield at 2.50%, compared with 0.00% for CN.

What is the main difference between GXC and CN?

GXC tracks S&P China BMI Index, while CN tracks MSCI China All Shares. They also come from different issuers: State Street and Deutsche Bank. Their fees differ too: 0.59% for GXC and 0.50% for CN.