GXC vs. DRGN

Last updated Aug 2, 2026

GXC (SPDR S&P China ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - GXC is a China Equities fund tracking the S&P China BMI Index, while DRGN is a Artificial Intelligence fund tracking the BITA China Generative AI Select Index. Both are passively managed. Over the past year, GXC returned 3.49% vs 34.63% for DRGN. Their 0.66 correlation means they have sometimes moved together and sometimes differently. GXC charges 0.59%/yr vs 0.39%/yr for DRGN.

Performance

GXC vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P China ETF (GXC) and Themes China Generative Artificial Intelligence ETF (DRGN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GXC achieves a -4.85% return, which is significantly lower than DRGN's 8.73% return.

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%

DRGN

• 1D: 3.34%
• 1M: -0.11%
• 6M: -2.24%
• YTD: 8.73%
• 1Y: 34.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 36.21%

*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)
DRGN Themes China Generative Artificial Intelligence ETF	$390.32K	$398.54K	$552.05K
GXC SPDR S&P China ETF	$4.07M	$2.78M	$2.53M

GXC vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
GXC SPDR S&P China ETF	-4.85%	10.73%
DRGN Themes China Generative Artificial Intelligence ETF	8.73%	26.96%

Correlation

The correlation between GXC and DRGN is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.66

The correlation between GXC and DRGN has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

Return for Risk

GXC vs. DRGN — 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

DRGN

DRGN Risk / Return Rank: 37
DRGN Sharpe Ratio Rank: 36
DRGN Sortino Ratio Rank: 38
DRGN Omega Ratio Rank: 35
DRGN Calmar Ratio Rank: 43
DRGN Martin Ratio Rank: 33

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. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P China ETF (GXC) and Themes China Generative Artificial Intelligence ETF (DRGN). 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	DRGN	Difference
Sharpe ratio: Return per unit of total volatility	0.10	0.88	-0.78
Sortino ratio: Return per unit of downside risk	0.28	1.43	-1.15
Omega ratio: Gain probability vs. loss probability	1.03	1.17	-0.13
Calmar ratio: Return relative to maximum drawdown	0.11	1.55	-1.44
Martin ratio: Return relative to average drawdown	0.24	3.10	-2.86

GXC vs. DRGN - Sharpe Ratio Comparison

The current GXC Sharpe Ratio is 0.10, which is lower than the DRGN Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of GXC and DRGN, 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

GXC vs. DRGN - Drawdown Comparison

The maximum GXC drawdown since its inception was -71.96%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for GXC and DRGN.

Drawdown Indicators

	GXC	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-71.96%	-20.86%	-51.10%
Max Drawdown (1Y) Largest decline over 1 year	-17.77%	-20.86%	+3.09%
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%	-13.29%	-19.47%
Average Drawdown Average peak-to-trough decline	-28.86%	-8.39%	-20.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.51%	10.42%	-1.91%

Volatility

GXC vs. DRGN - Volatility Comparison

The current volatility for SPDR S&P China ETF (GXC) is 5.39%, while Themes China Generative Artificial Intelligence ETF (DRGN) has a volatility of 12.89%. This indicates that GXC experiences smaller price fluctuations and is considered to be less risky than DRGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GXC	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	12.89%	-7.50%
Volatility (6M) Calculated over the trailing 6-month period	13.92%	25.82%	-11.90%
Volatility (1Y) Calculated over the trailing 1-year period	19.44%	36.63%	-17.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.70%	36.03%	-7.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.05%	36.03%	-9.98%

GXC vs. DRGN - Expense Ratio Comparison

GXC has a 0.59% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

GXC vs. DRGN - Dividend Comparison

GXC's dividend yield for the trailing twelve months is around 2.18%, more than DRGN's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRGN Themes China Generative Artificial Intelligence ETF	1.12%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 DRGN in my portfolio?

GXC and DRGN have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GXC or DRGN?

DRGN has higher volatility (12.89%) compared to GXC (5.39%). In terms of maximum drawdown, GXC dropped -71.96% vs DRGN's -20.86%.

Which ETF is better, GXC or DRGN?

On 1-year performance, DRGN leads with 34.63% vs 3.49% for GXC. On fees, DRGN is cheaper at 0.39% per year. On volatility, GXC has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXC or DRGN?

Over the 1-year period, DRGN has performed better with a 34.63% return vs 3.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GXC or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.59% for GXC.

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

GXC has the higher dividend yield at 2.18%, compared with 1.12% for DRGN.

What is the main difference between GXC and DRGN?

GXC is categorized as China Equities, while DRGN is Artificial Intelligence. GXC tracks S&P China BMI Index, while DRGN tracks BITA China Generative AI Select Index. They also come from different issuers: State Street and Themes. Their fees differ too: 0.59% for GXC and 0.39% for DRGN.

Which has better risk-adjusted returns?

DRGN currently has the higher Sharpe Ratio (0.88 vs 0.10), 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.