GXC vs. FLCH

Last updated Jun 4, 2026

GXC (SPDR S&P China ETF) and FLCH (Franklin FTSE China ETF) are both China Equities funds - GXC tracks the S&P China BMI Index while FLCH tracks the FTSE China RIC Capped Index. Both are passively managed. Over the past 5 years, GXC returned -4.55%/yr vs -4.93%/yr for FLCH. With a 0.98 correlation, they move nearly in lockstep. GXC charges 0.59%/yr vs 0.19%/yr for FLCH.

Performance

GXC vs. FLCH - Performance Comparison

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

Returns By Period

In the year-to-date period, GXC achieves a -3.93% return, which is significantly higher than FLCH's -6.30% return.

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%

FLCH

• 1D: -1.68%
• 1M: -2.79%
• YTD: -6.30%
• 6M: -7.45%
• 1Y: 8.36%
• 3Y*: 10.66%
• 5Y*: -4.93%
• 10Y*: —

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

GXC vs. FLCH - 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%	0.88%
FLCH Franklin FTSE China ETF	-6.30%	32.55%	18.00%	-11.21%	-22.74%	-20.87%	30.09%	24.32%	-19.52%	0.91%

Correlation

The correlation between GXC and FLCH is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Nov 7, 2017	0.98

The correlation between GXC and FLCH has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

GXC vs. FLCH - Sectors Allocation Comparison

Sectors	GXC	FLCH
Consumer Cyclical	22.9%	23.4%
Financial Services	17.1%	18.2%
Communication Services	14.3%	14.2%
Technology	11.9%	12.9%
Industrials	9.1%	9.1%
Basic Materials	7.0%	5.5%
Healthcare	6.7%	5.3%
Consumer Defensive	3.7%	3.3%
Energy	3.5%	3.7%
Real Estate	1.9%	1.7%
Utilities	1.8%	2.0%

Return for Risk

GXC vs. FLCH — 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

FLCH

FLCH Risk / Return Rank: 15
FLCH Sharpe Ratio Rank: 15
FLCH Sortino Ratio Rank: 15
FLCH Omega Ratio Rank: 15
FLCH Calmar Ratio Rank: 15
FLCH Martin Ratio Rank: 14

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. FLCH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P China ETF (GXC) and Franklin FTSE China ETF (FLCH). 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	FLCH	Difference
Sharpe ratio: Return per unit of total volatility	0.65	0.44	+0.22
Sortino ratio: Return per unit of downside risk	1.03	0.75	+0.29
Omega ratio: Gain probability vs. loss probability	1.13	1.09	+0.04
Calmar ratio: Return relative to maximum drawdown	0.90	0.54	+0.36
Martin ratio: Return relative to average drawdown	2.02	1.14	+0.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GXC vs. FLCH - Sharpe Ratio Comparison

The current GXC Sharpe Ratio is 0.65, which is higher than the FLCH Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of GXC and FLCH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GXC	FLCH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	0.44	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	-0.17	+0.01
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	0.02	+0.14

Drawdowns

GXC vs. FLCH - Drawdown Comparison

The maximum GXC drawdown since its inception was -71.96%, which is greater than FLCH's maximum drawdown of -62.09%. Use the drawdown chart below to compare losses from any high point for GXC and FLCH.

Drawdown Indicators

	GXC	FLCH	Difference
Max Drawdown Largest peak-to-trough decline	-71.96%	-62.09%	-9.87%
Max Drawdown (1Y) Largest decline over 1 year	-13.73%	-15.52%	+1.79%
Max Drawdown (3Y) Largest decline over 3 years	-25.54%	-25.43%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-53.99%	-55.78%	+1.79%
Max Drawdown (10Y) Largest decline over 10 years	-60.23%	—	—
Current Drawdown Current decline from peak	-32.10%	-33.95%	+1.85%
Average Drawdown Average peak-to-trough decline	-28.82%	-30.53%	+1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.09%	7.38%	-1.29%

Volatility

GXC vs. FLCH - Volatility Comparison

SPDR S&P China ETF (GXC) and Franklin FTSE China ETF (FLCH) have volatilities of 6.64% and 6.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GXC	FLCH	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	6.59%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	13.67%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	18.88%	19.22%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.97%	29.59%	-0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.09%	27.91%	-1.82%

GXC vs. FLCH - Expense Ratio Comparison

GXC has a 0.59% expense ratio, which is higher than FLCH's 0.19% expense ratio.

Dividends

GXC vs. FLCH - Dividend Comparison

GXC's dividend yield for the trailing twelve months is around 2.50%, which matches FLCH's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLCH Franklin FTSE China ETF	2.52%	2.36%	2.87%	3.47%	2.69%	1.48%	0.91%	1.98%	1.92%	0.01%	0.00%	0.00%
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 FLCH in my portfolio?

With a correlation of 0.96, GXC and FLCH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GXC or FLCH?

GXC has higher volatility (6.64%) compared to FLCH (6.59%). In terms of maximum drawdown, GXC dropped -71.96% vs FLCH's -62.09%.

Which ETF is better, GXC or FLCH?

On 5-year performance, GXC leads with -4.55% vs -4.93% for FLCH. On fees, FLCH is cheaper at 0.19% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXC or FLCH?

Over the 5-year period, GXC has performed better with a -4.55% return vs -4.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GXC or FLCH?

FLCH is cheaper with a 0.19% expense ratio, compared with 0.59% for GXC.

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

FLCH has the higher dividend yield at 2.52%, compared with 2.50% for GXC.

What is the main difference between GXC and FLCH?

GXC tracks S&P China BMI Index, while FLCH tracks FTSE China RIC Capped Index. They also come from different issuers: State Street and Franklin Templeton. Their fees differ too: 0.59% for GXC and 0.19% for FLCH.

Which has better risk-adjusted returns?

GXC currently has the higher Sharpe Ratio (0.65 vs 0.44), 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.