GXC vs. FXI

Last updated Jun 23, 2026

GXC (SPDR S&P China ETF) and FXI (iShares China Large-Cap ETF) are both China Equities funds - GXC tracks the S&P China BMI Index while FXI tracks the FTSE China 50 Index. Both are passively managed. Over the past 10 years, GXC returned 5.28%/yr vs 2.74%/yr for FXI. With a 0.96 correlation, they move nearly in lockstep. GXC charges 0.59%/yr vs 0.74%/yr for FXI.

Performance

GXC vs. FXI - Performance Comparison

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

Returns By Period

In the year-to-date period, GXC achieves a -6.50% return, which is significantly higher than FXI's -12.04% return. Over the past 10 years, GXC has outperformed FXI with an annualized return of 5.28%, while FXI has yielded a comparatively lower 2.74% annualized return.

GXC

• 1D: 0.75%
• 1M: -2.98%
• YTD: -6.50%
• 6M: -8.11%
• 1Y: 8.50%
• 3Y*: 10.33%
• 5Y*: -4.63%
• 10Y*: 5.28%

FXI

• 1D: 0.39%
• 1M: -5.18%
• YTD: -12.04%
• 6M: -12.81%
• 1Y: -4.15%
• 3Y*: 10.30%
• 5Y*: -3.84%
• 10Y*: 2.74%

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

GXC vs. FXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GXC SPDR S&P China ETF	-6.50%	30.84%	14.60%	-9.93%	-22.12%	-19.70%	28.31%	23.07%	-19.39%	51.66%
FXI iShares China Large-Cap ETF	-12.04%	28.95%	28.98%	-12.42%	-20.66%	-20.06%	8.92%	14.90%	-13.28%	36.26%

Correlation

The correlation between GXC and FXI is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 23, 2007	0.96

The correlation between GXC and FXI has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

GXC vs. FXI - Sectors Allocation Comparison

Sectors	GXC	FXI
Consumer Cyclical	21.9%	26.4%
Financial Services	17.1%	34.8%
Communication Services	13.9%	16.3%
Technology	13.8%	5.4%
Industrials	9.5%	3.2%
Basic Materials	6.7%	3.9%
Healthcare	6.3%	2.3%
Consumer Defensive	3.5%	0.9%
Energy	3.3%	5.3%
Real Estate	2.0%	1.1%
Utilities	1.9%	0.4%

Return for Risk

GXC vs. FXI — Risk / Return Rank

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

GXC

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

FXI

FXI Risk / Return Rank: 6
FXI Sharpe Ratio Rank: 7
FXI Sortino Ratio Rank: 6
FXI Omega Ratio Rank: 6
FXI Calmar Ratio Rank: 7
FXI Martin Ratio Rank: 6

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. FXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P China ETF (GXC) and iShares China Large-Cap ETF (FXI). 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	FXI	Difference
Sharpe ratio: Return per unit of total volatility	0.45	-0.21	+0.66
Sortino ratio: Return per unit of downside risk	0.75	-0.16	+0.91
Omega ratio: Gain probability vs. loss probability	1.09	0.98	+0.11
Calmar ratio: Return relative to maximum drawdown	0.58	-0.22	+0.81
Martin ratio: Return relative to average drawdown	1.26	-0.52	+1.78

GXC vs. FXI - Sharpe Ratio Comparison

The current GXC Sharpe Ratio is 0.45, which is higher than the FXI Sharpe Ratio of -0.21. The chart below compares the historical Sharpe Ratios of GXC and FXI, 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. FXI - Drawdown Comparison

The maximum GXC drawdown since its inception was -71.96%, roughly equal to the maximum FXI drawdown of -72.68%. Use the drawdown chart below to compare losses from any high point for GXC and FXI.

Drawdown Indicators

	GXC	FXI	Difference
Max Drawdown Largest peak-to-trough decline	-71.96%	-72.68%	+0.72%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-18.77%	+4.14%
Max Drawdown (3Y) Largest decline over 3 years	-25.54%	-28.72%	+3.18%
Max Drawdown (5Y) Largest decline over 5 years	-53.99%	-54.94%	+0.95%
Max Drawdown (10Y) Largest decline over 10 years	-60.23%	-60.81%	+0.58%
Current Drawdown Current decline from peak	-33.92%	-30.73%	-3.19%
Average Drawdown Average peak-to-trough decline	-28.83%	-31.21%	+2.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.77%	8.03%	-1.26%

Volatility

GXC vs. FXI - Volatility Comparison

SPDR S&P China ETF (GXC) and iShares China Large-Cap ETF (FXI) have volatilities of 5.75% and 5.87%, 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	FXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	5.87%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	13.95%	14.60%	-0.65%
Volatility (1Y) Calculated over the trailing 1-year period	19.01%	19.96%	-0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.00%	31.71%	-2.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.09%	27.66%	-1.57%

GXC vs. FXI - Expense Ratio Comparison

GXC has a 0.59% expense ratio, which is lower than FXI's 0.74% expense ratio.

Dividends

GXC vs. FXI - Dividend Comparison

GXC's dividend yield for the trailing twelve months is around 3.33%, more than FXI's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXI iShares China Large-Cap ETF	2.03%	2.42%	1.76%	3.17%	2.61%	1.60%	2.19%	2.74%	2.69%	2.31%	2.69%	2.90%
GXC SPDR S&P China ETF	3.33%	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 FXI in my portfolio?

With a correlation of 0.93, GXC and FXI 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 FXI?

FXI has higher volatility (5.87%) compared to GXC (5.75%). In terms of maximum drawdown, GXC dropped -71.96% vs FXI's -72.68%.

Which ETF is better, GXC or FXI?

On 10-year performance, GXC leads with 5.28% vs 2.74% for FXI. On fees, GXC is cheaper at 0.59% per year. On volatility, GXC has been the lower-risk option at 5.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXC or FXI?

Over the 10-year period, GXC has performed better with a 5.28% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GXC or FXI?

GXC is cheaper with a 0.59% expense ratio, compared with 0.74% for FXI.

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

GXC has the higher dividend yield at 3.33%, compared with 2.03% for FXI.

What is the main difference between GXC and FXI?

GXC tracks S&P China BMI Index, while FXI tracks FTSE China 50 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.59% for GXC and 0.74% for FXI.

Which has better risk-adjusted returns?

GXC currently has the higher Sharpe Ratio (0.45 vs -0.21), 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.