GXC vs. MCHI

Last updated Jun 24, 2026

GXC (SPDR S&P China ETF) and MCHI (iShares MSCI China ETF) are both China Equities funds - GXC tracks the S&P China BMI Index while MCHI tracks the MSCI China Index. Both are passively managed. Over the past 10 years, GXC returned 5.03%/yr vs 4.30%/yr for MCHI. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.59% expense ratio.

Performance

GXC vs. MCHI - Performance Comparison

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

Returns By Period

In the year-to-date period, GXC achieves a -8.73% return, which is significantly higher than MCHI's -13.18% return. Over the past 10 years, GXC has outperformed MCHI with an annualized return of 5.03%, while MCHI has yielded a comparatively lower 4.30% annualized return.

GXC

• 1D: -2.39%
• 1M: -5.30%
• YTD: -8.73%
• 6M: -9.84%
• 1Y: 4.52%
• 3Y*: 9.44%
• 5Y*: -5.29%
• 10Y*: 5.03%

MCHI

• 1D: -1.99%
• 1M: -6.10%
• YTD: -13.18%
• 6M: -14.04%
• 1Y: -2.47%
• 3Y*: 8.17%
• 5Y*: -6.80%
• 10Y*: 4.30%

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

GXC vs. MCHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GXC SPDR S&P China ETF	-8.73%	30.84%	14.60%	-9.93%	-22.12%	-19.70%	28.31%	23.07%	-19.39%	51.66%
MCHI iShares MSCI China ETF	-13.18%	31.04%	17.73%	-11.94%	-23.01%	-21.74%	27.78%	23.72%	-19.79%	54.67%

Correlation

The correlation between GXC and MCHI is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011	0.98

The correlation between GXC and MCHI has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

GXC vs. MCHI - Sectors Allocation Comparison

Sectors	GXC	MCHI
Consumer Cyclical	21.9%	24.9%
Financial Services	17.1%	18.8%
Communication Services	13.9%	18.1%
Technology	13.8%	12.1%
Industrials	9.5%	5.3%
Basic Materials	6.7%	5.5%
Healthcare	6.3%	5.1%
Consumer Defensive	3.5%	3.0%
Energy	3.3%	3.7%
Real Estate	2.0%	1.6%
Utilities	1.9%	1.8%

Return for Risk

GXC vs. MCHI — Risk / Return Rank

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

GXC

GXC Risk / Return Rank: 11
GXC Sharpe Ratio Rank: 12
GXC Sortino Ratio Rank: 11
GXC Omega Ratio Rank: 11
GXC Calmar Ratio Rank: 11
GXC Martin Ratio Rank: 11

MCHI

MCHI Risk / Return Rank: 7
MCHI Sharpe Ratio Rank: 8
MCHI Sortino Ratio Rank: 7
MCHI Omega Ratio Rank: 7
MCHI Calmar Ratio Rank: 8
MCHI Martin Ratio Rank: 7

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. MCHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P China ETF (GXC) and iShares MSCI China ETF (MCHI). 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	MCHI	Difference
Sharpe ratio: Return per unit of total volatility	0.24	-0.12	+0.36
Sortino ratio: Return per unit of downside risk	0.46	-0.03	+0.50
Omega ratio: Gain probability vs. loss probability	1.06	1.00	+0.06
Calmar ratio: Return relative to maximum drawdown	0.28	-0.12	+0.40
Martin ratio: Return relative to average drawdown	0.66	-0.27	+0.93

GXC vs. MCHI - Sharpe Ratio Comparison

The current GXC Sharpe Ratio is 0.24, which is higher than the MCHI Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of GXC and MCHI, 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. MCHI - Drawdown Comparison

The maximum GXC drawdown since its inception was -71.96%, which is greater than MCHI's maximum drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for GXC and MCHI.

Drawdown Indicators

	GXC	MCHI	Difference
Max Drawdown Largest peak-to-trough decline	-71.96%	-62.95%	-9.01%
Max Drawdown (1Y) Largest decline over 1 year	-16.05%	-21.20%	+5.15%
Max Drawdown (3Y) Largest decline over 3 years	-25.54%	-25.85%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	-53.99%	-56.98%	+2.99%
Max Drawdown (10Y) Largest decline over 10 years	-60.23%	-62.95%	+2.72%
Current Drawdown Current decline from peak	-35.50%	-40.80%	+5.30%
Average Drawdown Average peak-to-trough decline	-28.83%	-24.56%	-4.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.84%	9.28%	-2.44%

Volatility

GXC vs. MCHI - Volatility Comparison

SPDR S&P China ETF (GXC) and iShares MSCI China ETF (MCHI) have volatilities of 6.01% and 6.15%, 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	MCHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.01%	6.15%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	14.12%	14.90%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	19.12%	20.31%	-1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.02%	30.75%	-1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.06%	27.35%	-1.29%

GXC vs. MCHI - Expense Ratio Comparison

Both GXC and MCHI have an expense ratio of 0.59%.

Dividends

GXC vs. MCHI - Dividend Comparison

GXC's dividend yield for the trailing twelve months is around 2.27%, more than MCHI's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GXC SPDR S&P China ETF	2.27%	2.40%	2.81%	3.70%	2.67%	1.35%	1.04%	1.60%	2.03%	1.84%	2.05%	2.85%
MCHI iShares MSCI China ETF	2.12%	2.12%	2.31%	2.66%	1.78%	1.04%	1.04%	1.45%	1.60%	1.56%	1.66%	2.76%

Frequently Asked Questions

Can I hold both GXC and MCHI in my portfolio?

With a correlation of 0.97, GXC and MCHI 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 MCHI?

MCHI has higher volatility (6.15%) compared to GXC (6.01%). In terms of maximum drawdown, GXC dropped -71.96% vs MCHI's -62.95%.

Which ETF is better, GXC or MCHI?

On 10-year performance, GXC leads with 5.03% vs 4.30% for MCHI. Both ETFs have the same 0.59% expense ratio. On volatility, GXC has been the lower-risk option at 6.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXC or MCHI?

Over the 10-year period, GXC has performed better with a 5.03% return vs 4.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GXC or MCHI?

GXC and MCHI have the same expense ratio: 0.59% per year.

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

GXC has the higher dividend yield at 2.27%, compared with 2.12% for MCHI.

What is the main difference between GXC and MCHI?

GXC tracks S&P China BMI Index, while MCHI tracks MSCI China Index. They also come from different issuers: State Street and iShares.

Which has better risk-adjusted returns?

GXC currently has the higher Sharpe Ratio (0.24 vs -0.12), 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.