GXC vs. SPY

Last updated Jun 23, 2026

GXC (SPDR S&P China ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GXC is a China Equities fund tracking the S&P China BMI Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, GXC returned 5.28%/yr vs 15.70%/yr for SPY. A 0.62 correlation means they provide meaningful diversification when combined. GXC charges 0.59%/yr vs 0.09%/yr for SPY.

Performance

GXC vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P China ETF (GXC) and State Street SPDR S&P 500 ETF (SPY). 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 lower than SPY's 9.74% return. Over the past 10 years, GXC has underperformed SPY with an annualized return of 5.28%, while SPY has yielded a comparatively higher 15.70% 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%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

GXC vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between GXC and SPY is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Mar 23, 2007	0.62

The correlation between GXC and SPY shifts across timeframes, from 0.39 (3 years) to 0.62 (all time), reflecting how their relationship changes across market environments.

GXC vs. SPY - Sectors Allocation Comparison

Sectors	GXC	SPY
Consumer Cyclical	21.9%	9.9%
Financial Services	17.1%	11.1%
Communication Services	13.9%	10.6%
Technology	13.8%	39.0%
Industrials	9.5%	7.8%
Basic Materials	6.7%	1.7%
Healthcare	6.3%	8.3%
Consumer Defensive	3.5%	4.5%
Energy	3.3%	3.1%
Real Estate	2.0%	1.8%
Utilities	1.9%	2.1%

Return for Risk

GXC vs. SPY — 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

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P China ETF (GXC) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.45	2.16	-1.71
Sortino ratio: Return per unit of downside risk	0.75	2.91	-2.16
Omega ratio: Gain probability vs. loss probability	1.09	1.39	-0.30
Calmar ratio: Return relative to maximum drawdown	0.58	3.01	-2.43
Martin ratio: Return relative to average drawdown	1.26	13.54	-12.28

GXC vs. SPY - Sharpe Ratio Comparison

The current GXC Sharpe Ratio is 0.45, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of GXC and SPY, 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. SPY - Drawdown Comparison

The maximum GXC drawdown since its inception was -71.96%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GXC and SPY.

Drawdown Indicators

	GXC	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-71.96%	-55.19%	-16.77%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-8.88%	-5.75%
Max Drawdown (3Y) Largest decline over 3 years	-25.54%	-18.76%	-6.78%
Max Drawdown (5Y) Largest decline over 5 years	-53.99%	-24.50%	-29.49%
Max Drawdown (10Y) Largest decline over 10 years	-60.23%	-33.72%	-26.51%
Current Drawdown Current decline from peak	-33.92%	-1.75%	-32.17%
Average Drawdown Average peak-to-trough decline	-28.83%	-9.04%	-19.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.77%	1.97%	+4.80%

Volatility

GXC vs. SPY - Volatility Comparison

SPDR S&P China ETF (GXC) has a higher volatility of 5.75% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that GXC's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GXC	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	4.64%	+1.11%
Volatility (6M) Calculated over the trailing 6-month period	13.95%	9.75%	+4.20%
Volatility (1Y) Calculated over the trailing 1-year period	19.01%	12.43%	+6.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.00%	17.14%	+11.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.09%	17.99%	+8.10%

GXC vs. SPY - Expense Ratio Comparison

GXC has a 0.59% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

GXC vs. SPY - Dividend Comparison

GXC's dividend yield for the trailing twelve months is around 3.33%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both GXC and SPY in my portfolio?

GXC and SPY have a correlation of 0.49, 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 SPY?

GXC has higher volatility (5.75%) compared to SPY (4.64%). In terms of maximum drawdown, GXC dropped -71.96% vs SPY's -55.19%.

Which ETF is better, GXC or SPY?

On 10-year performance, SPY leads with 15.70% vs 5.28% for GXC. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXC or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 5.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GXC or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.59% for GXC.

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

GXC has the higher dividend yield at 3.33%, compared with 1.01% for SPY.

What is the main difference between GXC and SPY?

GXC is categorized as China Equities, while SPY is S&P 500. GXC tracks S&P China BMI Index, while SPY tracks S&P 500 Index. Their fees differ too: 0.59% for GXC and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 0.45), 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.