GXC vs. TCHI

Last updated Jun 4, 2026

GXC (SPDR S&P China ETF) and TCHI (iShares MSCI China Multisector Tech ETF) are both exchange-traded funds - GXC is a China Equities fund tracking the S&P China BMI Index, while TCHI is a Technology Equities fund tracking the MSCI China Technology Sub-Industries Select Capped Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, GXC returned 10.65%/yr vs 17.38%/yr for TCHI. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.59% expense ratio.

Performance

GXC vs. TCHI - 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 Multisector Tech ETF (TCHI). 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 lower than TCHI's 11.01% 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%

TCHI

• 1D: -0.54%
• 1M: 9.28%
• YTD: 11.01%
• 6M: 11.70%
• 1Y: 44.38%
• 3Y*: 17.38%
• 5Y*: —
• 10Y*: —

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

GXC vs. TCHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GXC SPDR S&P China ETF	-3.93%	30.84%	14.60%	-9.93%	-22.22%
TCHI iShares MSCI China Multisector Tech ETF	11.01%	33.13%	9.09%	-5.61%	-24.32%

Correlation

The correlation between GXC and TCHI is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 2, 2022	0.92

The correlation between GXC and TCHI has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

GXC vs. TCHI - Sectors Allocation Comparison

Sectors	GXC	TCHI
Consumer Cyclical	22.9%	15.8%
Financial Services	17.1%	0.6%
Communication Services	14.3%	10.0%
Technology	11.9%	56.0%
Industrials	9.1%	13.5%
Basic Materials	7.0%	0.3%
Healthcare	6.7%	-
Consumer Defensive	3.7%	2.5%
Energy	3.5%	1.0%
Real Estate	1.9%	-
Utilities	1.8%	-

Return for Risk

GXC vs. TCHI — 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

TCHI

TCHI Risk / Return Rank: 44
TCHI Sharpe Ratio Rank: 50
TCHI Sortino Ratio Rank: 48
TCHI Omega Ratio Rank: 47
TCHI Calmar Ratio Rank: 43
TCHI Martin Ratio Rank: 31

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. TCHI - 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 Multisector Tech ETF (TCHI). 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	TCHI	Difference
Sharpe ratio Return per unit of total volatility	0.65	1.74	-1.09
Sortino ratio Return per unit of downside risk	1.03	2.39	-1.36
Omega ratio Gain probability vs. loss probability	1.13	1.30	-0.18
Calmar ratio Return relative to maximum drawdown	0.90	2.15	-1.25
Martin ratio Return relative to average drawdown	2.02	4.74	-2.72
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. TCHI - Sharpe Ratio Comparison

The current GXC Sharpe Ratio is 0.65, which is lower than the TCHI Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of GXC and TCHI, 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	TCHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	1.74	-1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	—	—
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	0.10	+0.06

Drawdowns

GXC vs. TCHI - Drawdown Comparison

The maximum GXC drawdown since its inception was -71.96%, which is greater than TCHI's maximum drawdown of -43.96%. Use the drawdown chart below to compare losses from any high point for GXC and TCHI.

Drawdown Indicators

	GXC	TCHI	Difference
Max Drawdown Largest peak-to-trough decline	-71.96%	-43.96%	-28.00%
Max Drawdown (1Y) Largest decline over 1 year	-13.73%	-20.73%	+7.00%
Max Drawdown (3Y) Largest decline over 3 years	-25.54%	-27.78%	+2.24%
Max Drawdown (5Y) Largest decline over 5 years	-53.99%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-60.23%	—	—
Current Drawdown Current decline from peak	-32.10%	-2.88%	-29.22%
Average Drawdown Average peak-to-trough decline	-28.82%	-21.49%	-7.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.09%	9.39%	-3.30%

Volatility

GXC vs. TCHI - Volatility Comparison

The current volatility for SPDR S&P China ETF (GXC) is 6.64%, while iShares MSCI China Multisector Tech ETF (TCHI) has a volatility of 9.03%. This indicates that GXC experiences smaller price fluctuations and is considered to be less risky than TCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GXC	TCHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	9.03%	-2.39%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	17.79%	-4.20%
Volatility (1Y) Calculated over the trailing 1-year period	18.88%	25.64%	-6.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.97%	34.88%	-5.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.09%	34.88%	-8.79%

GXC vs. TCHI - Expense Ratio Comparison

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

Dividends

GXC vs. TCHI - Dividend Comparison

GXC's dividend yield for the trailing twelve months is around 2.50%, more than TCHI's 2.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TCHI iShares MSCI China Multisector Tech ETF	2.19%	2.44%	2.49%	4.28%	1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GXC and TCHI in my portfolio?

GXC and TCHI have a correlation of 0.87, 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 TCHI?

TCHI has higher volatility (9.03%) compared to GXC (6.64%). In terms of maximum drawdown, GXC dropped -71.96% vs TCHI's -43.96%.

Which ETF is better, GXC or TCHI?

On 3-year performance, TCHI leads with 17.38% vs 10.65% for GXC. Both ETFs have the same 0.59% expense ratio. On volatility, GXC has been the lower-risk option at 6.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXC or TCHI?

Over the 3-year period, TCHI has performed better with a 17.38% return vs 10.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GXC or TCHI?

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

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

GXC has the higher dividend yield at 2.50%, compared with 2.19% for TCHI.

What is the main difference between GXC and TCHI?

GXC is categorized as China Equities, while TCHI is Technology Equities. GXC tracks S&P China BMI Index, while TCHI tracks MSCI China Technology Sub-Industries Select Capped Index - Benchmark TR Net. They also come from different issuers: State Street and iShares.

Which has better risk-adjusted returns?

TCHI currently has the higher Sharpe Ratio (1.74 vs 0.65), 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.