GXC vs. VWO

Last updated Jun 4, 2026

GXC (SPDR S&P China ETF) and VWO (Vanguard FTSE Emerging Markets ETF) are both exchange-traded funds - GXC is a China Equities fund tracking the S&P China BMI Index, while VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Both are passively managed. Over the past 10 years, GXC returned 5.25%/yr vs 8.85%/yr for VWO. Their correlation of 0.87 suggests significant overlap in exposure. GXC charges 0.59%/yr vs 0.08%/yr for VWO.

Performance

GXC vs. VWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P China ETF (GXC) and Vanguard FTSE Emerging Markets ETF (VWO). 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 VWO's 12.22% return. Over the past 10 years, GXC has underperformed VWO with an annualized return of 5.25%, while VWO has yielded a comparatively higher 8.85% annualized 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%

VWO

• 1D: -1.41%
• 1M: 2.72%
• YTD: 12.22%
• 6M: 13.79%
• 1Y: 30.72%
• 3Y*: 18.02%
• 5Y*: 5.17%
• 10Y*: 8.85%

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

GXC vs. VWO - 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%	51.66%
VWO Vanguard FTSE Emerging Markets ETF	12.22%	25.60%	10.59%	9.25%	-17.98%	1.26%	15.17%	20.75%	-14.76%	31.49%

Correlation

The correlation between GXC and VWO is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 26, 2007	0.87

The correlation between GXC and VWO has been stable across timeframes, ranging from 0.77 to 0.87 - a consistent structural relationship.

GXC vs. VWO - Sectors Allocation Comparison

Sectors	GXC	VWO
Consumer Cyclical	22.9%	10.7%
Financial Services	17.1%	19.5%
Communication Services	14.3%	7.1%
Technology	11.9%	29.6%
Industrials	9.1%	8.0%
Basic Materials	7.0%	8.0%
Healthcare	6.7%	3.9%
Consumer Defensive	3.7%	3.7%
Energy	3.5%	4.6%
Real Estate	1.9%	2.2%
Utilities	1.8%	2.9%

Return for Risk

GXC vs. VWO — 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

VWO

VWO Risk / Return Rank: 56
VWO Sharpe Ratio Rank: 56
VWO Sortino Ratio Rank: 55
VWO Omega Ratio Rank: 57
VWO Calmar Ratio Rank: 54
VWO Martin Ratio Rank: 56

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. VWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P China ETF (GXC) and Vanguard FTSE Emerging Markets ETF (VWO). 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	VWO	Difference
Sharpe ratio Return per unit of total volatility	0.65	1.94	-1.29
Sortino ratio Return per unit of downside risk	1.03	2.69	-1.66
Omega ratio Gain probability vs. loss probability	1.13	1.36	-0.23
Calmar ratio Return relative to maximum drawdown	0.90	2.76	-1.87
Martin ratio Return relative to average drawdown	2.02	9.96	-7.94
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. VWO - Sharpe Ratio Comparison

The current GXC Sharpe Ratio is 0.65, which is lower than the VWO Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of GXC and VWO, 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	VWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	1.94	-1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	0.30	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.46	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.27	-0.11

Drawdowns

GXC vs. VWO - Drawdown Comparison

The maximum GXC drawdown since its inception was -71.96%, which is greater than VWO's maximum drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for GXC and VWO.

Drawdown Indicators

	GXC	VWO	Difference
Max Drawdown Largest peak-to-trough decline	-71.96%	-67.68%	-4.28%
Max Drawdown (1Y) Largest decline over 1 year	-13.73%	-11.17%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-25.54%	-17.37%	-8.17%
Max Drawdown (5Y) Largest decline over 5 years	-53.99%	-32.64%	-21.35%
Max Drawdown (10Y) Largest decline over 10 years	-60.23%	-36.39%	-23.84%
Current Drawdown Current decline from peak	-32.10%	-1.41%	-30.69%
Average Drawdown Average peak-to-trough decline	-28.82%	-15.82%	-13.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.09%	3.09%	+3.00%

Volatility

GXC vs. VWO - Volatility Comparison

SPDR S&P China ETF (GXC) has a higher volatility of 6.64% compared to Vanguard FTSE Emerging Markets ETF (VWO) at 5.61%. This indicates that GXC's price experiences larger fluctuations and is considered to be riskier than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GXC	VWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	5.61%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	13.22%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	18.88%	15.89%	+2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.97%	17.37%	+11.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.09%	19.20%	+6.89%

GXC vs. VWO - Expense Ratio Comparison

GXC has a 0.59% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

GXC vs. VWO - Dividend Comparison

GXC's dividend yield for the trailing twelve months is around 2.50%, more than VWO's 2.40% 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%
VWO Vanguard FTSE Emerging Markets ETF	2.40%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both GXC and VWO in my portfolio?

GXC and VWO have a correlation of 0.77, 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 VWO?

GXC has higher volatility (6.64%) compared to VWO (5.61%). In terms of maximum drawdown, GXC dropped -71.96% vs VWO's -67.68%.

Which ETF is better, GXC or VWO?

On 10-year performance, VWO leads with 8.85% vs 5.25% for GXC. On fees, VWO is cheaper at 0.08% per year. On volatility, VWO has been the lower-risk option at 5.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXC or VWO?

Over the 10-year period, VWO has performed better with a 8.85% return vs 5.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GXC or VWO?

VWO is cheaper with a 0.08% expense ratio, compared with 0.59% for GXC.

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

GXC has the higher dividend yield at 2.50%, compared with 2.40% for VWO.

What is the main difference between GXC and VWO?

GXC is categorized as China Equities, while VWO is Emerging Markets Equities. GXC tracks S&P China BMI Index, while VWO tracks FTSE Emerging Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.59% for GXC and 0.08% for VWO.

Which has better risk-adjusted returns?

VWO currently has the higher Sharpe Ratio (1.94 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.