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ICHN.AS vs. FXC.AS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICHN.AS vs. FXC.AS

Last updated Jun 4, 2026

ICHN.AS (iShares MSCI China UCITS ETF) and FXC.AS (iShares China Large Cap UCITS ETF) are both China Equities funds from iShares tracking the MSCI China NR USD. Both are passively managed. Over the past 5 years, ICHN.AS returned -5.12%/yr vs -3.07%/yr for FXC.AS. Their correlation of 0.93 suggests significant overlap in exposure. ICHN.AS charges 0.40%/yr vs 0.74%/yr for FXC.AS.

Performance

ICHN.AS vs. FXC.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China UCITS ETF (ICHN.AS) and iShares China Large Cap UCITS ETF (FXC.AS). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ICHN.AS is traded in USD, while FXC.AS is traded in EUR. To make them comparable, the FXC.AS values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with ICHN.AS having a -6.77% return and FXC.AS slightly lower at -7.01%.

ICHN.AS

1D
-2.47%
1M
-2.49%
YTD
-6.77%
6M
-7.98%
1Y
7.08%
3Y*
10.39%
5Y*
-5.12%
10Y*
—

FXC.AS

1D
-2.52%
1M
-2.72%
YTD
-7.01%
6M
-7.76%
1Y
2.33%
3Y*
11.80%
5Y*
-3.07%
10Y*
3.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICHN.AS vs. FXC.AS - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
ICHN.AS
iShares MSCI China UCITS ETF		-6.77%31.69%18.56%-11.72%-22.52%-22.05%29.63%10.95%
FXC.AS
iShares China Large Cap UCITS ETF		-7.01%29.08%29.81%-13.17%-21.28%-19.49%9.72%6.04%

Correlation

The correlation between ICHN.AS and FXC.AS is 0.94, 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

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.95

Correlation (5Y)
Calculated over the trailing 5-year period

0.96

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2019

0.93

The correlation between ICHN.AS and FXC.AS has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI China UCITS ETF

iShares China Large Cap UCITS ETF

Often compared with ICHN.AS:
ICHN.AS vs. CNYAICHN.AS vs. IWRD.ASICHN.AS vs. VHYG.LICHN.AS vs. IJPN.LICHN.AS vs. SWRD.LICHN.AS vs. CHIQICHN.AS vs. FLXC.L
Often compared with FXC.AS:
FXC.AS vs. AMDWXFXC.AS vs. HMCD.LFXC.AS vs. MCHIFXC.AS vs. EMIM.LFXC.AS vs. IWDA.LFXC.AS vs. IWDA.ASFXC.AS vs. CQQQ

Return for Risk

ICHN.AS vs. FXC.AS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICHN.AS
ICHN.AS Risk / Return Rank: 1313
Overall Rank
ICHN.AS Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
ICHN.AS Sortino Ratio Rank: 1414
Sortino Ratio Rank
ICHN.AS Omega Ratio Rank: 1313
Omega Ratio Rank
ICHN.AS Calmar Ratio Rank: 1414
Calmar Ratio Rank
ICHN.AS Martin Ratio Rank: 1313
Martin Ratio Rank
FXC.AS
FXC.AS Risk / Return Rank: 99
Overall Rank
FXC.AS Sharpe Ratio Rank: 99
Sharpe Ratio Rank
FXC.AS Sortino Ratio Rank: 99
Sortino Ratio Rank
FXC.AS Omega Ratio Rank: 88
Omega Ratio Rank
FXC.AS Calmar Ratio Rank: 99
Calmar Ratio Rank
FXC.AS Martin Ratio Rank: 99
Martin Ratio Rank
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.

ICHN.AS vs. FXC.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China UCITS ETF (ICHN.AS) and iShares China Large Cap UCITS ETF (FXC.AS). 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.

ICHN.ASFXC.ASDifference
Sharpe ratioReturn per unit of total volatility
0.35
0.12

+0.23

Sortino ratioReturn per unit of downside risk
0.64
0.31

+0.33

Omega ratioGain probability vs. loss probability

1.07

1.04

+0.04

Calmar ratioReturn relative to maximum drawdown

0.41

0.14

+0.27

Martin ratioReturn relative to average drawdown

0.86

0.31

+0.55

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICHN.AS vs. FXC.AS - Sharpe Ratio Comparison

The current ICHN.AS Sharpe Ratio is 0.35, which is higher than the FXC.AS Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of ICHN.AS and FXC.AS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ICHN.ASFXC.ASDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.35

0.12

+0.23

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.17

-0.10

-0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.12

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.06

0.06

0.00

Drawdowns

ICHN.AS vs. FXC.AS - Drawdown Comparison

The maximum ICHN.AS drawdown since its inception was -62.67%, smaller than the maximum FXC.AS drawdown of -71.43%. Use the drawdown chart below to compare losses from any high point for ICHN.AS and FXC.AS.

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Drawdown Indicators

ICHN.ASFXC.ASDifference

Max Drawdown

Largest peak-to-trough decline

-62.67%

-71.43%

+8.76%

Max Drawdown (1Y)

Largest decline over 1 year

-16.99%

-15.97%

-1.02%

Max Drawdown (3Y)

Largest decline over 3 years

-25.22%

-28.54%

+3.32%

Max Drawdown (5Y)

Largest decline over 5 years

-56.46%

-54.52%

-1.94%

Max Drawdown (10Y)

Largest decline over 10 years

—

-60.45%

—

Current Drawdown

Current decline from peak

-34.97%

-26.34%

-8.63%

Average Drawdown

Average peak-to-trough decline

-33.79%

-34.85%

+1.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.15%

7.35%

+0.80%

Volatility

ICHN.AS vs. FXC.AS - Volatility Comparison

iShares MSCI China UCITS ETF (ICHN.AS) and iShares China Large Cap UCITS ETF (FXC.AS) have volatilities of 7.91% and 7.54%, 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.

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Volatility by Period

ICHN.ASFXC.ASDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.91%

7.54%

+0.37%

Volatility (6M)

Calculated over the trailing 6-month period

14.75%

13.63%

+1.12%

Volatility (1Y)

Calculated over the trailing 1-year period

20.04%

18.66%

+1.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.04%

29.73%

-0.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.76%

26.07%

+2.69%

ICHN.AS vs. FXC.AS - Expense Ratio Comparison

ICHN.AS has a 0.40% expense ratio, which is lower than FXC.AS's 0.74% expense ratio.

Dividends

ICHN.AS vs. FXC.AS - Dividend Comparison

ICHN.AS has not paid dividends to shareholders, while FXC.AS's dividend yield for the trailing twelve months is around 1.91%.

PositionTTM20252024202320222021202020192018201720162015
FXC.AS
iShares China Large Cap UCITS ETF		1.91%1.79%2.26%2.51%2.52%1.79%2.49%2.47%2.99%2.39%2.34%2.63%
ICHN.AS
iShares MSCI China UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.94, ICHN.AS and FXC.AS 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.

On fees, ICHN.AS is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ICHN.AS is cheaper with a 0.40% expense ratio, compared with 0.74% for FXC.AS.

Both ETFs track MSCI China NR USD. Their fees differ too: 0.40% for ICHN.AS and 0.74% for FXC.AS.

Portfolio Optimizer

Find the right allocation for ICHN.AS and FXC.AS

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