JCHI vs. GXC

Last updated Jun 26, 2026

JCHI (JPMorgan Active China ETF) and GXC (SPDR S&P China ETF) are both China Equities funds. JCHI is actively managed, while GXC is passively managed. Over the past 3 years, JCHI returned 7.47%/yr vs 8.69%/yr for GXC. With a 0.96 correlation, they move nearly in lockstep. JCHI charges 0.65%/yr vs 0.59%/yr for GXC.

Performance

JCHI vs. GXC - Performance Comparison

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

Returns By Period

In the year-to-date period, JCHI achieves a -5.00% return, which is significantly higher than GXC's -10.30% return.

JCHI

• 1D: -0.24%
• 1M: -5.91%
• YTD: -5.00%
• 6M: -5.85%
• 1Y: 7.72%
• 3Y*: 7.47%
• 5Y*: —
• 10Y*: —

GXC

• 1D: -1.11%
• 1M: -7.56%
• YTD: -10.30%
• 6M: -11.66%
• 1Y: 0.21%
• 3Y*: 8.69%
• 5Y*: -5.93%
• 10Y*: 4.93%

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

JCHI vs. GXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JCHI JPMorgan Active China ETF	-5.00%	27.66%	13.77%	-17.31%
GXC SPDR S&P China ETF	-10.30%	30.84%	14.60%	-9.01%

Correlation

The correlation between JCHI and GXC 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	0.96
Correlation (All Time) Calculated using the full available price history since Mar 16, 2023	0.96

The correlation between JCHI and GXC has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

JCHI vs. GXC — Risk / Return Rank

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

JCHI

JCHI Risk / Return Rank: 15
JCHI Sharpe Ratio Rank: 15
JCHI Sortino Ratio Rank: 15
JCHI Omega Ratio Rank: 15
JCHI Calmar Ratio Rank: 15
JCHI Martin Ratio Rank: 15

GXC

GXC Risk / Return Rank: 9
GXC Sharpe Ratio Rank: 9
GXC Sortino Ratio Rank: 9
GXC Omega Ratio Rank: 9
GXC Calmar Ratio Rank: 9
GXC Martin Ratio Rank: 9

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.

JCHI vs. GXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Active China ETF (JCHI) and SPDR S&P China ETF (GXC). 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.

	JCHI	GXC	Difference
Sharpe ratio: Return per unit of total volatility	0.43	0.01	+0.42
Sortino ratio: Return per unit of downside risk	0.72	0.15	+0.57
Omega ratio: Gain probability vs. loss probability	1.09	1.02	+0.07
Calmar ratio: Return relative to maximum drawdown	0.54	0.01	+0.53
Martin ratio: Return relative to average drawdown	1.21	0.03	+1.18

JCHI vs. GXC - Sharpe Ratio Comparison

The current JCHI Sharpe Ratio is 0.43, which is higher than the GXC Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of JCHI and GXC, 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

JCHI vs. GXC - Drawdown Comparison

The maximum JCHI drawdown since its inception was -29.57%, smaller than the maximum GXC drawdown of -71.96%. Use the drawdown chart below to compare losses from any high point for JCHI and GXC.

Drawdown Indicators

	JCHI	GXC	Difference
Max Drawdown Largest peak-to-trough decline	-29.57%	-71.96%	+42.39%
Max Drawdown (1Y) Largest decline over 1 year	-14.37%	-17.50%	+3.13%
Max Drawdown (3Y) Largest decline over 3 years	-27.47%	-25.54%	-1.93%
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	-12.47%	-36.61%	+24.14%
Average Drawdown Average peak-to-trough decline	-13.27%	-28.83%	+15.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.41%	7.01%	-0.60%

Volatility

JCHI vs. GXC - Volatility Comparison

JPMorgan Active China ETF (JCHI) and SPDR S&P China ETF (GXC) have volatilities of 6.09% and 5.98%, 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

	JCHI	GXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	5.98%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	13.12%	14.11%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	18.96%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.79%	29.01%	-4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.79%	26.05%	-1.26%

JCHI vs. GXC - Expense Ratio Comparison

JCHI has a 0.65% expense ratio, which is higher than GXC's 0.59% expense ratio.

Dividends

JCHI vs. GXC - Dividend Comparison

JCHI's dividend yield for the trailing twelve months is around 1.91%, less than GXC's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GXC SPDR S&P China ETF	2.31%	2.40%	2.81%	3.70%	2.67%	1.35%	1.04%	1.60%	2.03%	1.84%	2.05%	2.85%
JCHI JPMorgan Active China ETF	1.91%	1.81%	2.12%	2.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JCHI and GXC in my portfolio?

With a correlation of 0.94, JCHI and GXC 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, JCHI or GXC?

JCHI has higher volatility (6.09%) compared to GXC (5.98%). In terms of maximum drawdown, JCHI dropped -29.57% vs GXC's -71.96%.

Which ETF is better, JCHI or GXC?

On 3-year performance, GXC leads with 8.69% vs 7.47% for JCHI. On fees, GXC is cheaper at 0.59% per year. On volatility, GXC has been the lower-risk option at 5.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JCHI or GXC?

Over the 3-year period, GXC has performed better with a 8.69% return vs 7.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JCHI or GXC?

GXC is cheaper with a 0.59% expense ratio, compared with 0.65% for JCHI.

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

GXC has the higher dividend yield at 2.31%, compared with 1.91% for JCHI.

What is the main difference between JCHI and GXC?

They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.65% for JCHI and 0.59% for GXC.

Which has better risk-adjusted returns?

JCHI currently has the higher Sharpe Ratio (0.43 vs 0.01), 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.