MCHI vs. GXC

Last updated Jun 24, 2026

MCHI (iShares MSCI China ETF) and GXC (SPDR S&P China ETF) are both China Equities funds - MCHI tracks the MSCI China Index while GXC tracks the S&P China BMI Index. Both are passively managed. Over the past 10 years, MCHI returned 4.30%/yr vs 5.03%/yr for GXC. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.59% expense ratio.

Performance

MCHI vs. GXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China ETF (MCHI) 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, MCHI achieves a -13.18% return, which is significantly lower than GXC's -8.73% return. Over the past 10 years, MCHI has underperformed GXC with an annualized return of 4.30%, while GXC has yielded a comparatively higher 5.03% annualized return.

MCHI

• 1D: -1.99%
• 1M: -6.10%
• YTD: -13.18%
• 6M: -14.04%
• 1Y: -2.47%
• 3Y*: 8.17%
• 5Y*: -6.80%
• 10Y*: 4.30%

GXC

• 1D: -2.39%
• 1M: -5.30%
• YTD: -8.73%
• 6M: -9.84%
• 1Y: 4.52%
• 3Y*: 9.44%
• 5Y*: -5.29%
• 10Y*: 5.03%

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

MCHI vs. GXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MCHI iShares MSCI China ETF	-13.18%	31.04%	17.73%	-11.94%	-23.01%	-21.74%	27.78%	23.72%	-19.79%	54.67%
GXC SPDR S&P China ETF	-8.73%	30.84%	14.60%	-9.93%	-22.12%	-19.70%	28.31%	23.07%	-19.39%	51.66%

Correlation

The correlation between MCHI and GXC is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011	0.98

The correlation between MCHI and GXC has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

MCHI vs. GXC - Sectors Allocation Comparison

Sectors	MCHI	GXC
Consumer Cyclical	24.9%	21.9%
Financial Services	18.8%	17.1%
Communication Services	18.1%	13.9%
Technology	12.1%	13.8%
Basic Materials	5.5%	6.7%
Industrials	5.3%	9.5%
Healthcare	5.1%	6.3%
Energy	3.7%	3.3%
Consumer Defensive	3.0%	3.5%
Utilities	1.8%	1.9%
Real Estate	1.6%	2.0%

Return for Risk

MCHI vs. GXC — Risk / Return Rank

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

MCHI

MCHI Risk / Return Rank: 7
MCHI Sharpe Ratio Rank: 8
MCHI Sortino Ratio Rank: 7
MCHI Omega Ratio Rank: 7
MCHI Calmar Ratio Rank: 8
MCHI Martin Ratio Rank: 7

GXC

GXC Risk / Return Rank: 11
GXC Sharpe Ratio Rank: 12
GXC Sortino Ratio Rank: 11
GXC Omega Ratio Rank: 11
GXC Calmar Ratio Rank: 11
GXC Martin Ratio Rank: 11

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.

MCHI vs. GXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) 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.

	MCHI	GXC	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	0.24	-0.36
Sortino ratio: Return per unit of downside risk	-0.03	0.46	-0.50
Omega ratio: Gain probability vs. loss probability	1.00	1.06	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.12	0.28	-0.40
Martin ratio: Return relative to average drawdown	-0.27	0.66	-0.93

MCHI vs. GXC - Sharpe Ratio Comparison

The current MCHI Sharpe Ratio is -0.12, which is lower than the GXC Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of MCHI 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

MCHI vs. GXC - Drawdown Comparison

The maximum MCHI drawdown since its inception was -62.95%, smaller than the maximum GXC drawdown of -71.96%. Use the drawdown chart below to compare losses from any high point for MCHI and GXC.

Drawdown Indicators

	MCHI	GXC	Difference
Max Drawdown Largest peak-to-trough decline	-62.95%	-71.96%	+9.01%
Max Drawdown (1Y) Largest decline over 1 year	-21.20%	-16.05%	-5.15%
Max Drawdown (3Y) Largest decline over 3 years	-25.85%	-25.54%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-56.98%	-53.99%	-2.99%
Max Drawdown (10Y) Largest decline over 10 years	-62.95%	-60.23%	-2.72%
Current Drawdown Current decline from peak	-40.80%	-35.50%	-5.30%
Average Drawdown Average peak-to-trough decline	-24.56%	-28.83%	+4.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.28%	6.84%	+2.44%

Volatility

MCHI vs. GXC - Volatility Comparison

iShares MSCI China ETF (MCHI) and SPDR S&P China ETF (GXC) have volatilities of 6.15% and 6.01%, 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

	MCHI	GXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	6.01%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	14.90%	14.12%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	20.31%	19.12%	+1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.75%	29.02%	+1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.35%	26.06%	+1.29%

MCHI vs. GXC - Expense Ratio Comparison

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

Dividends

MCHI vs. GXC - Dividend Comparison

MCHI's dividend yield for the trailing twelve months is around 2.12%, less than GXC's 2.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GXC SPDR S&P China ETF	2.27%	2.40%	2.81%	3.70%	2.67%	1.35%	1.04%	1.60%	2.03%	1.84%	2.05%	2.85%
MCHI iShares MSCI China ETF	2.12%	2.12%	2.31%	2.66%	1.78%	1.04%	1.04%	1.45%	1.60%	1.56%	1.66%	2.76%

Frequently Asked Questions

Can I hold both MCHI and GXC in my portfolio?

With a correlation of 0.97, MCHI 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, MCHI or GXC?

MCHI has higher volatility (6.15%) compared to GXC (6.01%). In terms of maximum drawdown, MCHI dropped -62.95% vs GXC's -71.96%.

Which ETF is better, MCHI or GXC?

On 10-year performance, GXC leads with 5.03% vs 4.30% for MCHI. Both ETFs have the same 0.59% expense ratio. On volatility, GXC has been the lower-risk option at 6.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MCHI or GXC?

Over the 10-year period, GXC has performed better with a 5.03% return vs 4.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MCHI or GXC?

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

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

GXC has the higher dividend yield at 2.27%, compared with 2.12% for MCHI.

What is the main difference between MCHI and GXC?

MCHI tracks MSCI China Index, while GXC tracks S&P China BMI Index. They also come from different issuers: iShares and State Street.

Which has better risk-adjusted returns?

GXC currently has the higher Sharpe Ratio (0.24 vs -0.12), 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.