PCCE vs. GXC

Last updated Jun 23, 2026

PCCE (Polen Capital China Growth ETF) and GXC (SPDR S&P China ETF) are both China Equities funds. PCCE is actively managed, while GXC is passively managed. Over the past year, PCCE returned 5.04% vs 8.50% for GXC. Their correlation of 0.92 suggests significant overlap in exposure. PCCE charges 1.00%/yr vs 0.59%/yr for GXC.

Performance

PCCE vs. GXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Polen Capital China Growth ETF (PCCE) 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, PCCE achieves a -3.13% return, which is significantly higher than GXC's -6.50% return.

PCCE

• 1D: 1.36%
• 1M: -2.03%
• YTD: -3.13%
• 6M: -4.19%
• 1Y: 5.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GXC

• 1D: 0.75%
• 1M: -2.98%
• YTD: -6.50%
• 6M: -8.11%
• 1Y: 8.50%
• 3Y*: 10.33%
• 5Y*: -4.63%
• 10Y*: 5.28%

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

PCCE vs. GXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PCCE Polen Capital China Growth ETF	-3.13%	23.07%	10.79%
GXC SPDR S&P China ETF	-6.50%	30.84%	17.06%

Correlation

The correlation between PCCE and GXC is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.92

The correlation between PCCE and GXC has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

PCCE vs. GXC - Sectors Allocation Comparison

Sectors	PCCE	GXC
Communication Services	20.1%	13.9%
Financial Services	19.9%	17.1%
Consumer Cyclical	17.3%	21.9%
Industrials	13.7%	9.5%
Real Estate	8.7%	2.0%
Healthcare	8.0%	6.3%
Technology	6.1%	13.8%
Consumer Defensive	4.3%	3.5%
Basic Materials	1.8%	6.7%
Energy	-	3.3%
Utilities	-	1.9%

Return for Risk

PCCE vs. GXC — Risk / Return Rank

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

PCCE

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

GXC

GXC Risk / Return Rank: 15
GXC Sharpe Ratio Rank: 15
GXC Sortino Ratio Rank: 14
GXC Omega Ratio Rank: 15
GXC Calmar Ratio Rank: 15
GXC Martin Ratio Rank: 14

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.

PCCE vs. GXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polen Capital China Growth ETF (PCCE) 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.

	PCCE	GXC	Difference
Sharpe ratio: Return per unit of total volatility	0.27	0.45	-0.18
Sortino ratio: Return per unit of downside risk	0.51	0.75	-0.24
Omega ratio: Gain probability vs. loss probability	1.06	1.09	-0.03
Calmar ratio: Return relative to maximum drawdown	0.31	0.58	-0.28
Martin ratio: Return relative to average drawdown	0.65	1.26	-0.61

PCCE vs. GXC - Sharpe Ratio Comparison

The current PCCE Sharpe Ratio is 0.27, which is lower than the GXC Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of PCCE 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

PCCE vs. GXC - Drawdown Comparison

The maximum PCCE drawdown since its inception was -26.38%, smaller than the maximum GXC drawdown of -71.96%. Use the drawdown chart below to compare losses from any high point for PCCE and GXC.

Drawdown Indicators

	PCCE	GXC	Difference
Max Drawdown Largest peak-to-trough decline	-26.38%	-71.96%	+45.58%
Max Drawdown (1Y) Largest decline over 1 year	-16.59%	-14.63%	-1.96%
Max Drawdown (3Y) Largest decline over 3 years	—	-25.54%	—
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	-11.60%	-33.92%	+22.32%
Average Drawdown Average peak-to-trough decline	-9.99%	-28.83%	+18.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.80%	6.77%	+1.03%

Volatility

PCCE vs. GXC - Volatility Comparison

Polen Capital China Growth ETF (PCCE) and SPDR S&P China ETF (GXC) have volatilities of 5.52% and 5.75%, 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

	PCCE	GXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	5.75%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	14.66%	13.95%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	19.10%	19.01%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.07%	29.00%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.07%	26.09%	-0.02%

PCCE vs. GXC - Expense Ratio Comparison

PCCE has a 1.00% expense ratio, which is higher than GXC's 0.59% expense ratio.

Dividends

PCCE vs. GXC - Dividend Comparison

PCCE's dividend yield for the trailing twelve months is around 2.36%, less than GXC's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GXC SPDR S&P China ETF	3.33%	2.40%	2.81%	3.70%	2.67%	1.35%	1.04%	1.60%	2.03%	1.84%	2.05%	2.85%
PCCE Polen Capital China Growth ETF	2.36%	2.29%	1.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PCCE and GXC in my portfolio?

PCCE and GXC have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCCE or GXC?

GXC has higher volatility (5.75%) compared to PCCE (5.52%). In terms of maximum drawdown, PCCE dropped -26.38% vs GXC's -71.96%.

Which ETF is better, PCCE or GXC?

On 1-year performance, GXC leads with 8.50% vs 5.04% for PCCE. On fees, GXC is cheaper at 0.59% per year. On volatility, PCCE has been the lower-risk option at 5.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCCE or GXC?

Over the 1-year period, GXC has performed better with a 8.50% return vs 5.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCCE or GXC?

GXC is cheaper with a 0.59% expense ratio, compared with 1.00% for PCCE.

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

GXC has the higher dividend yield at 3.33%, compared with 2.36% for PCCE.

What is the main difference between PCCE and GXC?

They also come from different issuers: Polen and State Street. Their fees differ too: 1.00% for PCCE and 0.59% for GXC.

Which has better risk-adjusted returns?

GXC currently has the higher Sharpe Ratio (0.45 vs 0.27), 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.