TCHI vs. GXC

Last updated Jun 24, 2026

TCHI (iShares MSCI China Multisector Tech ETF) and GXC (SPDR S&P China ETF) are both exchange-traded funds - TCHI is a Technology Equities fund tracking the MSCI China Technology Sub-Industries Select Capped Index - Benchmark TR Net, while GXC is a China Equities fund tracking the S&P China BMI Index. Both are passively managed. Over the past 3 years, TCHI returned 16.76%/yr vs 9.44%/yr for GXC. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.59% expense ratio.

Performance

TCHI vs. GXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China Multisector Tech ETF (TCHI) 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, TCHI achieves a 8.67% return, which is significantly higher than GXC's -8.73% return.

TCHI

• 1D: -3.27%
• 1M: 3.07%
• YTD: 8.67%
• 6M: 8.52%
• 1Y: 36.47%
• 3Y*: 16.76%
• 5Y*: —
• 10Y*: —

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)

TCHI vs. GXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TCHI iShares MSCI China Multisector Tech ETF	8.67%	33.13%	9.09%	-5.61%	-24.30%
GXC SPDR S&P China ETF	-8.73%	30.84%	14.60%	-9.93%	-21.79%

Correlation

The correlation between TCHI and GXC is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022	0.92

The correlation between TCHI and GXC has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

TCHI vs. GXC - Sectors Allocation Comparison

Sectors	TCHI	GXC
Technology	59.3%	13.8%
Consumer Cyclical	13.9%	21.9%
Industrials	11.8%	9.5%
Communication Services	10.5%	13.9%
Consumer Defensive	2.0%	3.5%
Energy	0.8%	3.3%
Financial Services	0.5%	17.1%
Basic Materials	0.3%	6.7%
Healthcare	-	6.3%
Real Estate	-	2.0%
Utilities	-	1.9%

Return for Risk

TCHI vs. GXC — Risk / Return Rank

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

TCHI

TCHI Risk / Return Rank: 37
TCHI Sharpe Ratio Rank: 41
TCHI Sortino Ratio Rank: 40
TCHI Omega Ratio Rank: 39
TCHI Calmar Ratio Rank: 37
TCHI Martin Ratio Rank: 29

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.

TCHI vs. GXC - Risk-Adjusted Trends Comparison

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

	TCHI	GXC	Difference
Sharpe ratio: Return per unit of total volatility	1.38	0.24	+1.15
Sortino ratio: Return per unit of downside risk	1.97	0.46	+1.51
Omega ratio: Gain probability vs. loss probability	1.25	1.06	+0.19
Calmar ratio: Return relative to maximum drawdown	1.77	0.28	+1.48
Martin ratio: Return relative to average drawdown	3.86	0.66	+3.20

TCHI vs. GXC - Sharpe Ratio Comparison

The current TCHI Sharpe Ratio is 1.38, which is higher than the GXC Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of TCHI 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

TCHI vs. GXC - Drawdown Comparison

The maximum TCHI drawdown since its inception was -43.96%, smaller than the maximum GXC drawdown of -71.96%. Use the drawdown chart below to compare losses from any high point for TCHI and GXC.

Drawdown Indicators

	TCHI	GXC	Difference
Max Drawdown Largest peak-to-trough decline	-43.96%	-71.96%	+28.00%
Max Drawdown (1Y) Largest decline over 1 year	-20.73%	-16.05%	-4.68%
Max Drawdown (3Y) Largest decline over 3 years	-27.78%	-25.54%	-2.24%
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	-4.92%	-35.50%	+30.58%
Average Drawdown Average peak-to-trough decline	-21.28%	-28.83%	+7.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.48%	6.84%	+2.64%

Volatility

TCHI vs. GXC - Volatility Comparison

iShares MSCI China Multisector Tech ETF (TCHI) has a higher volatility of 9.34% compared to SPDR S&P China ETF (GXC) at 6.01%. This indicates that TCHI's price experiences larger fluctuations and is considered to be riskier than GXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCHI	GXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.34%	6.01%	+3.33%
Volatility (6M) Calculated over the trailing 6-month period	19.21%	14.12%	+5.09%
Volatility (1Y) Calculated over the trailing 1-year period	26.49%	19.12%	+7.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.86%	29.02%	+5.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.86%	26.06%	+8.80%

TCHI vs. GXC - Expense Ratio Comparison

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

Dividends

TCHI vs. GXC - Dividend Comparison

TCHI's dividend yield for the trailing twelve months is around 2.13%, 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%
TCHI iShares MSCI China Multisector Tech ETF	2.13%	2.44%	2.49%	4.28%	1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TCHI and GXC in my portfolio?

TCHI and GXC have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCHI or GXC?

TCHI has higher volatility (9.34%) compared to GXC (6.01%). In terms of maximum drawdown, TCHI dropped -43.96% vs GXC's -71.96%.

Which ETF is better, TCHI or GXC?

On 3-year performance, TCHI leads with 16.76% vs 9.44% for GXC. 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, TCHI or GXC?

Over the 3-year period, TCHI has performed better with a 16.76% return vs 9.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCHI or GXC?

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

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

GXC has the higher dividend yield at 2.27%, compared with 2.13% for TCHI.

What is the main difference between TCHI and GXC?

TCHI is categorized as Technology Equities, while GXC is China Equities. TCHI tracks MSCI China Technology Sub-Industries Select Capped Index - Benchmark TR Net, while GXC tracks S&P China BMI Index. They also come from different issuers: iShares and State Street.

Which has better risk-adjusted returns?

TCHI currently has the higher Sharpe Ratio (1.38 vs 0.24), 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.