XC vs. SPY
XC (WisdomTree Emerging Markets ex-China Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - XC is a Emerging Markets Diversified fund tracking the WisdomTree Emerging Markets ex-China Index - Benchmark TR Net, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, XC returned 10.32%/yr vs 20.68%/yr for SPY. A 0.69 correlation means they provide meaningful diversification when combined. XC charges 0.32%/yr vs 0.09%/yr for SPY.
Performance
XC vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, XC achieves a -1.97% return, which is significantly lower than SPY's 8.15% return.
XC
- 1D
- -1.25%
- 1M
- 0.63%
- YTD
- -1.97%
- 6M
- -2.47%
- 1Y
- 7.06%
- 3Y*
- 10.32%
- 5Y*
- —
- 10Y*
- —
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
XC vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XC WisdomTree Emerging Markets ex-China Fund | -1.97% | 18.19% | 5.49% | 21.31% | 1.58% |
SPY State Street SPDR S&P 500 ETF | 8.15% | 17.72% | 24.89% | 26.18% | 1.80% |
Correlation
The correlation between XC and SPY is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2022 | 0.69 |
The correlation between XC and SPY has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.
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Return for Risk
XC vs. SPY — Risk / Return Rank
XC
SPY
XC vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets ex-China Fund (XC) and State Street SPDR S&P 500 ETF (SPY). 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.
| XC | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.34 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | 2.67 | -2.10 |
| Martin ratioReturn relative to average drawdown | 1.51 | 11.92 | -10.41 |
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Drawdowns
XC vs. SPY - Drawdown Comparison
The maximum XC drawdown since its inception was -20.97%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for XC and SPY.
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Drawdown Indicators
| XC | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.97% | -55.19% | +34.22% |
Max Drawdown (1Y)Largest decline over 1 year | -12.47% | -8.88% | -3.59% |
Max Drawdown (3Y)Largest decline over 3 years | -20.97% | -18.76% | -2.21% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -7.94% | -3.17% | -4.77% |
Average DrawdownAverage peak-to-trough decline | -4.17% | -9.04% | +4.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.69% | 1.98% | +2.71% |
Volatility
XC vs. SPY - Volatility Comparison
WisdomTree Emerging Markets ex-China Fund (XC) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 5.04% and 4.87%, 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
| XC | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.04% | 4.87% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 13.20% | 9.85% | +3.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.09% | 12.50% | +2.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.92% | 17.15% | -1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.92% | 17.95% | -2.03% |
XC vs. SPY - Expense Ratio Comparison
XC has a 0.32% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
XC vs. SPY - Dividend Comparison
XC's dividend yield for the trailing twelve months is around 12.22%, more than SPY's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
XC WisdomTree Emerging Markets ex-China Fund | 12.22% | 11.74% | 1.49% | 1.42% | 0.57% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XC and SPY have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XC has higher volatility (5.04%) compared to SPY (4.87%). In terms of maximum drawdown, XC dropped -20.97% vs SPY's -55.19%.
On 3-year performance, SPY leads with 20.68% vs 10.32% for XC. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPY has performed better with a 20.68% return vs 10.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.32% for XC.
XC has the higher dividend yield at 12.22%, compared with 1.03% for SPY.
XC is categorized as Emerging Markets Diversified, while SPY is S&P 500. XC tracks WisdomTree Emerging Markets ex-China Index - Benchmark TR Net, while SPY tracks S&P 500 Index. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.32% for XC and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.90 vs 0.47), 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.
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