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XCH.TO vs. GXC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XCH.TO vs. GXC

Last updated Jun 4, 2026

XCH.TO (iShares China Index ETF) and GXC (SPDR S&P China ETF) are both China Equities funds - XCH.TO tracks the Morningstar China GR CAD while GXC tracks the S&P China BMI Index. Both are passively managed. Over the past 10 years, XCH.TO returned 3.34%/yr vs 6.01%/yr for GXC. Their correlation of 0.89 suggests significant overlap in exposure. XCH.TO charges 0.87%/yr vs 0.59%/yr for GXC.

Performance

XCH.TO vs. GXC - Performance Comparison

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

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Different Trading Currencies

XCH.TO is traded in CAD, while GXC is traded in USD. To make them comparable, the GXC values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XCH.TO achieves a -6.01% return, which is significantly lower than GXC's -2.70% return. Over the past 10 years, XCH.TO has underperformed GXC with an annualized return of 3.34%, while GXC has yielded a comparatively higher 6.01% annualized return.

XCH.TO

1D
-1.76%
1M
-0.68%
YTD
-6.01%
6M
-8.84%
1Y
2.81%
3Y*
12.55%
5Y*
-0.79%
10Y*
3.34%

GXC

1D
-1.87%
1M
-0.88%
YTD
-2.70%
6M
-5.49%
1Y
13.70%
3Y*
11.94%
5Y*
-1.82%
10Y*
6.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XCH.TO vs. GXC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XCH.TO
iShares China Index ETF		-6.01%22.48%39.50%-14.76%-15.40%-20.56%7.17%8.11%-6.28%27.28%
GXC
SPDR S&P China ETF		-2.70%24.84%24.44%-11.91%-16.58%-20.43%26.15%17.02%-12.55%42.00%

Correlation

The correlation between XCH.TO and GXC is 0.86, 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

0.87

Correlation (3Y)
Calculated over the trailing 3-year period

0.91

Correlation (5Y)
Calculated over the trailing 5-year period

0.92

Correlation (10Y)
Calculated over the trailing 10-year period

0.90

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2010

0.89

The correlation between XCH.TO and GXC has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

XCH.TO vs. GXC - Sectors Allocation Comparison

Sectors
XCH.TO
GXC

Financial Services

34.5%
17.1%

Consumer Cyclical

25.8%
22.9%

Communication Services

12.2%
14.3%

Technology

9.2%
11.9%

Energy

5.2%
3.5%

Basic Materials

3.9%
7.0%

Industrials

3.9%
9.1%

Healthcare

2.2%
6.7%

Real Estate

1.1%
1.9%

Consumer Defensive

0.8%
3.7%

Utilities

0.4%
1.8%

Financial Services

XCH.TO
34.5%
GXC
17.1%

Consumer Cyclical

XCH.TO
25.8%
GXC
22.9%

Communication Services

XCH.TO
12.2%
GXC
14.3%

Technology

XCH.TO
9.2%
GXC
11.9%

Energy

XCH.TO
5.2%
GXC
3.5%

Basic Materials

XCH.TO
3.9%
GXC
7.0%

Industrials

XCH.TO
3.9%
GXC
9.1%

Healthcare

XCH.TO
2.2%
GXC
6.7%

Real Estate

XCH.TO
1.1%
GXC
1.9%

Consumer Defensive

XCH.TO
0.8%
GXC
3.7%

Utilities

XCH.TO
0.4%
GXC
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares China Index ETF

SPDR S&P China ETF

Often compared with XCH.TO:
XCH.TO vs. VEE.TOXCH.TO vs. XEC.TOXCH.TO vs. XAW.TOXCH.TO vs. VFV.TOXCH.TO vs. ZCH.TOXCH.TO vs. XIC.TOXCH.TO vs. FBRT
Often compared with GXC:
GXC vs. MCHIGXC vs. KWEBGXC vs. ASHRGXC vs. SPYGXC vs. FXIGXC vs. CQQQGXC vs. CNYA

Return for Risk

XCH.TO vs. GXC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XCH.TO
XCH.TO Risk / Return Rank: 1010
Overall Rank
XCH.TO Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
XCH.TO Sortino Ratio Rank: 1010
Sortino Ratio Rank
XCH.TO Omega Ratio Rank: 1010
Omega Ratio Rank
XCH.TO Calmar Ratio Rank: 1111
Calmar Ratio Rank
XCH.TO Martin Ratio Rank: 1010
Martin Ratio Rank
GXC
GXC Risk / Return Rank: 1919
Overall Rank
GXC Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
GXC Sortino Ratio Rank: 1919
Sortino Ratio Rank
GXC Omega Ratio Rank: 1919
Omega Ratio Rank
GXC Calmar Ratio Rank: 2020
Calmar Ratio Rank
GXC Martin Ratio Rank: 1818
Martin Ratio Rank
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.

XCH.TO vs. GXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Index ETF (XCH.TO) 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.

XCH.TOGXCDifference
Sharpe ratioReturn per unit of total volatility
0.15
0.75

-0.60

Sortino ratioReturn per unit of downside risk
0.35
1.16

-0.82

Omega ratioGain probability vs. loss probability

1.04

1.14

-0.10

Calmar ratioReturn relative to maximum drawdown

0.17

0.95

-0.78

Martin ratioReturn relative to average drawdown

0.35

1.97

-1.63

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCH.TO vs. GXC - Sharpe Ratio Comparison

The current XCH.TO Sharpe Ratio is 0.15, which is lower than the GXC Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of XCH.TO 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.

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Sharpe Ratios by Period

XCH.TOGXCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.15

0.75

-0.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.03

-0.07

+0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.13

0.25

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.13

0.27

-0.14

Drawdowns

XCH.TO vs. GXC - Drawdown Comparison

The maximum XCH.TO drawdown since its inception was -58.02%, roughly equal to the maximum GXC drawdown of -57.33%. Use the drawdown chart below to compare losses from any high point for XCH.TO and GXC.

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Drawdown Indicators

XCH.TOGXCDifference

Max Drawdown

Largest peak-to-trough decline

-58.02%

-57.33%

-0.69%

Max Drawdown (1Y)

Largest decline over 1 year

-16.51%

-14.49%

-2.02%

Max Drawdown (3Y)

Largest decline over 3 years

-27.28%

-23.47%

-3.81%

Max Drawdown (5Y)

Largest decline over 5 years

-50.32%

-49.36%

-0.96%

Max Drawdown (10Y)

Largest decline over 10 years

-58.02%

-57.33%

-0.69%

Current Drawdown

Current decline from peak

-21.53%

-25.70%

+4.17%

Average Drawdown

Average peak-to-trough decline

-20.41%

-18.84%

-1.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.15%

6.97%

+1.18%

Volatility

XCH.TO vs. GXC - Volatility Comparison

iShares China Index ETF (XCH.TO) has a higher volatility of 6.91% compared to SPDR S&P China ETF (GXC) at 6.54%. This indicates that XCH.TO'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.

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Volatility by Period

XCH.TOGXCDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.91%

6.54%

+0.37%

Volatility (6M)

Calculated over the trailing 6-month period

13.42%

12.93%

+0.49%

Volatility (1Y)

Calculated over the trailing 1-year period

19.20%

18.36%

+0.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.81%

27.36%

+2.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.73%

24.39%

+1.34%

XCH.TO vs. GXC - Expense Ratio Comparison

XCH.TO has a 0.87% expense ratio, which is higher than GXC's 0.59% expense ratio.

Dividends

XCH.TO vs. GXC - Dividend Comparison

XCH.TO's dividend yield for the trailing twelve months is around 2.25%, less than GXC's 2.50% yield.

PositionTTM20252024202320222021202020192018201720162015
GXC
SPDR S&P China ETF		2.50%2.40%2.81%3.70%2.67%1.35%1.04%1.60%2.03%1.84%2.05%2.85%
XCH.TO
iShares China Index ETF		2.25%2.11%1.54%2.86%2.35%1.50%2.17%2.50%2.45%2.41%2.21%2.58%

Frequently Asked Questions

XCH.TO and GXC have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, GXC is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

GXC is cheaper with a 0.59% expense ratio, compared with 0.87% for XCH.TO.

XCH.TO tracks Morningstar China GR CAD, while GXC tracks S&P China BMI Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.87% for XCH.TO and 0.59% for GXC.

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