XCH.TO vs. SPY
XCH.TO (iShares China Index ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - XCH.TO is a China Equities fund tracking the Morningstar China GR CAD, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, XCH.TO returned 3.34%/yr vs 16.36%/yr for SPY. At a 0.42 correlation, their price movements are largely independent. XCH.TO charges 0.87%/yr vs 0.09%/yr for SPY.
Performance
XCH.TO vs. SPY - Performance Comparison
Loading charts...
Different Trading Currencies
XCH.TO is traded in CAD, while SPY is traded in USD. To make them comparable, the SPY 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 SPY's 12.65% return. Over the past 10 years, XCH.TO has underperformed SPY with an annualized return of 3.34%, while SPY has yielded a comparatively higher 16.36% 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%
SPY
- 1D
- 0.00%
- 1M
- 7.46%
- YTD
- 12.65%
- 6M
- 10.82%
- 1Y
- 30.02%
- 3Y*
- 23.90%
- 5Y*
- 17.15%
- 10Y*
- 16.36%
XCH.TO vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPY State Street SPDR S&P 500 ETF | 12.32% | 12.32% | 35.62% | 23.40% | -12.34% | 27.57% | 16.33% | 24.77% | 3.52% | 13.96% |
Correlation
The correlation between XCH.TO and SPY is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2010 | 0.42 |
The correlation between XCH.TO and SPY shifts across timeframes, from 0.28 (5 years) to 0.42 (all time), reflecting how their relationship changes across market environments.
XCH.TO vs. SPY - Sectors Allocation Comparison
Sectors
XCH.TO
SPY
Financial Services
Consumer Cyclical
Communication Services
Technology
Energy
Basic Materials
Industrials
Healthcare
Real Estate
Consumer Defensive
Utilities
Financial Services
XCH.TO
SPY
Consumer Cyclical
XCH.TO
SPY
Communication Services
XCH.TO
SPY
Technology
XCH.TO
SPY
Energy
XCH.TO
SPY
Basic Materials
XCH.TO
SPY
Industrials
XCH.TO
SPY
Healthcare
XCH.TO
SPY
Real Estate
XCH.TO
SPY
Consumer Defensive
XCH.TO
SPY
Utilities
XCH.TO
SPY
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
XCH.TO vs. SPY — Risk / Return Rank
XCH.TO
SPY
XCH.TO vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China Index ETF (XCH.TO) 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.
| XCH.TO | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.44 | ||
| Sortino ratioReturn per unit of downside risk | -3.12 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.49 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | 0.17 | 3.50 | -3.33 |
| Martin ratioReturn relative to average drawdown | 0.35 | 13.31 | -12.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| XCH.TO | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.15 | 2.59 | -2.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | 1.14 | -1.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.13 | 1.01 | -0.88 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | 1.13 | -1.01 |
Drawdowns
XCH.TO vs. SPY - Drawdown Comparison
The maximum XCH.TO drawdown since its inception was -58.02%, which is greater than SPY's maximum drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for XCH.TO and SPY.
Loading charts...
Drawdown Indicators
| XCH.TO | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.02% | -27.34% | -30.68% |
Max Drawdown (1Y)Largest decline over 1 year | -16.51% | -8.62% | -7.89% |
Max Drawdown (3Y)Largest decline over 3 years | -27.28% | -19.00% | -8.28% |
Max Drawdown (5Y)Largest decline over 5 years | -50.32% | -22.08% | -28.24% |
Max Drawdown (10Y)Largest decline over 10 years | -58.02% | -27.34% | -30.68% |
Current DrawdownCurrent decline from peak | -21.53% | 0.00% | -21.53% |
Average DrawdownAverage peak-to-trough decline | -20.41% | -3.21% | -17.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.15% | 2.26% | +5.89% |
Volatility
XCH.TO vs. SPY - Volatility Comparison
iShares China Index ETF (XCH.TO) has a higher volatility of 6.91% compared to State Street SPDR S&P 500 ETF (SPY) at 2.61%. This indicates that XCH.TO's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| XCH.TO | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.91% | 2.61% | +4.30% |
Volatility (6M)Calculated over the trailing 6-month period | 13.42% | 8.79% | +4.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.20% | 11.66% | +7.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.81% | 15.15% | +14.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.73% | 16.19% | +9.54% |
XCH.TO vs. SPY - Expense Ratio Comparison
XCH.TO has a 0.87% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
XCH.TO vs. SPY - Dividend Comparison
XCH.TO's dividend yield for the trailing twelve months is around 2.25%, more than SPY's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 0.98% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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 SPY have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPY is cheaper with a 0.09% expense ratio, compared with 0.87% for XCH.TO.
XCH.TO is categorized as China Equities, while SPY is S&P 500. XCH.TO tracks Morningstar China GR CAD, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.87% for XCH.TO and 0.09% for SPY.
Find the right allocation for XCH.TO and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer