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

XCH.TO vs. SPYX

Last updated Jun 14, 2026

XCH.TO (iShares China Index ETF) and SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) are both exchange-traded funds - XCH.TO is a China Equities fund tracking the Morningstar China GR CAD, while SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free Index. Both are passively managed. Over the past 10 years, XCH.TO returned 3.62%/yr vs 16.49%/yr for SPYX. At a 0.38 correlation, their price movements are largely independent. XCH.TO charges 0.87%/yr vs 0.20%/yr for SPYX.

Performance

XCH.TO vs. SPYX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares China Index ETF (XCH.TO) and State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX). 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 SPYX is traded in USD. To make them comparable, the SPYX 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 -6.21% return, which is significantly lower than SPYX's 10.45% return. Over the past 10 years, XCH.TO has underperformed SPYX with an annualized return of 3.62%, while SPYX has yielded a comparatively higher 16.49% annualized return.

XCH.TO

1D
1.21%
1M
-3.47%
YTD
-6.21%
6M
-7.43%
1Y
1.29%
3Y*
11.77%
5Y*
-0.72%
10Y*
3.62%

SPYX

1D
0.71%
1M
1.09%
YTD
10.45%
6M
10.17%
1Y
28.36%
3Y*
22.59%
5Y*
16.27%
10Y*
16.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XCH.TO vs. SPYX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XCH.TO
iShares China Index ETF		-6.21%22.48%39.50%-14.76%-15.40%-20.56%7.17%8.11%-6.28%27.28%
SPYX
State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF		10.45%12.49%36.08%23.37%-14.49%28.00%17.03%26.19%3.79%14.90%

Correlation

The correlation between XCH.TO and SPYX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.38

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

0.31

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

0.29

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

0.37

Correlation (All Time)
Calculated using the full available price history since Dec 1, 2015

0.38

XCH.TO vs. SPYX - Sectors Allocation Comparison

Sectors
XCH.TO
SPYX

Financial Services

34.5%
11.4%

Consumer Cyclical

25.6%
10.1%

Communication Services

12.5%
10.9%

Technology

9.0%
39.7%

Energy

5.2%
1.1%

Industrials

3.9%
7.9%

Basic Materials

3.8%
1.7%

Healthcare

2.1%
8.5%

Real Estate

1.1%
1.9%

Consumer Defensive

0.8%
4.6%

Utilities

0.4%
2.2%

Financial Services

XCH.TO
34.5%
SPYX
11.4%

Consumer Cyclical

XCH.TO
25.6%
SPYX
10.1%

Communication Services

XCH.TO
12.5%
SPYX
10.9%

Technology

XCH.TO
9.0%
SPYX
39.7%

Energy

XCH.TO
5.2%
SPYX
1.1%

Industrials

XCH.TO
3.9%
SPYX
7.9%

Basic Materials

XCH.TO
3.8%
SPYX
1.7%

Healthcare

XCH.TO
2.1%
SPYX
8.5%

Real Estate

XCH.TO
1.1%
SPYX
1.9%

Consumer Defensive

XCH.TO
0.8%
SPYX
4.6%

Utilities

XCH.TO
0.4%
SPYX
2.2%

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

State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF

Often compared with XCH.TO:
XCH.TO vs. VEE.TOXCH.TO vs. XEC.TOXCH.TO vs. XAW.TOXCH.TO vs. ZCH.TOXCH.TO vs. VFV.TOXCH.TO vs. XIC.TOXCH.TO vs. FBRT
Often compared with SPYX:
SPYX vs. SPYSPYX vs. EFIVSPYX vs. QQQSPYX vs. EFAXSPYX vs. SPYGSPYX vs. USXFSPYX vs. SCHD

Return for Risk

XCH.TO vs. SPYX — 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: 99
Overall Rank
XCH.TO Sharpe Ratio Rank: 99
Sharpe Ratio Rank
XCH.TO Sortino Ratio Rank: 99
Sortino Ratio Rank
XCH.TO Omega Ratio Rank: 99
Omega Ratio Rank
XCH.TO Calmar Ratio Rank: 99
Calmar Ratio Rank
XCH.TO Martin Ratio Rank: 99
Martin Ratio Rank
SPYX
SPYX Risk / Return Rank: 6363
Overall Rank
SPYX Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
SPYX Sortino Ratio Rank: 6363
Sortino Ratio Rank
SPYX Omega Ratio Rank: 6666
Omega Ratio Rank
SPYX Calmar Ratio Rank: 5454
Calmar Ratio Rank
SPYX Martin Ratio Rank: 6767
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. SPYX - 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 Fossil Fuel Reserves Free ETF (SPYX). 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.

XCH.TOSPYXDifference
Sharpe ratioReturn per unit of total volatility
-0.04
2.03

-2.07

Sortino ratioReturn per unit of downside risk
0.08
2.79

-2.71

Omega ratioGain probability vs. loss probability

1.01

1.35

-0.34

Calmar ratioReturn relative to maximum drawdown

-0.05

2.66

-2.71

Martin ratioReturn relative to average drawdown

-0.09

9.95

-10.04

XCH.TO vs. SPYX - Sharpe Ratio Comparison

The current XCH.TO Sharpe Ratio is -0.04, which is lower than the SPYX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of XCH.TO and SPYX, 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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Drawdowns

XCH.TO vs. SPYX - Drawdown Comparison

The maximum XCH.TO drawdown since its inception was -58.02%, which is greater than SPYX's maximum drawdown of -26.73%. Use the drawdown chart below to compare losses from any high point for XCH.TO and SPYX.

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Drawdown Indicators

XCH.TOSPYXDifference

Max Drawdown

Largest peak-to-trough decline

-58.02%

-26.73%

-31.29%

Max Drawdown (1Y)

Largest decline over 1 year

-16.51%

-9.93%

-6.58%

Max Drawdown (3Y)

Largest decline over 3 years

-27.28%

-19.40%

-7.88%

Max Drawdown (5Y)

Largest decline over 5 years

-50.32%

-23.97%

-26.35%

Max Drawdown (10Y)

Largest decline over 10 years

-58.02%

-26.73%

-31.29%

Current Drawdown

Current decline from peak

-21.70%

-1.49%

-20.21%

Average Drawdown

Average peak-to-trough decline

-20.40%

-4.22%

-16.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.55%

2.66%

+5.89%

Volatility

XCH.TO vs. SPYX - Volatility Comparison

iShares China Index ETF (XCH.TO) has a higher volatility of 5.94% compared to State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) at 4.67%. This indicates that XCH.TO's price experiences larger fluctuations and is considered to be riskier than SPYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XCH.TOSPYXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.94%

4.67%

+1.27%

Volatility (6M)

Calculated over the trailing 6-month period

13.42%

10.26%

+3.16%

Volatility (1Y)

Calculated over the trailing 1-year period

19.18%

13.00%

+6.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.79%

18.07%

+11.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.71%

19.09%

+6.62%

XCH.TO vs. SPYX - Expense Ratio Comparison

XCH.TO has a 0.87% expense ratio, which is higher than SPYX's 0.20% expense ratio.

Dividends

XCH.TO vs. SPYX - Dividend Comparison

XCH.TO's dividend yield for the trailing twelve months is around 2.25%, more than SPYX's 0.86% yield.

PositionTTM20252024202320222021202020192018201720162015
SPYX
State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF		0.86%0.91%1.05%1.21%1.41%1.04%1.33%1.56%1.92%1.68%1.91%0.16%
XCH.TO
iShares China Index ETF		2.25%2.11%1.54%2.86%2.35%1.51%2.17%2.50%2.45%2.41%2.21%2.58%

Frequently Asked Questions

XCH.TO and SPYX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPYX is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPYX is cheaper with a 0.20% expense ratio, compared with 0.87% for XCH.TO.

XCH.TO is categorized as China Equities, while SPYX is S&P 500. XCH.TO tracks Morningstar China GR CAD, while SPYX tracks S&P 500 Fossil Fuel Reserves Free Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.87% for XCH.TO and 0.20% for SPYX.

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