XCNY vs. CLIP

Last updated Jun 23, 2026

XCNY (SPDR S&P Emerging Markets ex-China ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both exchange-traded funds - XCNY is a Emerging Markets Diversified fund tracking the S&P Emerging ex-China BMI, while CLIP is a Ultrashort Bond fund tracking the Solactive 1-3 month US T-Bill Index - USD. Both are passively managed. Over the past year, XCNY returned 41.36% vs 3.97% for CLIP. At a correlation of -0.08, they often move in opposite directions. XCNY charges 0.15%/yr vs 0.07%/yr for CLIP.

Performance

XCNY vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Markets ex-China ETF (XCNY) and Global X 1-3 Month T-Bill ETF (CLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCNY achieves a 23.45% return, which is significantly higher than CLIP's 1.71% return.

XCNY

• 1D: 0.90%
• 1M: 6.87%
• YTD: 23.45%
• 6M: 24.73%
• 1Y: 41.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLIP

• 1D: 0.03%
• 1M: 0.29%
• YTD: 1.71%
• 6M: 1.82%
• 1Y: 3.97%
• 3Y*: 4.64%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XCNY vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XCNY SPDR S&P Emerging Markets ex-China ETF	23.45%	20.42%	-3.63%
CLIP Global X 1-3 Month T-Bill ETF	1.71%	4.23%	1.59%

Correlation

The correlation between XCNY and CLIP is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	-0.08

Return for Risk

XCNY vs. CLIP — Risk / Return Rank

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

XCNY

XCNY Risk / Return Rank: 74
XCNY Sharpe Ratio Rank: 77
XCNY Sortino Ratio Rank: 74
XCNY Omega Ratio Rank: 77
XCNY Calmar Ratio Rank: 72
XCNY Martin Ratio Rank: 72

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP Martin Ratio Rank: 100

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.

XCNY vs. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets ex-China ETF (XCNY) and Global X 1-3 Month T-Bill ETF (CLIP). 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.

	XCNY	CLIP	Difference
Sharpe ratio: Return per unit of total volatility	2.35	17.97	-15.63
Sortino ratio: Return per unit of downside risk	3.16	81.28	-78.12
Omega ratio: Gain probability vs. loss probability	1.43	26.48	-25.04
Calmar ratio: Return relative to maximum drawdown	3.50	142.41	-138.91
Martin ratio: Return relative to average drawdown	13.18	1,288.03	-1,274.85

XCNY vs. CLIP - Sharpe Ratio Comparison

The current XCNY Sharpe Ratio is 2.35, which is lower than the CLIP Sharpe Ratio of 17.97. The chart below compares the historical Sharpe Ratios of XCNY and CLIP, 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

XCNY vs. CLIP - Drawdown Comparison

The maximum XCNY drawdown since its inception was -19.70%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for XCNY and CLIP.

Drawdown Indicators

	XCNY	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-0.08%	-19.62%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-0.03%	-11.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.08%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.09%	-0.00%	-4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	0.00%	+3.15%

Volatility

XCNY vs. CLIP - Volatility Comparison

SPDR S&P Emerging Markets ex-China ETF (XCNY) has a higher volatility of 7.61% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.07%. This indicates that XCNY's price experiences larger fluctuations and is considered to be riskier than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCNY	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.61%	0.07%	+7.54%
Volatility (6M) Calculated over the trailing 6-month period	15.84%	0.15%	+15.69%
Volatility (1Y) Calculated over the trailing 1-year period	17.74%	0.22%	+17.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	0.44%	+17.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	0.44%	+17.77%

XCNY vs. CLIP - Expense Ratio Comparison

XCNY has a 0.15% expense ratio, which is higher than CLIP's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XCNY vs. CLIP - Dividend Comparison

XCNY's dividend yield for the trailing twelve months is around 2.99%, less than CLIP's 3.90% yield.

Position	TTM	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	3.90%	4.14%	5.11%	2.75%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.99%	2.68%	1.07%	0.00%

Frequently Asked Questions

Can I hold both XCNY and CLIP in my portfolio?

XCNY and CLIP have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCNY or CLIP?

XCNY has higher volatility (7.61%) compared to CLIP (0.07%). In terms of maximum drawdown, XCNY dropped -19.70% vs CLIP's -0.08%.

Which ETF is better, XCNY or CLIP?

On 1-year performance, XCNY leads with 41.36% vs 3.97% for CLIP. On fees, CLIP is cheaper at 0.07% per year. On volatility, CLIP has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCNY or CLIP?

Over the 1-year period, XCNY has performed better with a 41.36% return vs 3.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCNY or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.15% for XCNY.

Which ETF pays a higher dividend yield, XCNY or CLIP?

CLIP has the higher dividend yield at 3.90%, compared with 2.99% for XCNY.

What is the main difference between XCNY and CLIP?

XCNY is categorized as Emerging Markets Diversified, while CLIP is Ultrashort Bond. XCNY tracks S&P Emerging ex-China BMI, while CLIP tracks Solactive 1-3 month US T-Bill Index - USD. They also come from different issuers: State Street and Global X. Their fees differ too: 0.15% for XCNY and 0.07% for CLIP.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (17.97 vs 2.35), 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.