FXI vs SPY
iShares China Large-Cap ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | FXI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.73% | 0.09% | |
| AUM | $4.2B | $789.1B | |
| Dividend Yield | 2.14% | 1.01% | |
| Holdings | 59 | 505 | |
| YTD Return | -10.86% | +13.68% | |
| 1Y Return | -5.43% | +21.53% | |
| 3Y Return (annualized) | +11.19% | +21.44% | |
| 5Y Return (annualized) | -0.73% | +13.18% | |
| Volatility (annualized) | 26.4% | 15.3% | |
| Max Drawdown | -73.3% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Oct 5, 2004 | Jan 22, 1993 |
FXI vs SPY Performance
iShares China Large-Cap ETF (FXI) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FXI returned -5.43% while SPY returned +21.53%. Year to date, FXI is down 10.86% versus a gain of 13.68% for SPY.
Over three years, FXI compounded at +11.19% per year against +21.44% for SPY; over five years the annualized figures are -0.73% and +13.18% respectively. Across the full 22-year window we track, SPY has the edge at +8.85% annualized vs +3.75%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FXI has been the more volatile fund, with annualized monthly volatility of 26.4% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -73.3% for FXI and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.48. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FXI charges 0.73% per year while SPY charges 0.09%. On a $10,000 position that is $73 vs $9 annually, a gap of $64 per year that compounds over a long holding period. On income, FXI currently yields 2.14% against 1.01% for SPY.
Holdings Overlap
FXI and SPY share 0 holdings out of 554 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FXI or SPY?
FXI has an expense ratio of 0.73% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $64 per year of difference.
Which performed better, FXI or SPY?
Over the past year FXI returned -5.43% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (22 years), FXI annualized +3.75% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, FXI or SPY?
FXI has been the more volatile fund at 26.4% annualized versus 15.3% for SPY. Worst drawdown: FXI -73.3% vs SPY -56.5%.
Should I hold both FXI and SPY?
FXI and SPY have a monthly-return correlation of 0.48, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FXI and SPY?
FXI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 554 unique securities.
Which pays a higher dividend, FXI or SPY?
FXI yields 2.14% while SPY yields 1.01%, so FXI currently pays the higher dividend yield.
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