FXI vs IVV: Correlation & Overlap
Measured on weekly returns over the past three years, iShares China Large-Cap ETF (FXI) and iShares Core S&P 500 ETF (IVV) carry a correlation of 0.39, a moderate link. Looking through to holdings, 0% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and IVV?
On 3 years of weekly data the FXI/IVV correlation comes out at 0.39, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. The 5-year figure is 0.35, and annualized covariance runs at 142.0 %².
Within FXI's tracked universe of 74 assets, IVV comes in at #24 by 3-year correlation. The last year tells two different stories: IVV led by 26.8 percentage points, -6.1% for FXI against +20.7% for IVV. On a rolling one-year basis the correlation drifted between 0.25 and 0.70, a moderate band. Note the risk asymmetry: FXI runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FXI vs IVV: side by side
| FXI (iShares China Large-Cap ETF) | IVV (iShares Core S&P 500 ETF) | |
|---|---|---|
| 1-year return | -6.1% | +20.7% |
| 5-year return | -1.4% | +83.0% |
| Volatility (ann.) | 25.3% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -23.2% | -18.8% |
| Dividend yield | 1.87% | 1.09% |
| Expense ratio | 0.73% | 0.03% |
| Assets under management | $4.3B | $869.2B |
| Sector / category | ETF · International | ETF · US Large Cap |
FXI is a Greater China Region fund from iShares: $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield. IVV is a Large Blend fund from iShares: $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield.
Portfolio overlap between FXI and IVV
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by FXI: 9988 (9.72%), 939 (9.09%), 700 (8.51%), 1398 (6.35%), 1810 (5.16%). Only by IVV: NVDA (7.67%), AAPL (6.96%), MSFT (5.57%), AMZN (3.85%), GOOGL (3.03%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | FXI | IVV |
|---|---|---|
| 2022 | -20.7% | -18.2% |
| 2023 | -12.4% | +26.3% |
| 2024 | +29.0% | +24.9% |
| 2025 | +28.9% | +17.8% |
| 2026 | -7.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and IVV good diversifiers for each other?
Reasonably. At 0.39, FXI and IVV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FXI and IVV?
The FXI/IVV correlation stands at 0.39 on a 3-year window (1 year: 0.48, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is IVV a good diversifier for FXI?
Reasonably. At 0.39, FXI and IVV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
How much do FXI and IVV overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fxi-vs-ivv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fxi-vs-ivv/)
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Related comparisons
Hubs: FXI correlations · IVV correlations
