FXI vs KNDI: Correlation
How closely do iShares China Large-Cap ETF (FXI) and Kandi Technologies Group, Inc. (KNDI) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and KNDI?
Across a 3-year window, the weekly returns of FXI and KNDI correlate at 0.35, moderate. Recent behaviour matches the longer record: 0.27 over 1 year against 0.35 over 3. Stretching to 5 years gives 0.38, with an annualized covariance of 505.9 %².
Within FXI's tracked universe of 74 assets, KNDI comes in at #35 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FXI ahead by 50.5 points (-6.1% versus -56.6%). Note the risk asymmetry: KNDI runs 2.2 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 KNDI: side by side
| FXI (iShares China Large-Cap ETF) | KNDI (Kandi Technologies Group, Inc.) | |
|---|---|---|
| 1-year return | -6.1% | -56.6% |
| 5-year return | -1.4% | -87.2% |
| Volatility (ann.) | 25.3% | 56.6% |
| Beta vs S&P 500 | 0.68 | 0.56 |
| Max drawdown (3Y) | -23.2% | -83.3% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 1.87% | 0.00% |
| Expense ratio | 0.73% | – |
| Assets under management | $4.3B | – |
| Sector / category | ETF · International | US Listed |
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.
Year-by-year returns
| Year | FXI | KNDI |
|---|---|---|
| 2022 | -20.7% | -28.3% |
| 2023 | -12.4% | +21.7% |
| 2024 | +29.0% | -57.1% |
| 2025 | +28.9% | -34.2% |
| 2026 | -7.3% | -19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and KNDI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FXI and KNDI?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.27 over the last year and 0.38 over 5 years.
Is KNDI a good diversifier for FXI?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fxi-vs-kndi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fxi-vs-kndi/)
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Related comparisons
Hubs: FXI correlations · KNDI correlations
