FXI vs LVS: Correlation
How closely do iShares China Large-Cap ETF (FXI) and Las Vegas Sands (LVS) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and LVS?
Across a 3-year window, the weekly returns of FXI and LVS correlate at 0.44, moderate. The link has loosened recently: the 1-year correlation (0.31) runs below the 3-year figure (0.44). Stretching to 5 years gives 0.51, with an annualized covariance of 389.7 %².
By 3-year correlation, LVS places #23 of the 74 assets tracked against FXI. The trailing year gives FXI the advantage: -6.1% versus -20.3%, a 14.2-point spread. This link changes with the market regime, having swung between 0.18 and 0.71 on a rolling one-year basis.
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 LVS: side by side
| FXI (iShares China Large-Cap ETF) | LVS (Las Vegas Sands) | |
|---|---|---|
| 1-year return | -6.1% | -20.3% |
| 5-year return | -1.4% | +8.5% |
| Volatility (ann.) | 25.3% | 34.8% |
| Beta vs S&P 500 | 0.68 | 0.75 |
| Max drawdown (3Y) | -23.2% | -44.0% |
| Market cap | – | $28.7B |
| P/E (trailing) | – | 17.1 |
| Dividend yield | 1.87% | 2.49% |
| Expense ratio | 0.73% | – |
| Assets under management | $4.3B | – |
| Sector / category | ETF · International | Consumer Discretionary |
On the fund side, FXI sits in the Greater China Region category at iShares, with $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield.
Year-by-year returns
| Year | FXI | LVS |
|---|---|---|
| 2022 | -20.7% | +27.7% |
| 2023 | -12.4% | +3.1% |
| 2024 | +29.0% | +6.2% |
| 2025 | +28.9% | +29.5% |
| 2026 | -7.3% | -30.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and LVS good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FXI and LVS?
The FXI/LVS correlation stands at 0.44 on a 3-year window (1 year: 0.31, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is LVS a good diversifier for FXI?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fxi-vs-lvs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fxi-vs-lvs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FXI correlations · LVS correlations
