FXI vs NA: Correlation
Measured on weekly returns over the past three years, iShares China Large-Cap ETF (FXI) and Nano Labs Ltd - Class A (NA) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and NA?
Over the past 3 years, FXI and NA moved with a correlation of 0.35, which is moderate. The past 12 months show a weaker link (-0.04) than the 3-year average (0.35). Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 1613.9 %².
Within FXI's tracked universe of 74 assets, NA comes in at #36 by 3-year correlation. The last year tells two different stories: FXI led by 59.2 percentage points, -6.1% for FXI against -65.3% for NA. Risk is not evenly split, since NA carries 7.2 times the volatility of the other side.
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 NA: side by side
| FXI (iShares China Large-Cap ETF) | NA (Nano Labs Ltd - Class A) | |
|---|---|---|
| 1-year return | -6.1% | -65.3% |
| 5-year return | -1.4% | -98.2% |
| Volatility (ann.) | 25.3% | 181.1% |
| Beta vs S&P 500 | 0.68 | 0.36 |
| Max drawdown (3Y) | -23.2% | -92.7% |
| Market cap | – | – |
| P/E (trailing) | – | 2.1 |
| 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 | NA |
|---|---|---|
| 2022 | -20.7% | – |
| 2023 | -12.4% | +57.4% |
| 2024 | +29.0% | -50.5% |
| 2025 | +28.9% | -64.8% |
| 2026 | -7.3% | -32.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and NA good diversifiers for each other?
Reasonably. At 0.35, FXI and NA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FXI and NA?
As of 2026-08-27, the correlation of weekly returns between FXI and NA is 0.35 over 3 years, -0.04 over 1 year and 0.26 over 5 years.
Is NA a good diversifier for FXI?
Reasonably. At 0.35, FXI and NA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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-na.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fxi-vs-na/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FXI correlations · NA correlations
