FXI vs SCHD: Correlation & Overlap
iShares China Large-Cap ETF (FXI) and Schwab US Dividend Equity ETF (SCHD) show a weak relationship: their 3-year correlation of weekly returns is 0.29. By holdings, the two funds overlap 0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and SCHD?
On 3 years of weekly data the FXI/SCHD correlation comes out at 0.29, weak. Recent behaviour matches the longer record: 0.26 over 1 year against 0.29 over 3. The 5-year figure is 0.27, and annualized covariance runs at 94.5 %².
Within FXI's tracked universe of 74 assets, SCHD comes in at #53 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SCHD ahead by 35.7 points (-6.1% versus +29.6%). The rolling one-year correlation moved between 0.20 and 0.53 over the past three years, a moderate range. Note the risk asymmetry: FXI runs 2.0 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 SCHD: side by side
| FXI (iShares China Large-Cap ETF) | SCHD (Schwab US Dividend Equity ETF) | |
|---|---|---|
| 1-year return | -6.1% | +29.6% |
| 5-year return | -1.4% | +60.9% |
| Volatility (ann.) | 25.3% | 12.9% |
| Beta vs S&P 500 | 0.68 | 0.52 |
| Max drawdown (3Y) | -23.2% | -16.1% |
| Dividend yield | 1.87% | 3.13% |
| Expense ratio | 0.73% | 0.06% |
| Assets under management | $4.3B | $104.2B |
| Sector / category | ETF · International | ETF · Dividend |
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. SCHD, Schwab ETFs's Large Value fund, carries $104.2B under management, 101 holdings, a 0.06% expense ratio, a 3.13% trailing dividend yield.
Portfolio overlap between FXI and SCHD
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by FXI: 9988 (9.72%), 939 (9.09%), 700 (8.51%), 1398 (6.35%), 1810 (5.16%). Only by SCHD: MRK (4.92%), ABT (4.83%), AMGN (4.80%), KO (4.22%), VZ (3.97%).
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 | SCHD |
|---|---|---|
| 2022 | -20.7% | -3.3% |
| 2023 | -12.4% | +4.5% |
| 2024 | +29.0% | +11.7% |
| 2025 | +28.9% | +4.3% |
| 2026 | -7.3% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and SCHD good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FXI and SCHD?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.26 over the last year and 0.27 over 5 years.
Is SCHD a good diversifier for FXI?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do FXI and SCHD overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0% by weight over 0 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fxi-vs-schd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fxi-vs-schd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FXI correlations · SCHD correlations
