FXI vs SPRB: Correlation
How closely do iShares China Large-Cap ETF (FXI) and Spruce Biosciences, Inc. (SPRB) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and SPRB?
Across a 3-year window, the weekly returns of FXI and SPRB correlate at -0.17, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.39 versus -0.17 over 3 years. Stretching to 5 years gives -0.10, with an annualized covariance of -4568.6 %².
By 3-year correlation, SPRB places #68 of the 74 assets tracked against FXI. The last year tells two different stories: SPRB led by 752.4 percentage points, -6.1% for FXI against +746.3% for SPRB. Note the risk asymmetry: SPRB runs 42.9 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 SPRB: side by side
| FXI (iShares China Large-Cap ETF) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | -6.1% | +746.3% |
| 5-year return | -1.4% | -99.8% |
| Volatility (ann.) | 25.3% | 1086.4% |
| Beta vs S&P 500 | 0.68 | -7.82 |
| Max drawdown (3Y) | -23.2% | -100.0% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 1.87% | 0.00% |
| Expense ratio | 0.73% | – |
| Assets under management | $4.3B | – |
| Sector / category | ETF · International | US Listed |
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 | SPRB |
|---|---|---|
| 2022 | -20.7% | -75.4% |
| 2023 | -12.4% | +167.1% |
| 2024 | +29.0% | -85.7% |
| 2025 | +28.9% | -96.3% |
| 2026 | -7.3% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and SPRB good diversifiers for each other?
Yes. With a correlation of -0.17, FXI and SPRB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FXI and SPRB?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.39 over the last year and -0.10 over 5 years.
Is SPRB a good diversifier for FXI?
Yes. With a correlation of -0.17, FXI and SPRB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 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-sprb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fxi-vs-sprb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FXI correlations · SPRB correlations
