FXI vs SPY: Correlation & Overlap
iShares China Large-Cap ETF (FXI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.39. Looking through to holdings, 0% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and SPY?
On 3 years of weekly data the FXI/SPY correlation comes out at 0.39, moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. The 5-year figure is 0.36, and annualized covariance runs at 141.4 %².
Among the 74 assets we track against FXI, SPY ranks #25 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 26.7 percentage points (-6.1% for FXI against +20.6% for SPY). Across three years, the rolling one-year figure varied moderately, from 0.25 to 0.70. Note the risk asymmetry: FXI runs 1.7 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 SPY: side by side
| FXI (iShares China Large-Cap ETF) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -6.1% | +20.6% |
| 5-year return | -1.4% | +82.4% |
| Volatility (ann.) | 25.3% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -23.2% | -18.8% |
| Dividend yield | 1.87% | 1.01% |
| Expense ratio | 0.73% | 0.09% |
| Assets under management | $4.3B | $795.3B |
| Sector / category | ETF · International | ETF · US Large Cap |
FXI, iShares's Greater China Region fund, carries $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield. SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Portfolio overlap between FXI and SPY
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 SPY: NVDA (7.68%), AAPL (6.96%), MSFT (5.58%), AMZN (3.85%), GOOGL (3.03%).
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 | SPY |
|---|---|---|
| 2022 | -20.7% | -18.2% |
| 2023 | -12.4% | +26.2% |
| 2024 | +29.0% | +24.9% |
| 2025 | +28.9% | +17.7% |
| 2026 | -7.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and SPY good diversifiers for each other?
Reasonably. At 0.39, FXI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FXI and SPY?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.48 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for FXI?
Reasonably. At 0.39, FXI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
How much do FXI and SPY overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Hubs: FXI correlations · SPY correlations
