FXI vs SPYG: Correlation & Overlap
How closely do iShares China Large-Cap ETF (FXI) and SPDR Portfolio S&P 500 Growth ETF (SPYG) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate. 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 SPYG?
On 3 years of weekly data the FXI/SPYG correlation comes out at 0.35, moderate. Recent behaviour matches the longer record: 0.43 over 1 year against 0.35 over 3. The 5-year figure is 0.33, and annualized covariance runs at 166.6 %².
Within FXI's tracked universe of 74 assets, SPYG comes in at #37 by 3-year correlation. The last year tells two different stories: SPYG led by 28.5 percentage points, -6.1% for FXI against +22.4% for SPYG. Across three years, the rolling one-year figure varied moderately, from 0.20 to 0.67.
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 SPYG: side by side
| FXI (iShares China Large-Cap ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | -6.1% | +22.4% |
| 5-year return | -1.4% | +85.9% |
| Volatility (ann.) | 25.3% | 18.9% |
| Beta vs S&P 500 | 0.68 | 1.25 |
| Max drawdown (3Y) | -23.2% | -22.1% |
| Dividend yield | 1.87% | 0.49% |
| Expense ratio | 0.73% | 0.04% |
| Assets under management | $4.3B | $52.2B |
| Sector / category | ETF · International | ETF · US Style |
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. SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Portfolio overlap between FXI and SPYG
The two portfolios are largely distinct, with 0 holdings in common adding up to 0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by FXI: 9988 (9.72%), 939 (9.09%), 700 (8.51%), 1398 (6.35%), 1810 (5.16%). Only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), AVGO (4.71%).
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 | SPYG |
|---|---|---|
| 2022 | -20.7% | -29.4% |
| 2023 | -12.4% | +30.0% |
| 2024 | +29.0% | +36.0% |
| 2025 | +28.9% | +22.1% |
| 2026 | -7.3% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and SPYG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FXI and SPYG?
The FXI/SPYG correlation stands at 0.35 on a 3-year window (1 year: 0.43, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPYG a good diversifier for FXI?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
How much do FXI and SPYG 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-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fxi-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FXI correlations · SPYG correlations
