FXI vs SPYV: Correlation & Overlap
iShares China Large-Cap ETF (FXI) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a moderate relationship: their 3-year correlation of weekly returns is 0.36. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and SPYV?
On 3 years of weekly data the FXI/SPYV correlation comes out at 0.36, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.36 over 3. The 5-year figure is 0.33, and annualized covariance runs at 111.5 %².
Within FXI's tracked universe of 74 assets, SPYV comes in at #33 by 3-year correlation. The last year tells two different stories: SPYV led by 24.6 percentage points, -6.1% for FXI against +18.5% for SPYV. On a rolling one-year basis the correlation drifted between 0.23 and 0.66, a moderate band. One caveat on sizing: FXI is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SPYV: side by side
| FXI (iShares China Large-Cap ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | -6.1% | +18.5% |
| 5-year return | -1.4% | +73.5% |
| Volatility (ann.) | 25.3% | 12.1% |
| Beta vs S&P 500 | 0.68 | 0.70 |
| Max drawdown (3Y) | -23.2% | -17.5% |
| Dividend yield | 1.87% | 1.69% |
| Expense ratio | 0.73% | 0.04% |
| Assets under management | $4.3B | $36.2B |
| Sector / category | ETF · International | ETF · US Style |
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. SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Portfolio overlap between FXI and SPYV
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 SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%).
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 | SPYV |
|---|---|---|
| 2022 | -20.7% | -5.3% |
| 2023 | -12.4% | +22.2% |
| 2024 | +29.0% | +12.2% |
| 2025 | +28.9% | +13.2% |
| 2026 | -7.3% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and SPYV good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FXI and SPYV?
As of 2026-08-27, the correlation of weekly returns between FXI and SPYV is 0.36 over 3 years, 0.44 over 1 year and 0.33 over 5 years.
Is SPYV a good diversifier for FXI?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do FXI and SPYV overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fxi-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fxi-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FXI correlations · SPYV correlations
