FXI vs VIG: Correlation & Overlap
Measured on weekly returns over the past three years, iShares China Large-Cap ETF (FXI) and Vanguard Dividend Appreciation ETF (VIG) carry a correlation of 0.36, a moderate link. 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 VIG?
Across a 3-year window, the weekly returns of FXI and VIG correlate at 0.36, moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. Stretching to 5 years gives 0.33, with an annualized covariance of 109.0 %².
By 3-year correlation, VIG places #34 of the 74 assets tracked against FXI. Their recent paths diverged sharply: over the last 12 months VIG outperformed by 23.2 percentage points (-6.1% for FXI against +17.1% for VIG). Across three years, the rolling one-year figure varied moderately, from 0.23 to 0.65. Risk is not evenly split, since FXI carries 2.1 times the volatility of the other side.
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 VIG: side by side
| FXI (iShares China Large-Cap ETF) | VIG (Vanguard Dividend Appreciation ETF) | |
|---|---|---|
| 1-year return | -6.1% | +17.1% |
| 5-year return | -1.4% | +64.0% |
| Volatility (ann.) | 25.3% | 11.9% |
| Beta vs S&P 500 | 0.68 | 0.74 |
| Max drawdown (3Y) | -23.2% | -15.0% |
| Dividend yield | 1.87% | 1.50% |
| Expense ratio | 0.73% | 0.04% |
| Assets under management | $4.3B | $130.9B |
| Sector / category | ETF · International | ETF · Dividend |
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. VIG, Vanguard's Large Blend fund, carries $130.9B under management, 333 holdings, a 0.04% expense ratio, a 1.50% trailing dividend yield.
Portfolio overlap between FXI and VIG
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by FXI: 9988 (9.72%), 939 (9.09%), 700 (8.51%), 1398 (6.35%), 1810 (5.16%). Only by VIG: AVGO (4.65%), AAPL (4.47%), MSFT (4.35%), JPM (4.09%), LLY (3.94%).
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 | VIG |
|---|---|---|
| 2022 | -20.7% | -9.8% |
| 2023 | -12.4% | +14.5% |
| 2024 | +29.0% | +17.0% |
| 2025 | +28.9% | +14.2% |
| 2026 | -7.3% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and VIG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FXI and VIG?
The FXI/VIG correlation stands at 0.36 on a 3-year window (1 year: 0.43, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is VIG a good diversifier for FXI?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
How much do FXI and VIG overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
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Hubs: FXI correlations · VIG correlations
