FXI vs VOO: Correlation & Overlap
Measured on weekly returns over the past three years, iShares China Large-Cap ETF (FXI) and Vanguard S&P 500 ETF (VOO) carry a correlation of 0.39, a moderate link. 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 VOO?
Over the past 3 years, FXI and VOO moved with a correlation of 0.39, which is moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 140.8 %².
Within FXI's tracked universe of 74 assets, VOO comes in at #26 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VOO outperformed by 26.7 percentage points (-6.1% for FXI against +20.6% for VOO). The rolling one-year correlation moved between 0.25 and 0.70 over the past three years, a moderate range. One caveat on sizing: FXI is 1.8 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 VOO: side by side
| FXI (iShares China Large-Cap ETF) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | -6.1% | +20.6% |
| 5-year return | -1.4% | +83.0% |
| Volatility (ann.) | 25.3% | 14.4% |
| Beta vs S&P 500 | 0.68 | 0.99 |
| Max drawdown (3Y) | -23.2% | -18.7% |
| Dividend yield | 1.87% | 1.07% |
| Expense ratio | 0.73% | 0.03% |
| Assets under management | $4.3B | $1,686.9B |
| Sector / category | ETF · International | ETF · US Large Cap |
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. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between FXI and VOO
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 VOO: NVDA (7.56%), AAPL (7.05%), MSFT (5.37%), AMZN (4.13%), GOOGL (3.25%).
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 | VOO |
|---|---|---|
| 2022 | -20.7% | -18.2% |
| 2023 | -12.4% | +26.3% |
| 2024 | +29.0% | +25.0% |
| 2025 | +28.9% | +17.8% |
| 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 VOO good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FXI and VOO?
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 VOO a good diversifier for FXI?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do FXI and VOO 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 · VOO correlations
