FXI vs VUG: Correlation & Overlap
Measured on weekly returns over the past three years, iShares China Large-Cap ETF (FXI) and Vanguard Growth ETF (VUG) carry a correlation of 0.34, a moderate link. 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 VUG?
On 3 years of weekly data the FXI/VUG correlation comes out at 0.34, moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. The 5-year figure is 0.35, and annualized covariance runs at 166.2 %².
Among the 74 assets we track against FXI, VUG ranks #43 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VUG ahead by 22.3 points (-6.1% versus +16.2%). On a rolling one-year basis the correlation drifted between 0.18 and 0.65, a moderate band.
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 VUG: side by side
| FXI (iShares China Large-Cap ETF) | VUG (Vanguard Growth ETF) | |
|---|---|---|
| 1-year return | -6.1% | +16.2% |
| 5-year return | -1.4% | +78.4% |
| Volatility (ann.) | 25.3% | 19.4% |
| Beta vs S&P 500 | 0.68 | 1.28 |
| Max drawdown (3Y) | -23.2% | -22.8% |
| Dividend yield | 1.87% | 0.40% |
| Expense ratio | 0.73% | 0.03% |
| Assets under management | $4.3B | $372.0B |
| 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. VUG, Vanguard's Large Growth fund, carries $372.0B under management, 146 holdings, a 0.03% expense ratio, a 0.40% trailing dividend yield.
Portfolio overlap between FXI and VUG
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 VUG: NVDA (12.84%), AAPL (12.63%), MSFT (9.61%), GOOGL (5.81%), AMZN (5.16%).
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 | VUG |
|---|---|---|
| 2022 | -20.7% | -33.2% |
| 2023 | -12.4% | +46.8% |
| 2024 | +29.0% | +32.7% |
| 2025 | +28.9% | +19.4% |
| 2026 | -7.3% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and VUG good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FXI and VUG?
The FXI/VUG correlation stands at 0.34 on a 3-year window (1 year: 0.42, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is VUG a good diversifier for FXI?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do FXI and VUG 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-vug.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fxi-vs-vug/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FXI correlations · VUG correlations
