FXI: iShares China Large-Cap ETF returns, drawdowns and risk
Funds on emerging and Asian markets, as a block or country by country.
Data updated October 2026
FXI · US exchange · USDCategory: Emerging markets and Asia ETFsData from October 2006
From October 2006 to October 2026 FXI returned 3.0% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $18,008.
Its deepest fall was 73.1%, from October 2007 to October 2008, and it took about 160 months to get back to the previous high. Annual volatility was 33.5%; at the last close it was 31.1% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 240 months both have data, the correlation of monthly returns was 0.48: they moved together only in part. Beta was 0.83. In months when SPY rose, FXI moved 78% as much on average; in months when SPY fell, 95% as much.
Key figures
- Annual return (CAGR)
- +3.0%
- 1-year return
- −16.3%
- 5 years, a year
- −2.4%
- 10 years, a year
- +1.1%
- Annual volatility
- 33.5%
- Maximum drawdown
- −73.1%
- Sharpe ratio
- 0.21
- Worst year
- 2008: −48.2%
Trailing returns
| Period | FXI | SPY |
|---|---|---|
| 1 year | −16.3% | +16.6% |
| 3 years, a year | +12.8% | +23.1% |
| 5 years, a year | −2.4% | +12.7% |
| 10 years, a year | +1.1% | +15.4% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: FXI vs SPY
Month-end values from November 2006, the first month both funds have data.
FXI drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | FXI | SPY |
|---|---|---|
| 2026(partial) | −12.5% | +13.3% |
| 2025 | +28.9% | +17.7% |
| 2024 | +29.0% | +24.9% |
| 2023 | −12.4% | +26.2% |
| 2022 | −20.7% | −18.2% |
| 2021 | −20.1% | +28.7% |
| 2020 | +8.9% | +18.3% |
| 2019 | +14.9% | +31.2% |
| 2018 | −13.3% | −4.6% |
| 2017 | +36.3% | +21.7% |
| 2016 | +1.1% | +12.0% |
| 2015 | −12.9% | +1.2% |
| 2014 | +11.5% | +13.5% |
| 2013 | −2.1% | +32.3% |
| 2012 | +19.2% | +16.0% |
| 2011 | −17.5% | +1.9% |
| 2010 | +3.5% | +15.1% |
| 2009 | +47.3% | +26.4% |
| 2008 | −48.2% | −36.8% |
| 2007 | +53.5% | +5.1% |
| 2006(partial) | +31.7% | — |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of FXI?
From October 2006 to October 2026 FXI returned 3.0% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: −2.4% a year. Over the last 12 months: −16.3%.
What was the worst drawdown of FXI?
73.1%, from October 2007 to October 2008; it took about 160 months from the previous high to get back to it.
How volatile is FXI?
Annual volatility was 33.5% over the period. Its worst month was −27.0% and 55% of months were positive. Worst calendar year: 2008 (−48.2%).
How closely does FXI follow SPY?
Over 240 months the correlation of monthly returns was 0.48, so they moved together only in part, with a beta of 0.83.
Use FXI in a free tool
Other Emerging markets and Asia ETFs
- All Emerging markets and Asia ETFsReturns and risk side by side
- VWO — Vanguard FTSE Emerging Markets ETFCAGR +9.6%
- IEMG — iShares Core MSCI Emerging Markets ETFCAGR +6.0%
- EIMI — iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)CAGR +7.3%
- EEM — iShares MSCI Emerging Markets ETFCAGR +5.2%
- VFEM — Vanguard FTSE Emerging Markets UCITS ETF (Dist)CAGR +5.1%
- XMME — Xtrackers MSCI Emerging Markets UCITS ETF 1CCAGR +6.2%
- INDA — iShares MSCI India ETFCAGR +5.0%
- MCHI — iShares MSCI China ETFCAGR +2.6%
- KWEB — KraneShares CSI China Internet ETFCAGR +1.3%
- EWT — iShares MSCI Taiwan ETFCAGR +13.4%
- EWY — iShares MSCI South Korea ETFCAGR +7.8%
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.