S&P 500 vs China Large-Cap
SPY closed near $708 in mid-April 2026; FXI closed at $35.56 on April 5, 2026, with 52-week range $29.21 to $42.00. FXI tracks 50 large-cap Chinese equities listed in Hong Kong (H-shares, P-chips, Red Chips).
Also known as: S&P 500 ETF (SPY) (ETF_SPY, S&P 500, SPX, SP500) · China Large-Cap (FXI) (ETF_FXI, China ETF)
Why This Comparison Matters
SPY closed near $708 in mid-April 2026; FXI closed at $35.56 on April 5, 2026, with 52-week range $29.21 to $42.00. FXI tracks 50 large-cap Chinese equities listed in Hong Kong (H-shares, P-chips, Red Chips). The fund has heavy financials and energy exposure with light tech and consumer weighting compared to MSCI China indices. Top holdings include Tencent, Alibaba, Meituan, Ping An Insurance, JD.com, ICBC, China Construction Bank, and Bank of China. FXI has rallied substantially in 2025-2026 from the 2024 lows on Chinese policy stimulus including PBoC rate cuts, fiscal expansion, property sector intervention, and regulatory clarity for major tech platforms. The pair captures the most fundamental geopolitical-economic rivalry trade in equity markets.
FXI Composition
FXI is a concentrated portfolio of 50 large-cap Chinese stocks listed in Hong Kong. The fund holds H-shares (Hong Kong-listed shares of Chinese mainland companies), P-chips (Hong Kong-incorporated Chinese companies), and Red Chips (Hong Kong-listed Chinese state-owned enterprises). The Hong Kong listing matters: it provides USD-denominated access to Chinese equities for international investors who cannot directly access Shanghai or Shenzhen markets.
Top holdings (April 2026): Tencent ~10 percent, Alibaba ~8 percent, Meituan ~5 percent, JD.com ~3 percent, Ping An Insurance ~3 percent, ICBC ~3 percent, China Construction Bank ~3 percent, Bank of China ~2 percent, China Mobile ~2 percent, BYD ~2 percent. Top 10 represent approximately 41 percent of FXI assets.
Sector composition: Communications (Tencent, etc) ~25 percent, Financials (banks, insurers) ~22 percent, Consumer Discretionary (Alibaba, Meituan, JD, BYD) ~22 percent, Energy ~10 percent, Industrials ~6 percent, Tech ~5 percent. The financials and energy concentration is structurally heavier than broader MSCI China indices, while tech weight is lighter (FXI excludes US-listed Chinese ADRs that dominate other China ETFs like KWEB).
The 2024-2026 China Stimulus Cycle
FXI has rallied from the 2024 lows around $24-25 to current $35.56, approximately 40-45 percent gain. Three drivers compounded.
First, PBoC monetary stimulus: 2024-2026 saw multiple rate cuts, reserve requirement ratio reductions, and targeted liquidity facilities. The PBoC took policy rate from 2.50 percent to 2.00 percent through cycle. RRR reductions added approximately 2 trillion yuan in lending capacity.
Second, fiscal stimulus: 2024-2026 fiscal package totaling approximately 10 trillion yuan ($1.4 trillion) including infrastructure spending, local government debt restructuring, property sector intervention. Fiscal deficit increased to approximately 4 percent of GDP from 3 percent.
Third, regulatory clarity: 2024-2026 marked the end of the 2021-2023 China tech regulatory campaign. Tencent, Alibaba, JD all received clearer regulatory frameworks. New game licenses resumed, anti-monopoly fines settled, education sector restructuring finalized. Tech equity multiples re-rated as overhang lifted.
The Property Sector Story
Conditional Forward Response (Tail Events)
How China Large-Cap (FXI) has historically behaved in the 5 sessions following a top-decile or bottom-decile daily move in S&P 500 ETF (SPY). Computed from 1,289 aligned daily observations ending .
Following these triggers, China Large-Cap (FXI) falls 0.38% on average over the next 5 sessions, versus an unconditional baseline of +0.04%. 129 qualifying events; China Large-Cap (FXI) closed positive in 44% of them.
90-Day Statistics
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Frequently Asked Questions
What's in FXI?+
FXI is a concentrated portfolio of 50 large-cap Chinese stocks listed in Hong Kong (H-shares, P-chips, Red Chips). FXI was at $35.56 on April 5, 2026, with 52-week range $29.21-$42.00. Top holdings: Tencent ~10%, Alibaba ~8%, Meituan ~5%, JD.com ~3%, Ping An Insurance ~3%, ICBC ~3%, China Construction Bank ~3%, Bank of China ~2%, China Mobile ~2%, BYD ~2%. Top 10 = ~41% of FXI assets. Sector composition: Communications ~25%, Financials ~22%, Consumer Discretionary ~22%, Energy ~10%, Industrials ~6%, Tech ~5%. FXI excludes US-listed Chinese ADRs that dominate other China ETFs like KWEB.
What drove the 2024-2026 FXI rally?+
FXI rallied from 2024 lows ~$24-25 to current $35.56 (40-45% gain). Three drivers. First, PBoC monetary stimulus: 2024-2026 saw multiple rate cuts, RRR reductions adding ~2 trillion yuan lending capacity. Policy rate fell 2.50% to 2.00%. Second, fiscal stimulus: 2024-2026 fiscal package totaling ~10 trillion yuan ($1.4 trillion) including infrastructure, local government debt restructuring, property sector intervention. Fiscal deficit ~4% of GDP from 3%. Third, regulatory clarity: 2024-2026 marked the end of 2021-2023 China tech regulatory campaign. Tencent, Alibaba, JD received clearer frameworks. New game licenses resumed.
How is FXI exposed to property sector?+
China property sector remains the dominant FXI risk factor. 2021-2024 property crisis produced Evergrande default, Country Garden distress, broader developer collapse. FXI has limited direct property exposure (largest property developer in FXI is China Vanke <1%), but indirect exposure through banks is substantial. Major Chinese banks (ICBC, CCB, BOC combined ~8% of FXI) have ~25-30% of loan books in property-related lending. Property NPL recognition has been gradual through 2024-2026. The 2024-2026 stimulus has stabilized but not fully resolved property sector stress. Key 2026 indicators: new home prices, developer financing, household purchase intentions.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.