SPDR S&P Emerging Markets ex-China ETF (XCNY) Performance
XCNY total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +16.1% since Dec 31, 2025
- 1 year
- +18.1% total return
- Since first price
- +35.4% since 2024
XCNY trailing returns vs SPY, QQQ, AGG
| Period | XCNY total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −4.8% | −4.8% | −1.0% | −5.0% | +0.9% |
| 3 months | +0.6% | +0.6% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.3% | +3.5% | +7.8% | +8.4% | −1.5% |
| YTD | +16.1% | +15.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +18.1% | +15.2% | +14.4% | +15.9% | −1.1% |
| Since inceptionSep 5, 2024 | +35.4% | +28.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: XCNY vs SPY
From Sep 5, 2024: XCNY grew to $13,541, SPY to $14,190.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
XCNY returns by calendar year
1 of 1 full years positive. Best 2025 (+20.4%), worst 2025 (+20.4%). 2026 is year to date.
XCNY annual returns table
| Year | XCNY | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +16.1% | −11.9% | +12.3% | +15.1% | −1.0% |
| 2025 | +20.4% | −13.5% | +17.7% | +20.8% | +7.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
XCNY largest drawdowns
Now 6.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 26, 2024 | −19.4% | Apr 8, 2025 | Jun 26, 2025 | 6 months | 9 months |
| Feb 25, 2026 | −11.9% | Mar 30, 2026 | Apr 17, 2026 | 33 days | 51 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
XCNY risk statistics
| Statistic | Since 2024 |
|---|---|
| Annualized return | +16.8% |
| Volatility (annualized) | 14.1% |
| Sharpe ratio | 0.89 |
| Sortino ratio | 1.57 |
| Best month | +11.0% |
| Worst month | −7.6% |
| Best 12 months | +40.0% |
| Worst 12 months | +8.1% |
| Positive months | 62% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
XCNY rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 14 | +8.1% | +27.2% | +40.0% | 100% |
Every holding period starting at a month-end since 2024. Returns for 3 years and longer are annualized.
XCNY performance overview
SPDR S&P Emerging Markets ex-China ETF (XCNY) returned +18.1% over the past year, with distributions reinvested. Since its first recorded price on Sep 5, 2024 it has returned +35.4%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −19.4%, from Sep 26, 2024 to Apr 8, 2025, and it took 3 months to get back to the old high. Volatility has been 14.1% a year.
Related: XCNY chart, XCNY holdings, XCNY dividends. See the XCNY overview for the latest quote and fund facts.
XCNY performance FAQ
What is the XCNY return over the past year?
XCNY returned +18.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 15.2%.
How much would $10,000 invested in XCNY be worth?
$10,000 invested in XCNY at its first recorded close on September 5, 2024 would be worth about $13,541 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of XCNY?
The largest peak-to-trough decline was −19.4% between September 26, 2024 and April 8, 2025. It recovered to the old high on June 26, 2025, 3 months after the bottom.
How volatile is XCNY?
Over the past history XCNY had an annualized volatility of 14.1% and a Sharpe ratio of 0.89 (excess return over 1–3 month T-bills per unit of risk).