Chinese stocks have quietly achieved a strong return in 2025, trouncing the general drop in U.S. stocks. The SPDR S&P China ETF (NYSEARCA: GXC) has returned over 15% year-to-date as of the Mar. 24 close. This compares impressively to the nearly -2% return of the S&P 500 Index. This rally is even more pronounced when looking at the return of Chinese e-commerce company PDD (NASDAQ: PDD).
The stock has provided a total return of over 32% on the year. Although most of the gain in PDD came before its Q4 earnings report, shares got a moderate 4% lift the day after the results came out. PDD released these results on Mar. 20.
