- ISIN
- US5771254043
- CUSIP
- 577125404
- Issuer
- Matthews
- Inception Date
- May 30, 2011
- Category
- China Equities
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
MCSMX Performance Chart
Matthews China Small Companies Fund (MCSMX) is up 53.6% since the beginning of the year. MCSMX is currently trading at $18 per share. Investors who bought $1,000 worth of MCSMX shares 5 years ago would now be looking at an investment worth $1,164.
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Returns By Period
Matthews China Small Companies Fund (MCSMX) has returned 53.58% so far this year and 85.81% over the past 12 months. Looking at the last ten years, MCSMX has achieved an annualized return of 15.01%, outperforming the S&P 500 Index benchmark, which averaged 13.88% per year.
Matthews China Small Companies Fund
- 1D
- 3.72%
- 1M
- 9.06%
- YTD
- 53.58%
- 6M
- 52.25%
- 1Y
- 85.81%
- 3Y*
- 22.20%
- 5Y*
- 3.08%
- 10Y*
- 15.01%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
MCSMX Monthly Returns History
Based on dividend-adjusted daily data since Jun 2, 2011, MCSMX's average daily return is +0.04%, while the average monthly return is +0.97%. At this rate, an investment would double in approximately 6.0 years.
Historically, 59% of months were positive and 41% were negative. The best month was Nov 2022 with a return of +24.3%, while the worst month was Sep 2011 at -19.7%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.
On a daily basis, MCSMX closed higher 51% of trading days. The best single day was Dec 15, 2021 with a return of +9.6%, while the worst single day was Apr 7, 2025 at -8.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 10.75% | 11.92% | -11.50% | 16.57% | 11.14% | 8.06% | 53.58% | ||||||
| 2025 | 4.07% | 2.33% | 1.45% | -5.20% | 2.47% | 4.93% | 7.00% | 9.81% | 3.49% | -3.29% | -4.25% | 3.90% | 28.85% |
| 2024 | -12.18% | 13.74% | -1.90% | 3.31% | 0.66% | -5.81% | -4.19% | -2.55% | 20.70% | -4.24% | -2.48% | 1.80% | 2.82% |
| 2023 | 11.16% | -8.58% | -1.33% | -5.39% | -10.91% | 5.64% | 8.27% | -5.40% | -3.05% | -6.70% | 0.33% | -0.59% | -17.50% |
| 2022 | -9.18% | -0.87% | -11.08% | -12.08% | 4.84% | 7.42% | -3.76% | -6.70% | -13.42% | -9.87% | 24.32% | -0.42% | -31.25% |
| 2021 | 6.95% | -1.46% | -4.16% | 5.18% | -1.04% | 7.28% | -6.92% | -0.58% | -3.96% | 1.86% | 0.05% | 4.45% | 6.71% |
Benchmark Metrics
Matthews China Small Companies Fund has an annualized alpha of 2.89%, beta of 0.64, and R2 of 0.27 versus S&P 500 Index. Calculated based on daily prices since June 02, 2011.
- This fund participated in 79.08% of S&P 500 Index downside but only 72.21% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.64 may look defensive, but with R2 of 0.27 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.27 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.89%
- Beta
- 0.64
- R²
- 0.27
- Upside Capture
- 72.21%
- Downside Capture
- 79.08%
Expense Ratio
MCSMX has a high expense ratio of 1.41%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MCSMX ranks 94 for risk / return — in the top 94% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Matthews China Small Companies Fund (MCSMX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MCSMX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.47 | ||
| Sortino ratioReturn per unit of downside risk | +1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.37 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 6.95 | 2.78 | +4.17 |
| Martin ratioReturn relative to average drawdown | 19.94 | 12.44 | +7.50 |
Dividends
Dividend History
Matthews China Small Companies Fund provided a 1.45% dividend yield over the last twelve months, with an annual payout of $0.25 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.25 | $0.25 | $0.12 | $0.21 | $0.20 | $4.34 | $3.37 | $0.13 | $0.22 | $0.67 | $0.39 | $0.78 |
Dividend yield | 1.45% | 2.23% | 1.35% | 2.36% | 1.78% | 26.38% | 16.98% | 1.03% | 2.25% | 5.66% | 4.79% | 8.88% |
Monthly Dividends
The table displays the monthly dividend distributions for Matthews China Small Companies Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.25 | $0.25 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.12 | $0.12 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.21 | $0.21 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.20 | $0.20 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $4.34 | $4.34 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Matthews China Small Companies Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Matthews China Small Companies Fund was 55.77%, occurring on Aug 28, 2024. Recovery took 444 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2024 bear market2024 | -55.77%Aug 2024 | 3y 6mo | 1y 9mo | 5y 4moFeb 2021 - Jun 2026 |
2011 bear market2011 | -35.48%Oct 2011 | 4mo 2d | 2y 2mo | 2y 6moJun 2011 - Dec 2013 |
Rate-hike selloffLate 2018 | -35.00%Oct 2018 | 4mo 18d | 1y 2mo | 1y 7moJun 2018 - Jan 2020 |
2015 bear market2015 | -33.08%Aug 2015 | 2mo 28d | 1y 10mo | 2y 1moMay 2015 - Jul 2017 |
COVID crash2020 | -16.85%Mar 2020 | 14d | 26d | 1mo 10dMar 2020 - Apr 2020 |
Drawdown Indicators
| MCSMX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.77% | -56.78% | +1.01% |
Max Drawdown (1Y)Largest decline over 1 year | -12.32% | -9.10% | -3.22% |
Max Drawdown (3Y)Largest decline over 3 years | -26.50% | -18.90% | -7.60% |
Max Drawdown (5Y)Largest decline over 5 years | -53.98% | -25.43% | -28.55% |
Max Drawdown (10Y)Largest decline over 10 years | -55.77% | -33.92% | -21.85% |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -20.16% | -10.71% | -9.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.26% | 2.03% | +2.23% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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