Matthews China Small Companies Fund (MCSMX)

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The chart shows the growth of an initial investment of $10,000 in Matthews China Small Companies Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

Matthews China Small Companies Fund (MCSMX) has returned 10.66% so far this year and 31.98% over the past 12 months. Over the last ten years, MCSMX has returned 11.23% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.

Based on dividend-adjusted daily data since Jun 2, 2011, MCSMX's average daily return is +0.04%, while the average monthly return is +0.79%. At this rate, your investment would double in approximately 7.3 years.

Historically, 58% of months were positive and 42% 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%.

Matthews China Small Companies Fund has an annualized alpha of 1.43%, beta of 0.63, and R² of 0.27 versus S&P 500 Index. Calculated based on daily prices since June 03, 2011.

• This fund participated in 81.43% of S&P 500 Index downside but only 68.04% of its upside — more exposed to losses than it benefited from rallies.
• Beta of 0.63 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.

MCSMX has a high expense ratio of 1.41%, indicating above-average management fees.

MCSMX ranks 65 for risk / return — better than 65% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.

The table below present risk-adjusted performance metrics for Matthews China Small Companies Fund (MCSMX) and compare them to a chosen benchmark (S&P 500 Index).

Matthews China Small Companies Fund provided a 2.01% dividend yield over the last twelve months, with an annual payout of $0.25 per share.

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.

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.

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. The portfolio has not yet recovered.

The current Matthews China Small Companies Fund drawdown is 24.92%.

The chart below shows the rolling one-month volatility.