^GSPC vs. MCHFX

Last updated Jun 9, 2026

^GSPC (S&P 500 Index) is an index, while MCHFX (Matthews China Fund) is China Equities fund managed by Matthews. Over the past 10 years, ^GSPC returned 13.45%/yr vs 6.83%/yr for MCHFX. At a 0.45 correlation, their price movements are largely independent.

Performance

^GSPC vs. MCHFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 500 Index (^GSPC) and Matthews China Fund (MCHFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^GSPC achieves a 8.18% return, which is significantly higher than MCHFX's -1.92% return. Over the past 10 years, ^GSPC has outperformed MCHFX with an annualized return of 13.45%, while MCHFX has yielded a comparatively lower 6.83% annualized return.

^GSPC

• 1D: 0.30%
• 1M: 0.09%
• YTD: 8.18%
• 6M: 8.17%
• 1Y: 23.42%
• 3Y*: 19.88%
• 5Y*: 11.91%
• 10Y*: 13.45%

MCHFX

• 1D: -3.49%
• 1M: -3.87%
• YTD: -1.92%
• 6M: -3.81%
• 1Y: 17.05%
• 3Y*: 10.63%
• 5Y*: -7.08%
• 10Y*: 6.83%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^GSPC vs. MCHFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^GSPC S&P 500 Index	8.18%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%
MCHFX Matthews China Fund	-1.92%	29.82%	17.84%	-19.21%	-24.38%	-19.41%	43.07%	34.57%	-21.17%	59.08%

Correlation

The correlation between ^GSPC and MCHFX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Feb 19, 1998	0.45

The correlation between ^GSPC and MCHFX shifts across timeframes, from 0.38 (3 years) to 0.49 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

^GSPC vs. MCHFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^GSPC

^GSPC Risk / Return Rank: 68
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 65
^GSPC Omega Ratio Rank: 71
^GSPC Calmar Ratio Rank: 65
^GSPC Martin Ratio Rank: 79

MCHFX

MCHFX Risk / Return Rank: 12
MCHFX Sharpe Ratio Rank: 12
MCHFX Sortino Ratio Rank: 13
MCHFX Omega Ratio Rank: 12
MCHFX Calmar Ratio Rank: 13
MCHFX Martin Ratio Rank: 12

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^GSPC vs. MCHFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 500 Index (^GSPC) and Matthews China Fund (MCHFX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^GSPC	MCHFX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	0.87	+1.07
Sortino ratio: Return per unit of downside risk	2.63	1.36	+1.27
Omega ratio: Gain probability vs. loss probability	1.35	1.16	+0.19
Calmar ratio: Return relative to maximum drawdown	2.59	1.13	+1.46
Martin ratio: Return relative to average drawdown	11.84	2.99	+8.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^GSPC vs. MCHFX - Sharpe Ratio Comparison

The current ^GSPC Sharpe Ratio is 1.94, which is higher than the MCHFX Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of ^GSPC and MCHFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^GSPC	MCHFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	0.87	+1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	-0.24	+0.94
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.26	+0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.31	+0.16

Drawdowns

^GSPC vs. MCHFX - Drawdown Comparison

The maximum ^GSPC drawdown since its inception was -56.78%, smaller than the maximum MCHFX drawdown of -67.02%. Use the drawdown chart below to compare losses from any high point for ^GSPC and MCHFX.

Drawdown Indicators

	^GSPC	MCHFX	Difference
Max Drawdown Largest peak-to-trough decline	-56.78%	-67.02%	+10.24%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-15.58%	+6.48%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-27.77%	+8.87%
Max Drawdown (5Y) Largest decline over 5 years	-25.43%	-59.96%	+34.53%
Max Drawdown (10Y) Largest decline over 10 years	-33.92%	-64.75%	+30.83%
Current Drawdown Current decline from peak	-2.68%	-39.51%	+36.83%
Average Drawdown Average peak-to-trough decline	-10.72%	-22.11%	+11.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	5.78%	-3.80%

Volatility

^GSPC vs. MCHFX - Volatility Comparison

The current volatility for S&P 500 Index (^GSPC) is 3.80%, while Matthews China Fund (MCHFX) has a volatility of 8.02%. This indicates that ^GSPC experiences smaller price fluctuations and is considered to be less risky than MCHFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^GSPC	MCHFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	8.02%	-4.22%
Volatility (6M) Calculated over the trailing 6-month period	9.41%	15.55%	-6.14%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	20.27%	-8.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	29.99%	-13.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	26.65%	-8.56%

Frequently Asked Questions

Can I hold both ^GSPC and MCHFX in my portfolio?

^GSPC and MCHFX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^GSPC or MCHFX?

MCHFX has higher volatility (8.02%) compared to ^GSPC (3.80%). In terms of maximum drawdown, ^GSPC dropped -56.78% vs MCHFX's -67.02%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (1.94 vs 0.87), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.