ACEYX vs. MCHFX
ACEYX (AB All China Equity Portfolio) and MCHFX (Matthews China Fund) are both China Equities funds. Over the past 5 years, ACEYX returned -0.93%/yr vs -5.49%/yr for MCHFX. Their correlation of 0.92 means they have usually moved in the same direction. ACEYX charges 1.25%/yr vs 1.12%/yr for MCHFX.
Performance
ACEYX vs. MCHFX - Performance Comparison
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Returns By Period
In the year-to-date period, ACEYX achieves a -1.57% return, which is significantly higher than MCHFX's -1.80% return.
ACEYX
- 1D
- 1.01%
- 1M
- 1.94%
- 6M
- -6.98%
- YTD
- -1.57%
- 1Y
- 12.22%
- 3Y*
- 10.56%
- 5Y*
- -0.93%
- 10Y*
- —
- ALL TIME*
- 1.95%
MCHFX
- 1D
- 1.56%
- 1M
- 0.00%
- 6M
- -5.48%
- YTD
- -1.80%
- 1Y
- 10.32%
- 3Y*
- 7.46%
- 5Y*
- -5.49%
- 10Y*
- 6.31%
- ALL TIME*
- 8.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
MCHFX Matthews China Fund | $0.00 | $0.00 | $0.00 |
ACEYX vs. MCHFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ACEYX AB All China Equity Portfolio | -1.57% | 33.91% | 17.44% | -10.96% | -26.65% | -14.65% | 25.38% | 37.67% | -21.60% |
MCHFX Matthews China Fund | -1.80% | 29.82% | 17.84% | -19.21% | -24.38% | -19.41% | 43.07% | 34.57% | -21.03% |
Correlation
The correlation between ACEYX and MCHFX is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jul 25, 2018 | 0.92 |
The correlation between ACEYX and MCHFX has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.
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Return for Risk
ACEYX vs. MCHFX — Risk / Return Rank
ACEYX
MCHFX
ACEYX vs. MCHFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AB All China Equity Portfolio (ACEYX) 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.
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.
| ACEYX | MCHFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.07 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 0.47 | +0.21 |
| Martin ratioReturn relative to average drawdown | 1.45 | 1.12 | +0.32 |
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Drawdowns
ACEYX vs. MCHFX - Drawdown Comparison
The maximum ACEYX drawdown since its inception was -57.58%, smaller than the maximum MCHFX drawdown of -67.02%. Use the drawdown chart below to compare losses from any high point for ACEYX and MCHFX.
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Drawdown Indicators
| ACEYX | MCHFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.58% | -67.02% | +9.44% |
Max Drawdown (1Y)Largest decline over 1 year | -14.14% | -15.58% | +1.44% |
Max Drawdown (3Y)Largest decline over 3 years | -21.83% | -27.13% | +5.30% |
Max Drawdown (5Y)Largest decline over 5 years | -47.59% | -57.35% | +9.76% |
Max Drawdown (10Y)Largest decline over 10 years | — | -64.75% | — |
Current DrawdownCurrent decline from peak | -26.98% | -39.44% | +12.46% |
Average DrawdownAverage peak-to-trough decline | -27.73% | -22.20% | -5.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.60% | 6.43% | +0.17% |
Volatility
ACEYX vs. MCHFX - Volatility Comparison
The current volatility for AB All China Equity Portfolio (ACEYX) is 7.51%, while Matthews China Fund (MCHFX) has a volatility of 8.16%. This indicates that ACEYX 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.
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Volatility by Period
| ACEYX | MCHFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.51% | 8.16% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 15.19% | 17.47% | -2.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.26% | 22.03% | -1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.29% | 29.95% | -6.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.58% | 26.76% | -3.18% |
ACEYX vs. MCHFX - Expense Ratio Comparison
ACEYX has a 1.25% expense ratio, which is higher than MCHFX's 1.12% expense ratio.
Dividends
ACEYX vs. MCHFX - Dividend Comparison
ACEYX's dividend yield for the trailing twelve months is around 5.04%, more than MCHFX's 1.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACEYX AB All China Equity Portfolio | 5.04% | 4.97% | 3.75% | 2.17% | 1.39% | 1.81% | 0.43% | 1.13% | 0.00% | 0.00% | 0.00% | 0.00% |
MCHFX Matthews China Fund | 1.38% | 1.36% | 1.91% | 0.78% | 7.53% | 6.54% | 1.25% | 1.12% | 22.28% | 10.31% | 13.66% | 19.24% |
Frequently Asked Questions
With a correlation of 0.91, ACEYX and MCHFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
MCHFX has higher volatility (8.16%) compared to ACEYX (7.51%). In terms of maximum drawdown, ACEYX dropped -57.58% vs MCHFX's -67.02%.
ACEYX currently has the higher Sharpe Ratio (0.47 vs 0.33), 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.
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