CAF vs. MCSMX
Compare and contrast key facts about Morgan Stanley China A Share Fund (CAF) and Matthews China Small Companies Fund (MCSMX).
CAF is an actively managed fund by Morgan Stanley. It was launched on Jul 6, 2006. MCSMX is managed by Matthews. It was launched on May 30, 2011.
Performance
CAF vs. MCSMX - Performance Comparison
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CAF vs. MCSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CAF Morgan Stanley China A Share Fund | 0.81% | 41.51% | 0.34% | -9.39% | -30.41% | -1.77% | 12.74% | 23.50% | -14.26% | 44.94% |
MCSMX Matthews China Small Companies Fund | 10.66% | 28.85% | 2.82% | -17.50% | -31.25% | 6.71% | 82.73% | 35.41% | -17.65% | 53.71% |
Returns By Period
In the year-to-date period, CAF achieves a 0.81% return, which is significantly lower than MCSMX's 10.66% return. Over the past 10 years, CAF has underperformed MCSMX with an annualized return of 4.78%, while MCSMX has yielded a comparatively higher 11.23% annualized return.
CAF
- 1D
- 3.67%
- 1M
- -4.11%
- YTD
- 0.81%
- 6M
- 6.75%
- 1Y
- 35.89%
- 3Y*
- 8.65%
- 5Y*
- -3.03%
- 10Y*
- 4.78%
MCSMX
- 1D
- -0.63%
- 1M
- -10.72%
- YTD
- 10.66%
- 6M
- 6.47%
- 1Y
- 31.98%
- 3Y*
- 6.45%
- 5Y*
- -2.56%
- 10Y*
- 11.23%
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CAF vs. MCSMX - Expense Ratio Comparison
CAF has a 1.67% expense ratio, which is higher than MCSMX's 1.41% expense ratio.
Return for Risk
CAF vs. MCSMX — Risk / Return Rank
CAF
MCSMX
CAF vs. MCSMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley China A Share Fund (CAF) and Matthews China Small Companies Fund (MCSMX). 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.
| CAF | MCSMX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.83 | 1.48 | +0.34 |
Sortino ratioReturn per unit of downside risk | 2.50 | 1.94 | +0.56 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.29 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 3.02 | 1.32 | +1.70 |
Martin ratioReturn relative to average drawdown | 10.31 | 4.46 | +5.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CAF | MCSMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.83 | 1.48 | +0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | -0.11 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.22 | 0.51 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.34 | -0.08 |
Correlation
The correlation between CAF and MCSMX is 0.58, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
CAF vs. MCSMX - Dividend Comparison
CAF's dividend yield for the trailing twelve months is around 1.50%, less than MCSMX's 2.01% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAF Morgan Stanley China A Share Fund | 1.50% | 1.51% | 2.63% | 0.96% | 0.02% | 6.57% | 10.40% | 3.78% | 9.48% | 5.20% | 4.69% | 67.03% |
MCSMX Matthews China Small Companies Fund | 2.01% | 2.23% | 1.35% | 2.36% | 1.78% | 26.38% | 16.98% | 1.03% | 2.25% | 5.66% | 4.79% | 8.88% |
Drawdowns
CAF vs. MCSMX - Drawdown Comparison
The maximum CAF drawdown since its inception was -65.88%, which is greater than MCSMX's maximum drawdown of -55.77%. Use the drawdown chart below to compare losses from any high point for CAF and MCSMX.
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Drawdown Indicators
| CAF | MCSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.88% | -55.77% | -10.11% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -15.69% | +4.24% |
Max Drawdown (5Y)Largest decline over 5 years | -49.01% | -53.98% | +4.97% |
Max Drawdown (10Y)Largest decline over 10 years | -49.01% | -55.77% | +6.76% |
Current DrawdownCurrent decline from peak | -17.42% | -24.92% | +7.50% |
Average DrawdownAverage peak-to-trough decline | -26.05% | -20.31% | -5.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.49% | 5.63% | -2.14% |
Volatility
CAF vs. MCSMX - Volatility Comparison
The current volatility for Morgan Stanley China A Share Fund (CAF) is 6.54%, while Matthews China Small Companies Fund (MCSMX) has a volatility of 8.13%. This indicates that CAF experiences smaller price fluctuations and is considered to be less risky than MCSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CAF | MCSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.54% | 8.13% | -1.59% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 14.70% | -0.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.73% | 22.12% | -2.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.20% | 24.01% | -2.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.90% | 21.99% | -0.09% |