CM5S.L vs. MCHS.L
CM5S.L (Invesco S&P China A MidCap 500 Swap UCITS ETF Acc) and MCHS.L (Invesco MSCI China All Shares Stock Connect UCITS ETF Acc) are both China Equities funds from Invesco - CM5S.L tracks the MSCI China A Onshore NR CNY while MCHS.L tracks the MSCI China NR USD. Both are passively managed. Over the past 3 years, CM5S.L returned 19.85%/yr vs 8.02%/yr for MCHS.L. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.
Performance
CM5S.L vs. MCHS.L - Performance Comparison
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Returns By Period
In the year-to-date period, CM5S.L achieves a 19.25% return, which is significantly higher than MCHS.L's -1.18% return.
CM5S.L
- 1D
- -0.01%
- 1M
- 2.36%
- YTD
- 19.25%
- 6M
- 27.95%
- 1Y
- 71.20%
- 3Y*
- 19.85%
- 5Y*
- —
- 10Y*
- —
MCHS.L
- 1D
- -0.42%
- 1M
- 0.14%
- YTD
- -1.18%
- 6M
- -1.60%
- 1Y
- 15.62%
- 3Y*
- 8.02%
- 5Y*
- -2.86%
- 10Y*
- —
CM5S.L vs. MCHS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CM5S.L Invesco S&P China A MidCap 500 Swap UCITS ETF Acc | 19.25% | 42.07% | 14.29% | -14.04% | 13.69% |
MCHS.L Invesco MSCI China All Shares Stock Connect UCITS ETF Acc | -1.18% | 19.38% | 18.84% | -17.54% | 7.12% |
Correlation
The correlation between CM5S.L and MCHS.L is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since May 10, 2022 | 0.73 |
The correlation between CM5S.L and MCHS.L has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.
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Return for Risk
CM5S.L vs. MCHS.L — Risk / Return Rank
CM5S.L
MCHS.L
CM5S.L vs. MCHS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P China A MidCap 500 Swap UCITS ETF Acc (CM5S.L) and Invesco MSCI China All Shares Stock Connect UCITS ETF Acc (MCHS.L). 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.
| CM5S.L | MCHS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.52 | ||
| Sortino ratioReturn per unit of downside risk | +2.79 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.18 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 5.48 | 1.29 | +4.18 |
| Martin ratioReturn relative to average drawdown | 21.45 | 3.08 | +18.37 |
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
| CM5S.L | MCHS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.49 | 0.97 | +2.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | -0.12 | +0.80 |
Drawdowns
CM5S.L vs. MCHS.L - Drawdown Comparison
The maximum CM5S.L drawdown since its inception was -38.57%, smaller than the maximum MCHS.L drawdown of -47.34%. Use the drawdown chart below to compare losses from any high point for CM5S.L and MCHS.L.
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Drawdown Indicators
| CM5S.L | MCHS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.57% | -47.34% | +8.77% |
Max Drawdown (1Y)Largest decline over 1 year | -12.93% | -12.03% | -0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -26.12% | -24.97% | -1.15% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.71% | — |
Current DrawdownCurrent decline from peak | -4.43% | -18.01% | +13.58% |
Average DrawdownAverage peak-to-trough decline | -13.46% | -26.06% | +12.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 5.06% | -1.75% |
Volatility
CM5S.L vs. MCHS.L - Volatility Comparison
Invesco S&P China A MidCap 500 Swap UCITS ETF Acc (CM5S.L) has a higher volatility of 6.29% compared to Invesco MSCI China All Shares Stock Connect UCITS ETF Acc (MCHS.L) at 5.64%. This indicates that CM5S.L's price experiences larger fluctuations and is considered to be riskier than MCHS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CM5S.L | MCHS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.29% | 5.64% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 15.26% | 10.93% | +4.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.30% | 16.12% | +4.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.03% | 31.74% | -6.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.03% | 31.27% | -6.24% |
CM5S.L vs. MCHS.L - Expense Ratio Comparison
Both CM5S.L and MCHS.L have an expense ratio of 0.35%.
Dividends
CM5S.L vs. MCHS.L - Dividend Comparison
Neither CM5S.L nor MCHS.L has paid dividends to shareholders.
Frequently Asked Questions
CM5S.L and MCHS.L have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CM5S.L and MCHS.L have the same expense ratio: 0.35% per year.
CM5S.L tracks MSCI China A Onshore NR CNY, while MCHS.L tracks MSCI China NR USD.
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