CNQQ vs. MCHS

Last updated Jun 5, 2026

CNQQ (Rayliant-ChinaAMC Transformative China Tech ETF) and MCHS (Matthews China Discovery Active ETF) are both China Equities funds. CNQQ is passively managed, while MCHS is actively managed. A 0.68 correlation means they provide meaningful diversification when combined. CNQQ charges 0.75%/yr vs 0.89%/yr for MCHS.

Performance

CNQQ vs. MCHS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ) and Matthews China Discovery Active ETF (MCHS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNQQ achieves a 12.03% return, which is significantly lower than MCHS's 45.47% return.

CNQQ

• 1D: 0.38%
• 1M: 7.11%
• YTD: 12.03%
• 6M: 12.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MCHS

• 1D: 0.95%
• 1M: 9.15%
• YTD: 45.47%
• 6M: 46.87%
• 1Y: 73.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CNQQ vs. MCHS - Yearly Performance Comparison

	2026 (YTD)	2025
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF	12.03%	-5.96%
MCHS Matthews China Discovery Active ETF	45.47%	-1.41%

Correlation

The correlation between CNQQ and MCHS is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 29, 2025	0.68

Return for Risk

CNQQ vs. MCHS — Risk / Return Rank

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

MCHS

MCHS Risk / Return Rank: 90
MCHS Sharpe Ratio Rank: 92
MCHS Sortino Ratio Rank: 89
MCHS Omega Ratio Rank: 88
MCHS Calmar Ratio Rank: 92
MCHS Martin Ratio Rank: 87

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.

CNQQ vs. MCHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ) and Matthews China Discovery Active ETF (MCHS). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CNQQ	MCHS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.24	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.23	-0.90

Drawdowns

CNQQ vs. MCHS - Drawdown Comparison

The maximum CNQQ drawdown since its inception was -17.82%, smaller than the maximum MCHS drawdown of -23.75%. Use the drawdown chart below to compare losses from any high point for CNQQ and MCHS.

Drawdown Indicators

	CNQQ	MCHS	Difference
Max Drawdown Largest peak-to-trough decline	-17.82%	-23.75%	+5.93%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.15%	—
Current Drawdown Current decline from peak	-1.09%	-2.35%	+1.26%
Average Drawdown Average peak-to-trough decline	-9.19%	-7.60%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.02%	—

Volatility

Volatility by Period

	CNQQ	MCHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.21%	—
Volatility (1Y) Calculated over the trailing 1-year period	24.37%	22.75%	+1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.37%	28.22%	-3.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.37%	28.22%	-3.85%

CNQQ vs. MCHS - Expense Ratio Comparison

CNQQ has a 0.75% expense ratio, which is lower than MCHS's 0.89% expense ratio.

Dividends

CNQQ vs. MCHS - Dividend Comparison

CNQQ's dividend yield for the trailing twelve months is around 0.23%, less than MCHS's 2.45% yield.

Position	TTM	2025	2024
CNQQ Rayliant-ChinaAMC Transformative China Tech ETF	0.23%	0.09%	0.00%
MCHS Matthews China Discovery Active ETF	2.45%	3.56%	5.48%

Frequently Asked Questions

Can I hold both CNQQ and MCHS in my portfolio?

CNQQ and MCHS have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CNQQ or MCHS?

On fees, CNQQ is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CNQQ or MCHS?

CNQQ is cheaper with a 0.75% expense ratio, compared with 0.89% for MCHS.

Which ETF pays a higher dividend yield, CNQQ or MCHS?

MCHS has the higher dividend yield at 2.45%, compared with 0.23% for CNQQ.

What is the main difference between CNQQ and MCHS?

They also come from different issuers: Rayliant and Matthews. Their fees differ too: 0.75% for CNQQ and 0.89% for MCHS.