CNYUSD=X vs. MCHI
CNYUSD=X (CNY/USD) is a currency, while MCHI (iShares MSCI China ETF) is China Equities fund tracking the MSCI China Index. Over the past 10 years, CNYUSD=X returned -0.23%/yr vs 4.19%/yr for MCHI. At a 0.21 correlation, their price movements are largely independent.
Performance
CNYUSD=X vs. MCHI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CNYUSD=X achieves a 2.78% return, which is significantly higher than MCHI's -14.90% return. Over the past 10 years, CNYUSD=X has underperformed MCHI with an annualized return of -0.23%, while MCHI has yielded a comparatively higher 4.19% annualized return.
CNYUSD=X
- 1D
- 0.10%
- 1M
- -0.26%
- YTD
- 2.78%
- 6M
- 2.97%
- 1Y
- 5.48%
- 3Y*
- 2.08%
- 5Y*
- -1.05%
- 10Y*
- -0.23%
MCHI
- 1D
- -1.26%
- 1M
- -8.88%
- YTD
- -14.90%
- 6M
- -15.66%
- 1Y
- -6.82%
- 3Y*
- 7.30%
- 5Y*
- -7.48%
- 10Y*
- 4.19%
CNYUSD=X vs. MCHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CNYUSD=X CNY/USD | 2.78% | 4.38% | -2.76% | -2.80% | -7.92% | 2.73% | 6.69% | -1.24% | -5.34% | 6.67% |
MCHI iShares MSCI China ETF | -14.90% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 23.72% | -19.79% | 54.67% |
Correlation
The correlation between CNYUSD=X and MCHI is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | 0.21 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CNYUSD=X vs. MCHI — Risk / Return Rank
CNYUSD=X
MCHI
CNYUSD=X vs. MCHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CNY/USD (CNYUSD=X) and iShares MSCI China ETF (MCHI). 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.
| CNYUSD=X | MCHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.42 | ||
| Sortino ratioReturn per unit of downside risk | +3.65 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 0.96 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 3.91 | -0.30 | +4.21 |
| Martin ratioReturn relative to average drawdown | 13.77 | -0.72 | +14.49 |
Loading charts...
Drawdowns
CNYUSD=X vs. MCHI - Drawdown Comparison
The maximum CNYUSD=X drawdown since its inception was -17.74%, smaller than the maximum MCHI drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for CNYUSD=X and MCHI.
Loading charts...
Drawdown Indicators
| CNYUSD=X | MCHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.74% | -62.95% | +45.21% |
Max Drawdown (1Y)Largest decline over 1 year | -1.12% | -22.76% | +21.64% |
Max Drawdown (3Y)Largest decline over 3 years | -4.47% | -25.85% | +21.38% |
Max Drawdown (5Y)Largest decline over 5 years | -14.09% | -56.98% | +42.89% |
Max Drawdown (10Y)Largest decline over 10 years | -14.70% | -62.95% | +48.25% |
Current DrawdownCurrent decline from peak | -11.21% | -41.97% | +30.76% |
Average DrawdownAverage peak-to-trough decline | -6.92% | -24.57% | +17.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.33% | 9.49% | -9.16% |
Volatility
CNYUSD=X vs. MCHI - Volatility Comparison
The current volatility for CNY/USD (CNYUSD=X) is 0.55%, while iShares MSCI China ETF (MCHI) has a volatility of 6.05%. This indicates that CNYUSD=X experiences smaller price fluctuations and is considered to be less risky than MCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CNYUSD=X | MCHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 6.05% | -5.50% |
Volatility (6M)Calculated over the trailing 6-month period | 1.81% | 14.90% | -13.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.11% | 20.15% | -18.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.92% | 30.74% | -26.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.93% | 27.34% | -23.41% |
Frequently Asked Questions
CNYUSD=X and MCHI have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MCHI has higher volatility (6.05%) compared to CNYUSD=X (0.55%). In terms of maximum drawdown, CNYUSD=X dropped -17.74% vs MCHI's -62.95%.
CNYUSD=X currently has the higher Sharpe Ratio (2.08 vs -0.34), 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.
Find the right allocation for CNYUSD=X and MCHI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer