CNYUSD=X vs. MCHI

Last updated Apr 1, 2026

Compare and contrast key facts about CNY/USD (CNYUSD=X) and iShares MSCI China ETF (MCHI).

MCHI is a passively managed fund by iShares that tracks the performance of the MSCI China Index. It was launched on Mar 29, 2011.

Performance

CNYUSD=X vs. MCHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CNY/USD (CNYUSD=X) and iShares MSCI China ETF (MCHI). The values are adjusted to include any dividend payments, if applicable.

CNYUSD=X vs. MCHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNYUSD=X CNY/USD	1.59%	4.38%	-2.76%	-2.80%	-7.92%	2.73%	6.69%	-1.24%	-5.34%	6.67%
MCHI iShares MSCI China ETF	-6.48%	31.04%	17.73%	-11.94%	-23.01%	-21.74%	27.78%	23.72%	-19.79%	54.67%

Returns By Period

In the year-to-date period, CNYUSD=X achieves a 1.59% return, which is significantly higher than MCHI's -6.48% return. Over the past 10 years, CNYUSD=X has underperformed MCHI with an annualized return of -0.60%, while MCHI has yielded a comparatively higher 4.66% annualized return.

CNYUSD=X

• 1D: 0.41%
• 1M: -0.22%
• YTD: 1.59%
• 6M: 3.42%
• 1Y: 5.42%
• 3Y*: -0.08%
• 5Y*: -0.94%
• 10Y*: -0.60%

MCHI

• 1D: 2.24%
• 1M: -4.88%
• YTD: -6.48%
• 6M: -13.64%
• 1Y: 5.57%
• 3Y*: 6.55%
• 5Y*: -5.65%
• 10Y*: 4.66%

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

Return for Risk

CNYUSD=X vs. MCHI — Risk / Return Rank

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

CNYUSD=X

CNYUSD=X Risk / Return Rank: 98
CNYUSD=X Sharpe Ratio Rank: 96
CNYUSD=X Sortino Ratio Rank: 100
CNYUSD=X Omega Ratio Rank: 100
CNYUSD=X Calmar Ratio Rank: 96
CNYUSD=X Martin Ratio Rank: 100

MCHI

MCHI Risk / Return Rank: 19
MCHI Sharpe Ratio Rank: 19
MCHI Sortino Ratio Rank: 20
MCHI Omega Ratio Rank: 20
MCHI Calmar Ratio Rank: 19
MCHI Martin Ratio Rank: 19

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.

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.

	CNYUSD=X	MCHI	Difference
Sharpe ratio Return per unit of total volatility	1.68	0.23	+1.45
Sortino ratio Return per unit of downside risk	2.75	0.48	+2.27
Omega ratio Gain probability vs. loss probability	1.39	1.06	+0.32
Calmar ratio Return relative to maximum drawdown	4.00	0.31	+3.70
Martin ratio Return relative to average drawdown	13.78	0.80	+12.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNYUSD=X vs. MCHI - Sharpe Ratio Comparison

The current CNYUSD=X Sharpe Ratio is 1.68, which is higher than the MCHI Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of CNYUSD=X and MCHI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CNYUSD=X	MCHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	0.23	+1.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	-0.19	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.14	0.17	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.09	+0.08

Correlation

The correlation between CNYUSD=X and MCHI is 0.21, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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.

Drawdown Indicators

	CNYUSD=X	MCHI	Difference
Max Drawdown Largest peak-to-trough decline	-17.74%	-62.95%	+45.21%
Max Drawdown (1Y) Largest decline over 1 year	-1.12%	-17.17%	+16.05%
Max Drawdown (5Y) Largest decline over 5 years	-14.09%	-57.18%	+43.09%
Max Drawdown (10Y) Largest decline over 10 years	-14.70%	-62.95%	+48.25%
Current Drawdown Current decline from peak	-12.25%	-36.23%	+23.98%
Average Drawdown Average peak-to-trough decline	-6.77%	-24.40%	+17.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	6.56%	-6.23%

Volatility

CNYUSD=X vs. MCHI - Volatility Comparison

The current volatility for CNY/USD (CNYUSD=X) is 1.15%, while iShares MSCI China ETF (MCHI) has a volatility of 7.34%. 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.

Volatility by Period

	CNYUSD=X	MCHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	7.34%	-6.19%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	14.85%	-13.27%
Volatility (1Y) Calculated over the trailing 1-year period	2.57%	23.85%	-21.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.96%	30.68%	-26.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.95%	27.39%	-23.44%