CNYUSD=X vs. MCHI

Last updated Jun 3, 2026

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 -0.29%/yr vs 4.90%/yr for MCHI. At a 0.21 correlation, their price movements are largely independent.

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.

Returns By Period

In the year-to-date period, CNYUSD=X achieves a 3.45% return, which is significantly higher than MCHI's -4.79% return. Over the past 10 years, CNYUSD=X has underperformed MCHI with an annualized return of -0.29%, while MCHI has yielded a comparatively higher 4.90% annualized return.

CNYUSD=X

• 1D: 0.07%
• 1M: 0.96%
• YTD: 3.45%
• 6M: 4.59%
• 1Y: 6.50%
• 3Y*: 1.57%
• 5Y*: -1.08%
• 10Y*: -0.29%

MCHI

• 1D: 3.23%
• 1M: -0.92%
• YTD: -4.79%
• 6M: -6.99%
• 1Y: 9.76%
• 3Y*: 10.51%
• 5Y*: -5.11%
• 10Y*: 4.90%

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

CNYUSD=X vs. MCHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNYUSD=X CNY/USD	3.45%	4.38%	-2.76%	-2.80%	-7.92%	2.73%	6.69%	-1.24%	-5.34%	6.67%
MCHI iShares MSCI China ETF	-4.79%	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	0.27
Correlation (All Time) Calculated using the full available price history since Apr 1, 2011	0.21

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: 100
CNYUSD=X Sharpe Ratio Rank: 100
CNYUSD=X Sortino Ratio Rank: 100
CNYUSD=X Omega Ratio Rank: 100
CNYUSD=X Calmar Ratio Rank: 99
CNYUSD=X Martin Ratio Rank: 99

MCHI

MCHI Risk / Return Rank: 16
MCHI Sharpe Ratio Rank: 17
MCHI Sortino Ratio Rank: 17
MCHI Omega Ratio Rank: 16
MCHI Calmar Ratio Rank: 16
MCHI Martin Ratio Rank: 15

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	2.43	0.49	+1.94
Sortino ratio Return per unit of downside risk	3.90	0.82	+3.08
Omega ratio Gain probability vs. loss probability	1.55	1.10	+0.45
Calmar ratio Return relative to maximum drawdown	5.60	0.62	+4.97
Martin ratio Return relative to average drawdown	19.93	1.30	+18.63
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 2.43, which is higher than the MCHI Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of CNYUSD=X and MCHI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CNYUSD=X	MCHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	0.49	+1.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.25	-0.17	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.07	0.18	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.10	+0.09

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 (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 Drawdown Current decline from peak	-10.64%	-35.08%	+24.44%
Average Drawdown Average peak-to-trough decline	-6.88%	-24.52%	+17.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	8.25%	-7.93%

Volatility

CNYUSD=X vs. MCHI - Volatility Comparison

The current volatility for CNY/USD (CNYUSD=X) is 0.58%, while iShares MSCI China ETF (MCHI) has a volatility of 6.98%. 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	0.58%	6.98%	-6.40%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	14.39%	-12.62%
Volatility (1Y) Calculated over the trailing 1-year period	2.14%	20.07%	-17.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.94%	30.71%	-26.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.94%	27.39%	-23.45%

Frequently Asked Questions

Can I hold both CNYUSD=X and MCHI in my portfolio?

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.

Which is riskier, CNYUSD=X or MCHI?

MCHI has higher volatility (6.98%) compared to CNYUSD=X (0.58%). In terms of maximum drawdown, CNYUSD=X dropped -17.74% vs MCHI's -62.95%.

Which has better risk-adjusted returns?

CNYUSD=X currently has the higher Sharpe Ratio (2.43 vs 0.49), 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.