ECNS vs. MCHI

Last updated Jun 24, 2026

ECNS (iShares MSCI China Small-Cap ETF) and MCHI (iShares MSCI China ETF) are both exchange-traded funds - ECNS is a Asia Pacific Equities fund tracking the MSCI China Small Cap Index, while MCHI is a China Equities fund tracking the MSCI China Index. Both are passively managed. Over the past 10 years, ECNS returned 1.55%/yr vs 4.30%/yr for MCHI. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

ECNS vs. MCHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China Small-Cap ETF (ECNS) 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, ECNS achieves a -9.88% return, which is significantly higher than MCHI's -13.18% return. Over the past 10 years, ECNS has underperformed MCHI with an annualized return of 1.55%, while MCHI has yielded a comparatively higher 4.30% annualized return.

ECNS

• 1D: -1.92%
• 1M: -6.71%
• YTD: -9.88%
• 6M: -11.17%
• 1Y: 1.85%
• 3Y*: 6.91%
• 5Y*: -8.08%
• 10Y*: 1.55%

MCHI

• 1D: -1.99%
• 1M: -6.10%
• YTD: -13.18%
• 6M: -14.04%
• 1Y: -2.47%
• 3Y*: 8.17%
• 5Y*: -6.80%
• 10Y*: 4.30%

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

ECNS vs. MCHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ECNS iShares MSCI China Small-Cap ETF	-9.88%	36.49%	5.64%	-23.05%	-24.58%	2.11%	25.42%	7.84%	-18.27%	27.55%
MCHI iShares MSCI China ETF	-13.18%	31.04%	17.73%	-11.94%	-23.01%	-21.74%	27.78%	23.72%	-19.79%	54.67%

Correlation

The correlation between ECNS and MCHI is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011	0.78

The correlation between ECNS and MCHI has been stable across timeframes, ranging from 0.76 to 0.86 - a consistent structural relationship.

ECNS vs. MCHI - Sectors Allocation Comparison

Sectors	ECNS	MCHI
Healthcare	19.9%	5.1%
Industrials	18.0%	5.3%
Technology	12.6%	12.1%
Consumer Cyclical	9.3%	24.9%
Real Estate	8.7%	1.6%
Basic Materials	8.4%	5.5%
Communication Services	6.5%	18.1%
Financial Services	4.6%	18.8%
Consumer Defensive	4.2%	3.0%
Energy	3.2%	3.7%
Utilities	2.4%	1.8%

Return for Risk

ECNS vs. MCHI — Risk / Return Rank

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

ECNS

ECNS Risk / Return Rank: 10
ECNS Sharpe Ratio Rank: 10
ECNS Sortino Ratio Rank: 9
ECNS Omega Ratio Rank: 10
ECNS Calmar Ratio Rank: 9
ECNS Martin Ratio Rank: 9

MCHI

MCHI Risk / Return Rank: 7
MCHI Sharpe Ratio Rank: 8
MCHI Sortino Ratio Rank: 7
MCHI Omega Ratio Rank: 7
MCHI Calmar Ratio Rank: 8
MCHI Martin Ratio Rank: 7

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.

ECNS vs. MCHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China Small-Cap ETF (ECNS) 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.

	ECNS	MCHI	Difference
Sharpe ratio: Return per unit of total volatility	0.09	-0.12	+0.21
Sortino ratio: Return per unit of downside risk	0.26	-0.03	+0.29
Omega ratio: Gain probability vs. loss probability	1.03	1.00	+0.04
Calmar ratio: Return relative to maximum drawdown	0.08	-0.12	+0.20
Martin ratio: Return relative to average drawdown	0.18	-0.27	+0.45

ECNS vs. MCHI - Sharpe Ratio Comparison

The current ECNS Sharpe Ratio is 0.09, which is higher than the MCHI Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of ECNS 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.

Drawdowns

ECNS vs. MCHI - Drawdown Comparison

The maximum ECNS drawdown since its inception was -63.43%, roughly equal to the maximum MCHI drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for ECNS and MCHI.

Drawdown Indicators

	ECNS	MCHI	Difference
Max Drawdown Largest peak-to-trough decline	-63.43%	-62.95%	-0.48%
Max Drawdown (1Y) Largest decline over 1 year	-22.70%	-21.20%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-31.72%	-25.85%	-5.87%
Max Drawdown (5Y) Largest decline over 5 years	-59.61%	-56.98%	-2.63%
Max Drawdown (10Y) Largest decline over 10 years	-63.43%	-62.95%	-0.48%
Current Drawdown Current decline from peak	-41.99%	-40.80%	-1.19%
Average Drawdown Average peak-to-trough decline	-29.41%	-24.56%	-4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.24%	9.28%	+0.96%

Volatility

ECNS vs. MCHI - Volatility Comparison

The current volatility for iShares MSCI China Small-Cap ETF (ECNS) is 5.69%, while iShares MSCI China ETF (MCHI) has a volatility of 6.15%. This indicates that ECNS 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

	ECNS	MCHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.69%	6.15%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	14.90%	-1.31%
Volatility (1Y) Calculated over the trailing 1-year period	20.68%	20.31%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.44%	30.75%	-1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.90%	27.35%	-1.45%

ECNS vs. MCHI - Expense Ratio Comparison

Both ECNS and MCHI have an expense ratio of 0.59%.

Dividends

ECNS vs. MCHI - Dividend Comparison

ECNS's dividend yield for the trailing twelve months is around 6.53%, more than MCHI's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECNS iShares MSCI China Small-Cap ETF	6.53%	6.20%	5.98%	4.89%	3.54%	4.87%	3.59%	3.23%	6.16%	3.18%	4.29%	3.58%
MCHI iShares MSCI China ETF	2.12%	2.12%	2.31%	2.66%	1.78%	1.04%	1.04%	1.45%	1.60%	1.56%	1.66%	2.76%

Frequently Asked Questions

Can I hold both ECNS and MCHI in my portfolio?

ECNS and MCHI have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ECNS or MCHI?

MCHI has higher volatility (6.15%) compared to ECNS (5.69%). In terms of maximum drawdown, ECNS dropped -63.43% vs MCHI's -62.95%.

Which ETF is better, ECNS or MCHI?

On 10-year performance, MCHI leads with 4.30% vs 1.55% for ECNS. Both ETFs have the same 0.59% expense ratio. On volatility, ECNS has been the lower-risk option at 5.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ECNS or MCHI?

Over the 10-year period, MCHI has performed better with a 4.30% return vs 1.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ECNS or MCHI?

ECNS and MCHI have the same expense ratio: 0.59% per year.

Which ETF pays a higher dividend yield, ECNS or MCHI?

ECNS has the higher dividend yield at 6.53%, compared with 2.12% for MCHI.

What is the main difference between ECNS and MCHI?

ECNS is categorized as Asia Pacific Equities, while MCHI is China Equities. ECNS tracks MSCI China Small Cap Index, while MCHI tracks MSCI China Index.

Which has better risk-adjusted returns?

ECNS currently has the higher Sharpe Ratio (0.09 vs -0.12), 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.