EMSF vs. MCHS

Last updated Jun 23, 2026

EMSF (Matthews Emerging Markets Sustainable Future Active ETF) and MCHS (Matthews China Discovery Active ETF) are both exchange-traded funds - EMSF is a Emerging Markets Diversified fund actively managed by Matthews, while MCHS is a China Equities fund actively managed by Matthews. Both are actively managed. Over the past year, EMSF returned 70.16% vs 91.39% for MCHS. A 0.64 correlation means they provide meaningful diversification when combined. EMSF charges 0.79%/yr vs 0.89%/yr for MCHS.

Performance

EMSF vs. MCHS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Sustainable Future Active ETF (EMSF) 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, EMSF achieves a 54.93% return, which is significantly lower than MCHS's 58.77% return.

EMSF

• 1D: 2.13%
• 1M: 12.23%
• YTD: 54.93%
• 6M: 56.33%
• 1Y: 70.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MCHS

• 1D: 1.89%
• 1M: 11.47%
• YTD: 58.77%
• 6M: 57.32%
• 1Y: 91.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMSF vs. MCHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMSF Matthews Emerging Markets Sustainable Future Active ETF	54.93%	19.20%	0.64%
MCHS Matthews China Discovery Active ETF	58.77%	31.19%	6.53%

Correlation

The correlation between EMSF and MCHS is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.64

The correlation between EMSF and MCHS has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.

Return for Risk

EMSF vs. MCHS — Risk / Return Rank

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

EMSF

EMSF Risk / Return Rank: 81
EMSF Sharpe Ratio Rank: 83
EMSF Sortino Ratio Rank: 74
EMSF Omega Ratio Rank: 79
EMSF Calmar Ratio Rank: 87
EMSF Martin Ratio Rank: 81

MCHS

MCHS Risk / Return Rank: 94
MCHS Sharpe Ratio Rank: 95
MCHS Sortino Ratio Rank: 93
MCHS Omega Ratio Rank: 93
MCHS Calmar Ratio Rank: 95
MCHS Martin Ratio Rank: 92

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.

EMSF vs. MCHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Sustainable Future Active ETF (EMSF) 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.

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.

	EMSF	MCHS	Difference
Sharpe ratio: Return per unit of total volatility	2.57	3.73	-1.16
Sortino ratio: Return per unit of downside risk	3.15	4.46	-1.31
Omega ratio: Gain probability vs. loss probability	1.45	1.63	-0.18
Calmar ratio: Return relative to maximum drawdown	4.84	7.56	-2.72
Martin ratio: Return relative to average drawdown	15.83	22.10	-6.27

EMSF vs. MCHS - Sharpe Ratio Comparison

The current EMSF Sharpe Ratio is 2.57, which is lower than the MCHS Sharpe Ratio of 3.73. The chart below compares the historical Sharpe Ratios of EMSF and MCHS, 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

EMSF vs. MCHS - Drawdown Comparison

The maximum EMSF drawdown since its inception was -24.75%, roughly equal to the maximum MCHS drawdown of -23.75%. Use the drawdown chart below to compare losses from any high point for EMSF and MCHS.

Drawdown Indicators

	EMSF	MCHS	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-23.75%	-1.00%
Max Drawdown (1Y) Largest decline over 1 year	-14.57%	-12.15%	-2.42%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.72%	-7.53%	+1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	4.15%	+0.30%

Volatility

EMSF vs. MCHS - Volatility Comparison

Matthews Emerging Markets Sustainable Future Active ETF (EMSF) and Matthews China Discovery Active ETF (MCHS) have volatilities of 12.41% and 12.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMSF	MCHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.41%	12.66%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	23.61%	21.05%	+2.56%
Volatility (1Y) Calculated over the trailing 1-year period	27.55%	24.70%	+2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.59%	28.82%	-5.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.59%	28.82%	-5.23%

EMSF vs. MCHS - Expense Ratio Comparison

EMSF has a 0.79% expense ratio, which is lower than MCHS's 0.89% expense ratio.

Dividends

EMSF vs. MCHS - Dividend Comparison

EMSF's dividend yield for the trailing twelve months is around 1.21%, less than MCHS's 2.24% yield.

Position	TTM	2025	2024	2023
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.21%	1.88%	3.29%	0.02%
MCHS Matthews China Discovery Active ETF	2.24%	3.56%	5.48%	0.00%

Frequently Asked Questions

Can I hold both EMSF and MCHS in my portfolio?

EMSF and MCHS have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMSF or MCHS?

MCHS has higher volatility (12.66%) compared to EMSF (12.41%). In terms of maximum drawdown, EMSF dropped -24.75% vs MCHS's -23.75%.

Which ETF is better, EMSF or MCHS?

On 1-year performance, MCHS leads with 91.39% vs 70.16% for EMSF. On fees, EMSF is cheaper at 0.79% per year. On volatility, EMSF has been the lower-risk option at 12.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMSF or MCHS?

Over the 1-year period, MCHS has performed better with a 91.39% return vs 70.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMSF or MCHS?

EMSF is cheaper with a 0.79% expense ratio, compared with 0.89% for MCHS.

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

MCHS has the higher dividend yield at 2.24%, compared with 1.21% for EMSF.

What is the main difference between EMSF and MCHS?

EMSF is categorized as Emerging Markets Diversified, while MCHS is China Equities. Their fees differ too: 0.79% for EMSF and 0.89% for MCHS.

Which has better risk-adjusted returns?

MCHS currently has the higher Sharpe Ratio (3.73 vs 2.56), 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.