FICDX vs. MCHFX

Last updated Aug 1, 2026

FICDX (Fidelity Canada Fund) and MCHFX (Matthews China Fund) are both mutual funds - FICDX is a Foreign Large Cap Equities fund managed by Fidelity, while MCHFX is a China Equities fund managed by Matthews. Over the past 10 years, FICDX returned 10.47%/yr vs 6.31%/yr for MCHFX. Their 0.42 correlation means their historical movements had little consistent relationship. FICDX charges 0.80%/yr vs 1.12%/yr for MCHFX.

Performance

FICDX vs. MCHFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Canada Fund (FICDX) and Matthews China Fund (MCHFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FICDX achieves a 10.03% return, which is significantly higher than MCHFX's -1.80% return. Over the past 10 years, FICDX has outperformed MCHFX with an annualized return of 10.47%, while MCHFX has yielded a comparatively lower 6.31% annualized return.

FICDX

• 1D: 0.36%
• 1M: 4.18%
• 6M: 10.04%
• YTD: 10.03%
• 1Y: 20.97%
• 3Y*: 16.00%
• 5Y*: 11.32%
• 10Y*: 10.47%
• ALL TIME*: 8.76%

MCHFX

• 1D: 1.56%
• 1M: 0.00%
• 6M: -5.48%
• YTD: -1.80%
• 1Y: 10.32%
• 3Y*: 7.46%
• 5Y*: -5.49%
• 10Y*: 6.31%
• ALL TIME*: 8.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FICDX Fidelity Canada Fund	$0.00	$0.00	$0.00
MCHFX Matthews China Fund	$0.00	$0.00	$0.00

FICDX vs. MCHFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FICDX Fidelity Canada Fund	10.03%	25.86%	9.15%	14.66%	-6.14%	26.86%	4.43%	25.82%	-14.32%	12.79%
MCHFX Matthews China Fund	-1.80%	29.82%	17.84%	-19.21%	-24.38%	-19.41%	43.07%	34.57%	-21.17%	59.08%

Correlation

The correlation between FICDX and MCHFX is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.34
Correlation (5Y) Shows whether the relationship held over a longer period.	0.38
Correlation (10Y) Provides a long-term view across more market conditions.	0.44
Correlation (All Time) Calculated using the full available price history since Feb 19, 1998	0.42

The correlation between FICDX and MCHFX shifts across timeframes, from 0.27 (1 year) to 0.44 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FICDX vs. MCHFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FICDX

FICDX Risk / Return Rank: 66
FICDX Sharpe Ratio Rank: 65
FICDX Sortino Ratio Rank: 58
FICDX Omega Ratio Rank: 61
FICDX Calmar Ratio Rank: 79
FICDX Martin Ratio Rank: 66

MCHFX

MCHFX Risk / Return Rank: 10
MCHFX Sharpe Ratio Rank: 10
MCHFX Sortino Ratio Rank: 10
MCHFX Omega Ratio Rank: 10
MCHFX Calmar Ratio Rank: 11
MCHFX Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FICDX vs. MCHFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Canada Fund (FICDX) and Matthews China Fund (MCHFX). 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.

	FICDX	MCHFX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	0.33	+1.18
Sortino ratio: Return per unit of downside risk	2.05	0.63	+1.42
Omega ratio: Gain probability vs. loss probability	1.27	1.07	+0.20
Calmar ratio: Return relative to maximum drawdown	2.55	0.47	+2.08
Martin ratio: Return relative to average drawdown	8.10	1.12	+6.98

FICDX vs. MCHFX - Sharpe Ratio Comparison

The current FICDX Sharpe Ratio is 1.51, which is higher than the MCHFX Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of FICDX and MCHFX, 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

FICDX vs. MCHFX - Drawdown Comparison

The maximum FICDX drawdown since its inception was -58.09%, smaller than the maximum MCHFX drawdown of -67.02%. Use the drawdown chart below to compare losses from any high point for FICDX and MCHFX.

Drawdown Indicators

	FICDX	MCHFX	Difference
Max Drawdown Largest peak-to-trough decline	-58.09%	-67.02%	+8.93%
Max Drawdown (1Y) Largest decline over 1 year	-7.60%	-15.58%	+7.98%
Max Drawdown (3Y) Largest decline over 3 years	-12.06%	-27.13%	+15.07%
Max Drawdown (5Y) Largest decline over 5 years	-21.01%	-57.35%	+36.34%
Max Drawdown (10Y) Largest decline over 10 years	-39.85%	-64.75%	+24.90%
Current Drawdown Current decline from peak	0.00%	-39.44%	+39.44%
Average Drawdown Average peak-to-trough decline	-10.48%	-22.20%	+11.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	6.43%	-4.04%

Volatility

FICDX vs. MCHFX - Volatility Comparison

The current volatility for Fidelity Canada Fund (FICDX) is 2.33%, while Matthews China Fund (MCHFX) has a volatility of 8.16%. This indicates that FICDX experiences smaller price fluctuations and is considered to be less risky than MCHFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FICDX	MCHFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	8.16%	-5.83%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	17.47%	-7.26%
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	22.03%	-9.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.89%	29.95%	-14.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.35%	26.76%	-9.41%

FICDX vs. MCHFX - Expense Ratio Comparison

FICDX has a 0.80% expense ratio, which is lower than MCHFX's 1.12% expense ratio.

Dividends

FICDX vs. MCHFX - Dividend Comparison

FICDX's dividend yield for the trailing twelve months is around 5.18%, more than MCHFX's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FICDX Fidelity Canada Fund	5.18%	5.70%	7.44%	3.36%	4.11%	5.16%	2.56%	4.41%	7.33%	0.89%	1.63%	0.15%
MCHFX Matthews China Fund	1.38%	1.36%	1.91%	0.78%	7.53%	6.54%	1.25%	1.12%	22.28%	10.31%	13.66%	19.24%

Frequently Asked Questions

Can I hold both FICDX and MCHFX in my portfolio?

FICDX and MCHFX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FICDX or MCHFX?

MCHFX has higher volatility (8.16%) compared to FICDX (2.33%). In terms of maximum drawdown, FICDX dropped -58.09% vs MCHFX's -67.02%.

Which has better risk-adjusted returns?

FICDX currently has the higher Sharpe Ratio (1.51 vs 0.33), 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.