FXI vs. MCHS

Last updated Apr 2, 2026

Compare and contrast key facts about iShares China Large-Cap ETF (FXI) and Matthews China Discovery Active ETF (MCHS).

FXI and MCHS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FXI is a passively managed fund by iShares that tracks the performance of the FTSE China 25 Index. It was launched on Oct 5, 2004. MCHS is an actively managed fund by Matthews. It was launched on Jan 10, 2024.

Performance

FXI vs. MCHS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares China Large-Cap ETF (FXI) and Matthews China Discovery Active ETF (MCHS). The values are adjusted to include any dividend payments, if applicable.

FXI vs. MCHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FXI iShares China Large-Cap ETF	-7.13%	28.95%	35.76%
MCHS Matthews China Discovery Active ETF	13.36%	31.19%	6.53%

Returns By Period

In the year-to-date period, FXI achieves a -7.13% return, which is significantly lower than MCHS's 13.36% return.

FXI

• 1D: -0.95%
• 1M: -3.63%
• YTD: -7.13%
• 6M: -13.13%
• 1Y: 1.94%
• 3Y*: 9.04%
• 5Y*: -3.44%
• 10Y*: 3.03%

MCHS

• 1D: 2.32%
• 1M: -9.45%
• YTD: 13.36%
• 6M: 9.20%
• 1Y: 35.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXI vs. MCHS - Expense Ratio Comparison

FXI has a 0.74% expense ratio, which is lower than MCHS's 0.89% expense ratio.

MCHS

Matthews China Discovery Active ETF

FXI

iShares China Large-Cap ETF

Return for Risk

FXI vs. MCHS — Risk / Return Rank

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

FXI

FXI Risk / Return Rank: 14
FXI Sharpe Ratio Rank: 13
FXI Sortino Ratio Rank: 14
FXI Omega Ratio Rank: 14
FXI Calmar Ratio Rank: 14
FXI Martin Ratio Rank: 14

MCHS

MCHS Risk / Return Rank: 73
MCHS Sharpe Ratio Rank: 73
MCHS Sortino Ratio Rank: 73
MCHS Omega Ratio Rank: 73
MCHS Calmar Ratio Rank: 75
MCHS Martin Ratio Rank: 71

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.

FXI vs. MCHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) 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.

	FXI	MCHS	Difference
Sharpe ratio Return per unit of total volatility	0.08	1.37	-1.29
Sortino ratio Return per unit of downside risk	0.28	1.94	-1.66
Omega ratio Gain probability vs. loss probability	1.04	1.29	-0.25
Calmar ratio Return relative to maximum drawdown	0.10	2.23	-2.13
Martin ratio Return relative to average drawdown	0.29	8.17	-7.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXI vs. MCHS - Sharpe Ratio Comparison

The current FXI Sharpe Ratio is 0.08, which is lower than the MCHS Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of FXI and MCHS, 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

	FXI	MCHS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	1.37	-1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.83	-0.66

Correlation

The correlation between FXI and MCHS is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FXI vs. MCHS - Dividend Comparison

FXI's dividend yield for the trailing twelve months is around 2.60%, less than MCHS's 3.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXI iShares China Large-Cap ETF	2.60%	2.42%	1.76%	3.17%	2.61%	1.60%	2.19%	2.74%	2.69%	2.31%	2.69%	2.90%
MCHS Matthews China Discovery Active ETF	3.14%	3.56%	5.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FXI vs. MCHS - Drawdown Comparison

The maximum FXI drawdown since its inception was -72.68%, which is greater than MCHS's maximum drawdown of -23.75%. Use the drawdown chart below to compare losses from any high point for FXI and MCHS.

Drawdown Indicators

	FXI	MCHS	Difference
Max Drawdown Largest peak-to-trough decline	-72.68%	-23.75%	-48.93%
Max Drawdown (1Y) Largest decline over 1 year	-16.74%	-15.89%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	-55.14%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-60.81%	—	—
Current Drawdown Current decline from peak	-26.87%	-9.45%	-17.42%
Average Drawdown Average peak-to-trough decline	-31.27%	-7.98%	-23.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.89%	4.34%	+1.55%

Volatility

FXI vs. MCHS - Volatility Comparison

The current volatility for iShares China Large-Cap ETF (FXI) is 6.74%, while Matthews China Discovery Active ETF (MCHS) has a volatility of 7.12%. This indicates that FXI experiences smaller price fluctuations and is considered to be less risky than MCHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXI	MCHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.74%	7.12%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	14.71%	15.31%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	24.29%	25.73%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.64%	27.87%	+3.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.70%	27.87%	-0.17%