HG=F vs. MCHFX

Last updated Jun 9, 2026

HG=F (Copper) is an asset, while MCHFX (Matthews China Fund) is China Equities fund managed by Matthews. At a 0.07 correlation, their price movements are largely independent.

Performance

HG=F vs. MCHFX - Performance Comparison

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

Returns By Period

HG=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MCHFX

• 1D: -3.49%
• 1M: -3.87%
• YTD: -1.92%
• 6M: -3.81%
• 1Y: 17.05%
• 3Y*: 10.63%
• 5Y*: -7.08%
• 10Y*: 6.83%

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

HG=F vs. MCHFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HG=F Copper	0.00%	0.00%	0.00%	0.00%	1.29%
MCHFX Matthews China Fund	-1.92%	29.82%	17.84%	-19.21%	-18.82%

Correlation

The correlation between HG=F and MCHFX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 31, 2022	0.07

Return for Risk

HG=F vs. MCHFX — Risk / Return Rank

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

MCHFX

MCHFX Risk / Return Rank: 12
MCHFX Sharpe Ratio Rank: 12
MCHFX Sortino Ratio Rank: 13
MCHFX Omega Ratio Rank: 12
MCHFX Calmar Ratio Rank: 13
MCHFX Martin Ratio Rank: 12

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.

HG=F vs. MCHFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Copper (HG=F) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HG=F	MCHFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.87	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.24	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.31	—

Drawdowns

Drawdown Indicators

	HG=F	MCHFX	Difference
Max Drawdown Largest peak-to-trough decline	—	-67.02%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-15.58%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-27.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-59.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-64.75%	—
Current Drawdown Current decline from peak	—	-39.51%	—
Average Drawdown Average peak-to-trough decline	—	-22.11%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.78%	—

Volatility

Volatility by Period

	HG=F	MCHFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.02%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.55%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	20.27%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	29.99%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	26.65%	—

Frequently Asked Questions

Can I hold both HG=F and MCHFX in my portfolio?

HG=F and MCHFX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.