IAE vs. MCSMX

Last updated Jul 14, 2026

IAE (Voya Asia Pacific High Dividend Equity Income Fund) and MCSMX (Matthews China Small Companies Fund) are both mutual funds - IAE is a Asia Pacific Equities fund managed by Voya, while MCSMX is a China Equities fund managed by Matthews. Over the past 10 years, IAE returned 10.45%/yr vs 13.87%/yr for MCSMX. At a 0.49 correlation, their price movements are largely independent. IAE charges 0.02%/yr vs 1.41%/yr for MCSMX.

Performance

IAE vs. MCSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Asia Pacific High Dividend Equity Income Fund (IAE) and Matthews China Small Companies Fund (MCSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAE achieves a 23.59% return, which is significantly lower than MCSMX's 43.09% return. Over the past 10 years, IAE has underperformed MCSMX with an annualized return of 10.45%, while MCSMX has yielded a comparatively higher 13.87% annualized return.

IAE

• 1D: -1.72%
• 1M: -3.24%
• 6M: 15.05%
• YTD: 23.59%
• 1Y: 36.87%
• 3Y*: 24.04%
• 5Y*: 10.29%
• 10Y*: 10.45%

MCSMX

• 1D: -2.62%
• 1M: 4.67%
• 6M: 34.51%
• YTD: 43.09%
• 1Y: 62.06%
• 3Y*: 19.86%
• 5Y*: 0.63%
• 10Y*: 13.87%

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

IAE vs. MCSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAE Voya Asia Pacific High Dividend Equity Income Fund	23.59%	34.63%	13.44%	9.06%	-13.97%	3.60%	13.77%	9.62%	-11.31%	30.19%
MCSMX Matthews China Small Companies Fund	43.09%	28.85%	2.82%	-17.50%	-31.25%	6.71%	82.73%	35.41%	-17.65%	53.71%

Correlation

The correlation between IAE and MCSMX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jun 2, 2011	0.49

The correlation between IAE and MCSMX shifts across timeframes, from 0.42 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

IAE vs. MCSMX — Risk / Return Rank

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

IAE

IAE Risk / Return Rank: 60
IAE Sharpe Ratio Rank: 55
IAE Sortino Ratio Rank: 54
IAE Omega Ratio Rank: 57
IAE Calmar Ratio Rank: 79
IAE Martin Ratio Rank: 58

MCSMX

MCSMX Risk / Return Rank: 87
MCSMX Sharpe Ratio Rank: 88
MCSMX Sortino Ratio Rank: 80
MCSMX Omega Ratio Rank: 81
MCSMX Calmar Ratio Rank: 96
MCSMX Martin Ratio Rank: 91

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.

IAE vs. MCSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Asia Pacific High Dividend Equity Income Fund (IAE) and Matthews China Small Companies Fund (MCSMX). 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.

	IAE	MCSMX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.35	-0.69
Sortino ratio: Return per unit of downside risk	2.33	2.97	-0.65
Omega ratio: Gain probability vs. loss probability	1.31	1.41	-0.11
Calmar ratio: Return relative to maximum drawdown	2.88	5.15	-2.27
Martin ratio: Return relative to average drawdown	8.96	13.84	-4.88

IAE vs. MCSMX - Sharpe Ratio Comparison

The current IAE Sharpe Ratio is 1.66, which is comparable to the MCSMX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of IAE and MCSMX, 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

IAE vs. MCSMX - Drawdown Comparison

The maximum IAE drawdown since its inception was -60.72%, which is greater than MCSMX's maximum drawdown of -55.77%. Use the drawdown chart below to compare losses from any high point for IAE and MCSMX.

Drawdown Indicators

	IAE	MCSMX	Difference
Max Drawdown Largest peak-to-trough decline	-60.72%	-55.77%	-4.95%
Max Drawdown (1Y) Largest decline over 1 year	-12.86%	-12.32%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-16.19%	-26.50%	+10.31%
Max Drawdown (5Y) Largest decline over 5 years	-31.61%	-53.76%	+22.15%
Max Drawdown (10Y) Largest decline over 10 years	-42.44%	-55.77%	+13.33%
Current Drawdown Current decline from peak	-6.79%	-10.69%	+3.90%
Average Drawdown Average peak-to-trough decline	-13.69%	-20.10%	+6.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	4.52%	-0.39%

Volatility

IAE vs. MCSMX - Volatility Comparison

The current volatility for Voya Asia Pacific High Dividend Equity Income Fund (IAE) is 9.19%, while Matthews China Small Companies Fund (MCSMX) has a volatility of 15.08%. This indicates that IAE experiences smaller price fluctuations and is considered to be less risky than MCSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAE	MCSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.19%	15.08%	-5.89%
Volatility (6M) Calculated over the trailing 6-month period	18.49%	23.77%	-5.28%
Volatility (1Y) Calculated over the trailing 1-year period	22.34%	26.98%	-4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.27%	25.35%	-7.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.54%	22.85%	-3.31%

IAE vs. MCSMX - Expense Ratio Comparison

IAE has a 0.02% expense ratio, which is lower than MCSMX's 1.41% expense ratio.

Dividends

IAE vs. MCSMX - Dividend Comparison

IAE's dividend yield for the trailing twelve months is around 9.09%, more than MCSMX's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAE Voya Asia Pacific High Dividend Equity Income Fund	9.09%	10.71%	12.29%	10.65%	14.03%	10.60%	9.97%	9.88%	9.61%	7.82%	11.14%	12.74%
MCSMX Matthews China Small Companies Fund	1.56%	2.23%	1.35%	2.36%	1.78%	26.38%	16.98%	1.03%	2.25%	5.66%	4.79%	8.88%

Frequently Asked Questions

Can I hold both IAE and MCSMX in my portfolio?

IAE and MCSMX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAE or MCSMX?

MCSMX has higher volatility (15.08%) compared to IAE (9.19%). In terms of maximum drawdown, IAE dropped -60.72% vs MCSMX's -55.77%.

Which has better risk-adjusted returns?

MCSMX currently has the higher Sharpe Ratio (2.35 vs 1.66), 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.