ICGA.DE vs. MCHN.DE
ICGA.DE (iShares MSCI China UCITS ETF USD Acc) and MCHN.DE (Invesco MSCI China All Shares Stock Connect UCITS ETF Acc) are both China Equities funds - ICGA.DE tracks the MSCI China while MCHN.DE tracks the MSCI China All Shares Stock Connect Select. Both are passively managed. Over the past 5 years, ICGA.DE returned -4.52%/yr vs -2.88%/yr for MCHN.DE. With a 0.95 correlation, they move nearly in lockstep. ICGA.DE charges 0.28%/yr vs 0.35%/yr for MCHN.DE.
Performance
ICGA.DE vs. MCHN.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ICGA.DE achieves a -9.68% return, which is significantly lower than MCHN.DE's -1.78% return.
ICGA.DE
- 1D
- -2.46%
- 1M
- -0.63%
- 6M
- -13.45%
- YTD
- -9.68%
- 1Y
- -3.45%
- 3Y*
- 7.61%
- 5Y*
- -4.52%
- 10Y*
- —
MCHN.DE
- 1D
- 0.00%
- 1M
- -0.32%
- 6M
- -5.58%
- YTD
- -1.78%
- 1Y
- 8.32%
- 3Y*
- 8.77%
- 5Y*
- -2.88%
- 10Y*
- —
ICGA.DE vs. MCHN.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ICGA.DE iShares MSCI China UCITS ETF USD Acc | -9.68% | 16.59% | 27.32% | -14.87% | -15.07% | -22.43% |
MCHN.DE Invesco MSCI China All Shares Stock Connect UCITS ETF Acc | -1.78% | 13.01% | 25.16% | -15.29% | -18.40% | -10.70% |
Correlation
The correlation between ICGA.DE and MCHN.DE is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2021 | 0.95 |
The correlation between ICGA.DE and MCHN.DE has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
ICGA.DE vs. MCHN.DE — Risk / Return Rank
ICGA.DE
MCHN.DE
ICGA.DE vs. MCHN.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China UCITS ETF USD Acc (ICGA.DE) and Invesco MSCI China All Shares Stock Connect UCITS ETF Acc (MCHN.DE). 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.
| ICGA.DE | MCHN.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.09 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 0.75 | -0.91 |
| Martin ratioReturn relative to average drawdown | -0.34 | 1.51 | -1.85 |
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Drawdowns
ICGA.DE vs. MCHN.DE - Drawdown Comparison
The maximum ICGA.DE drawdown since its inception was -55.91%, which is greater than MCHN.DE's maximum drawdown of -45.79%. Use the drawdown chart below to compare losses from any high point for ICGA.DE and MCHN.DE.
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Drawdown Indicators
| ICGA.DE | MCHN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.91% | -45.79% | -10.12% |
Max Drawdown (1Y)Largest decline over 1 year | -20.80% | -11.21% | -9.59% |
Max Drawdown (3Y)Largest decline over 3 years | -24.29% | -23.24% | -1.05% |
Max Drawdown (5Y)Largest decline over 5 years | -46.23% | -43.29% | -2.94% |
Current DrawdownCurrent decline from peak | -34.62% | -17.50% | -17.12% |
Average DrawdownAverage peak-to-trough decline | -28.86% | -23.92% | -4.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.15% | 5.54% | +4.61% |
Volatility
ICGA.DE vs. MCHN.DE - Volatility Comparison
iShares MSCI China UCITS ETF USD Acc (ICGA.DE) has a higher volatility of 6.00% compared to Invesco MSCI China All Shares Stock Connect UCITS ETF Acc (MCHN.DE) at 5.28%. This indicates that ICGA.DE's price experiences larger fluctuations and is considered to be riskier than MCHN.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICGA.DE | MCHN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.00% | 5.28% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 13.96% | 12.32% | +1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.38% | 17.52% | +1.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.74% | 25.04% | +2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.97% | 24.64% | +2.33% |
ICGA.DE vs. MCHN.DE - Expense Ratio Comparison
ICGA.DE has a 0.28% expense ratio, which is lower than MCHN.DE's 0.35% expense ratio.
Dividends
ICGA.DE vs. MCHN.DE - Dividend Comparison
Neither ICGA.DE nor MCHN.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, ICGA.DE and MCHN.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, ICGA.DE is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICGA.DE is cheaper with a 0.28% expense ratio, compared with 0.35% for MCHN.DE.
ICGA.DE tracks MSCI China, while MCHN.DE tracks MSCI China All Shares Stock Connect Select. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.28% for ICGA.DE and 0.35% for MCHN.DE.
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