ICHKX vs. CAF

Last updated Apr 1, 2026

Compare and contrast key facts about Guinness Atkinson China And Hong Kong Fund (ICHKX) and Morgan Stanley China A Share Fund (CAF).

ICHKX is managed by Guinness Atkinson. It was launched on Jun 29, 1994. CAF is an actively managed fund by Morgan Stanley. It was launched on Jul 6, 2006.

Performance

ICHKX vs. CAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guinness Atkinson China And Hong Kong Fund (ICHKX) and Morgan Stanley China A Share Fund (CAF). The values are adjusted to include any dividend payments, if applicable.

ICHKX vs. CAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICHKX Guinness Atkinson China And Hong Kong Fund	-3.57%	28.97%	0.05%	-14.52%	-23.67%	-6.90%	14.58%	30.08%	-20.50%	49.07%
CAF Morgan Stanley China A Share Fund	0.81%	41.51%	0.34%	-9.39%	-30.41%	-1.77%	12.74%	23.50%	-14.26%	44.94%

Returns By Period

In the year-to-date period, ICHKX achieves a -3.57% return, which is significantly lower than CAF's 0.81% return. Over the past 10 years, ICHKX has underperformed CAF with an annualized return of 3.91%, while CAF has yielded a comparatively higher 4.78% annualized return.

ICHKX

• 1D: -0.32%
• 1M: -7.76%
• YTD: -3.57%
• 6M: -4.32%
• 1Y: 12.70%
• 3Y*: 1.13%
• 5Y*: -6.49%
• 10Y*: 3.91%

CAF

• 1D: 3.67%
• 1M: -4.11%
• YTD: 0.81%
• 6M: 6.75%
• 1Y: 35.89%
• 3Y*: 8.65%
• 5Y*: -3.03%
• 10Y*: 4.78%

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

ICHKX vs. CAF - Expense Ratio Comparison

ICHKX has a 1.71% expense ratio, which is higher than CAF's 1.67% expense ratio.

ICHKX

Guinness Atkinson China And Hong Kong Fund

CAF

Morgan Stanley China A Share Fund

Return for Risk

ICHKX vs. CAF — Risk / Return Rank

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

ICHKX

ICHKX Risk / Return Rank: 28
ICHKX Sharpe Ratio Rank: 28
ICHKX Sortino Ratio Rank: 26
ICHKX Omega Ratio Rank: 25
ICHKX Calmar Ratio Rank: 29
ICHKX Martin Ratio Rank: 32

CAF

CAF Risk / Return Rank: 89
CAF Sharpe Ratio Rank: 89
CAF Sortino Ratio Rank: 89
CAF Omega Ratio Rank: 84
CAF Calmar Ratio Rank: 94
CAF Martin Ratio Rank: 90

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.

ICHKX vs. CAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guinness Atkinson China And Hong Kong Fund (ICHKX) and Morgan Stanley China A Share Fund (CAF). 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.

	ICHKX	CAF	Difference
Sharpe ratio Return per unit of total volatility	0.68	1.83	-1.15
Sortino ratio Return per unit of downside risk	0.99	2.50	-1.50
Omega ratio Gain probability vs. loss probability	1.14	1.35	-0.20
Calmar ratio Return relative to maximum drawdown	0.83	3.02	-2.18
Martin ratio Return relative to average drawdown	3.51	10.31	-6.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICHKX vs. CAF - Sharpe Ratio Comparison

The current ICHKX Sharpe Ratio is 0.68, which is lower than the CAF Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of ICHKX and CAF, 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

	ICHKX	CAF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	1.83	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	-0.14	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	0.22	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.26	-0.07

Correlation

The correlation between ICHKX and CAF is 0.62, 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

ICHKX vs. CAF - Dividend Comparison

ICHKX's dividend yield for the trailing twelve months is around 1.10%, less than CAF's 1.50% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICHKX Guinness Atkinson China And Hong Kong Fund	1.10%	1.06%	1.11%	0.74%	0.86%	20.44%	3.57%	4.37%	12.53%	6.76%	5.31%	12.25%
CAF Morgan Stanley China A Share Fund	1.50%	1.51%	2.63%	0.96%	0.02%	6.57%	10.40%	3.78%	9.48%	5.20%	4.69%	67.03%

Drawdowns

ICHKX vs. CAF - Drawdown Comparison

The maximum ICHKX drawdown since its inception was -70.67%, which is greater than CAF's maximum drawdown of -65.88%. Use the drawdown chart below to compare losses from any high point for ICHKX and CAF.

Drawdown Indicators

	ICHKX	CAF	Difference
Max Drawdown Largest peak-to-trough decline	-70.67%	-65.88%	-4.79%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	-11.45%	-2.55%
Max Drawdown (5Y) Largest decline over 5 years	-53.67%	-49.01%	-4.66%
Max Drawdown (10Y) Largest decline over 10 years	-58.39%	-49.01%	-9.38%
Current Drawdown Current decline from peak	-38.64%	-17.42%	-21.22%
Average Drawdown Average peak-to-trough decline	-27.16%	-26.05%	-1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	3.49%	-0.17%

Volatility

ICHKX vs. CAF - Volatility Comparison

The current volatility for Guinness Atkinson China And Hong Kong Fund (ICHKX) is 5.42%, while Morgan Stanley China A Share Fund (CAF) has a volatility of 6.54%. This indicates that ICHKX experiences smaller price fluctuations and is considered to be less risky than CAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICHKX	CAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	6.54%	-1.12%
Volatility (6M) Calculated over the trailing 6-month period	11.26%	13.91%	-2.65%
Volatility (1Y) Calculated over the trailing 1-year period	18.65%	19.73%	-1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.72%	21.20%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.40%	21.90%	+0.50%