ICHN.AS vs. MCHI
ICHN.AS (iShares MSCI China UCITS ETF) and MCHI (iShares MSCI China ETF) are both China Equities funds from iShares - ICHN.AS tracks the MSCI China NR USD while MCHI tracks the MSCI China Index. Both are passively managed. Over the past 5 years, ICHN.AS returned -5.12%/yr vs -5.67%/yr for MCHI. Their correlation of 0.84 suggests significant overlap in exposure. ICHN.AS charges 0.40%/yr vs 0.59%/yr for MCHI.
Performance
ICHN.AS vs. MCHI - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ICHN.AS having a -6.77% return and MCHI slightly lower at -6.81%.
ICHN.AS
- 1D
- -2.47%
- 1M
- -2.49%
- YTD
- -6.77%
- 6M
- -7.98%
- 1Y
- 7.08%
- 3Y*
- 10.39%
- 5Y*
- -5.12%
- 10Y*
- —
MCHI
- 1D
- -2.12%
- 1M
- -2.30%
- YTD
- -6.81%
- 6M
- -8.43%
- 1Y
- 6.44%
- 3Y*
- 9.73%
- 5Y*
- -5.67%
- 10Y*
- 4.68%
ICHN.AS vs. MCHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ICHN.AS iShares MSCI China UCITS ETF | -6.77% | 31.69% | 18.56% | -11.72% | -22.52% | -22.05% | 29.63% | 10.95% |
MCHI iShares MSCI China ETF | -6.81% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 11.44% |
Correlation
The correlation between ICHN.AS and MCHI is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019 | 0.84 |
The correlation between ICHN.AS and MCHI has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.
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Return for Risk
ICHN.AS vs. MCHI — Risk / Return Rank
ICHN.AS
MCHI
ICHN.AS vs. MCHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China UCITS ETF (ICHN.AS) and iShares MSCI China ETF (MCHI). 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.
| ICHN.AS | MCHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.07 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 0.38 | +0.03 |
| Martin ratioReturn relative to average drawdown | 0.86 | 0.78 | +0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ICHN.AS | MCHI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.35 | 0.32 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.17 | -0.19 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.09 | -0.04 |
Drawdowns
ICHN.AS vs. MCHI - Drawdown Comparison
The maximum ICHN.AS drawdown since its inception was -62.67%, roughly equal to the maximum MCHI drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for ICHN.AS and MCHI.
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Drawdown Indicators
| ICHN.AS | MCHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.67% | -62.95% | +0.28% |
Max Drawdown (1Y)Largest decline over 1 year | -16.99% | -17.17% | +0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -25.22% | -25.85% | +0.63% |
Max Drawdown (5Y)Largest decline over 5 years | -56.46% | -56.98% | +0.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -62.95% | — |
Current DrawdownCurrent decline from peak | -34.97% | -36.45% | +1.48% |
Average DrawdownAverage peak-to-trough decline | -33.79% | -24.52% | -9.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.15% | 8.30% | -0.15% |
Volatility
ICHN.AS vs. MCHI - Volatility Comparison
iShares MSCI China UCITS ETF (ICHN.AS) has a higher volatility of 7.91% compared to iShares MSCI China ETF (MCHI) at 7.26%. This indicates that ICHN.AS's price experiences larger fluctuations and is considered to be riskier than MCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICHN.AS | MCHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.91% | 7.26% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 14.75% | 14.51% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.04% | 20.17% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.04% | 30.71% | -1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.76% | 27.39% | +1.37% |
ICHN.AS vs. MCHI - Expense Ratio Comparison
ICHN.AS has a 0.40% expense ratio, which is lower than MCHI's 0.59% expense ratio.
Dividends
ICHN.AS vs. MCHI - Dividend Comparison
ICHN.AS has not paid dividends to shareholders, while MCHI's dividend yield for the trailing twelve months is around 2.27%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICHN.AS iShares MSCI China UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MCHI iShares MSCI China ETF | 2.27% | 2.12% | 2.31% | 2.66% | 1.78% | 1.04% | 1.04% | 1.45% | 1.60% | 1.56% | 1.66% | 2.76% |
Frequently Asked Questions
ICHN.AS and MCHI have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICHN.AS is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICHN.AS is cheaper with a 0.40% expense ratio, compared with 0.59% for MCHI.
ICHN.AS tracks MSCI China NR USD, while MCHI tracks MSCI China Index. Their fees differ too: 0.40% for ICHN.AS and 0.59% for MCHI.
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