KGRN vs. MCHS

Last updated Jun 5, 2026

KGRN (KraneShares MSCI China Clean Technology Index ETF) and MCHS (Matthews China Discovery Active ETF) are both China Equities funds. KGRN is passively managed, while MCHS is actively managed. Over the past year, KGRN returned 4.70% vs 73.11% for MCHS. A 0.66 correlation means they provide meaningful diversification when combined. KGRN charges 0.79%/yr vs 0.89%/yr for MCHS.

Performance

KGRN vs. MCHS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares MSCI China Clean Technology Index ETF (KGRN) and Matthews China Discovery Active ETF (MCHS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KGRN achieves a 0.04% return, which is significantly lower than MCHS's 45.47% return.

KGRN

• 1D: -0.84%
• 1M: -6.12%
• YTD: 0.04%
• 6M: -2.21%
• 1Y: 4.70%
• 3Y*: 2.68%
• 5Y*: -7.84%
• 10Y*: —

MCHS

• 1D: 0.95%
• 1M: 9.15%
• YTD: 45.47%
• 6M: 46.87%
• 1Y: 73.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KGRN vs. MCHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KGRN KraneShares MSCI China Clean Technology Index ETF	0.04%	21.45%	6.53%
MCHS Matthews China Discovery Active ETF	45.47%	31.19%	6.53%

Correlation

The correlation between KGRN and MCHS is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.66

The correlation between KGRN and MCHS shifts across timeframes, from 0.54 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

KGRN vs. MCHS - Sectors Allocation Comparison

Sectors	KGRN	MCHS
Consumer Cyclical	36.8%	12.5%
Industrials	26.5%	32.9%
Utilities	21.2%	2.1%
Technology	11.6%	31.5%
Energy	3.6%	3.9%
Basic Materials	-	9.0%
Communication Services	-	1.2%
Consumer Defensive	-	0.8%
Financial Services	-	-
Healthcare	-	4.4%
Real Estate	-	3.7%

Return for Risk

KGRN vs. MCHS — Risk / Return Rank

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

KGRN

KGRN Risk / Return Rank: 12
KGRN Sharpe Ratio Rank: 12
KGRN Sortino Ratio Rank: 13
KGRN Omega Ratio Rank: 12
KGRN Calmar Ratio Rank: 12
KGRN Martin Ratio Rank: 11

MCHS

MCHS Risk / Return Rank: 90
MCHS Sharpe Ratio Rank: 92
MCHS Sortino Ratio Rank: 89
MCHS Omega Ratio Rank: 88
MCHS Calmar Ratio Rank: 92
MCHS Martin Ratio Rank: 87

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.

KGRN vs. MCHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI China Clean Technology Index ETF (KGRN) and Matthews China Discovery Active ETF (MCHS). 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.

	KGRN	MCHS	Difference
Sharpe ratio: Return per unit of total volatility	0.20	3.24	-3.03
Sortino ratio: Return per unit of downside risk	0.45	4.05	-3.60
Omega ratio: Gain probability vs. loss probability	1.05	1.55	-0.49
Calmar ratio: Return relative to maximum drawdown	0.27	6.05	-5.78
Martin ratio: Return relative to average drawdown	0.46	18.25	-17.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KGRN vs. MCHS - Sharpe Ratio Comparison

The current KGRN Sharpe Ratio is 0.20, which is lower than the MCHS Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of KGRN and MCHS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KGRN	MCHS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	3.24	-3.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	1.23	-1.16

Drawdowns

KGRN vs. MCHS - Drawdown Comparison

The maximum KGRN drawdown since its inception was -66.24%, which is greater than MCHS's maximum drawdown of -23.75%. Use the drawdown chart below to compare losses from any high point for KGRN and MCHS.

Drawdown Indicators

	KGRN	MCHS	Difference
Max Drawdown Largest peak-to-trough decline	-66.24%	-23.75%	-42.49%
Max Drawdown (1Y) Largest decline over 1 year	-17.26%	-12.15%	-5.11%
Max Drawdown (3Y) Largest decline over 3 years	-42.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.60%	—	—
Current Drawdown Current decline from peak	-47.62%	-2.35%	-45.27%
Average Drawdown Average peak-to-trough decline	-33.96%	-7.60%	-26.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.13%	4.02%	+6.11%

Volatility

KGRN vs. MCHS - Volatility Comparison

The current volatility for KraneShares MSCI China Clean Technology Index ETF (KGRN) is 7.36%, while Matthews China Discovery Active ETF (MCHS) has a volatility of 10.81%. This indicates that KGRN experiences smaller price fluctuations and is considered to be less risky than MCHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGRN	MCHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.36%	10.81%	-3.45%
Volatility (6M) Calculated over the trailing 6-month period	15.12%	18.21%	-3.09%
Volatility (1Y) Calculated over the trailing 1-year period	23.05%	22.75%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.75%	28.22%	+6.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.86%	28.22%	+4.64%

KGRN vs. MCHS - Expense Ratio Comparison

KGRN has a 0.79% expense ratio, which is lower than MCHS's 0.89% expense ratio.

Dividends

KGRN vs. MCHS - Dividend Comparison

KGRN's dividend yield for the trailing twelve months is around 0.85%, less than MCHS's 2.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KGRN KraneShares MSCI China Clean Technology Index ETF	0.85%	0.85%	1.49%	0.74%	1.98%	0.41%	0.01%	5.88%	2.04%
MCHS Matthews China Discovery Active ETF	2.45%	3.56%	5.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KGRN and MCHS in my portfolio?

KGRN and MCHS have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KGRN or MCHS?

MCHS has higher volatility (10.81%) compared to KGRN (7.36%). In terms of maximum drawdown, KGRN dropped -66.24% vs MCHS's -23.75%.

Which ETF is better, KGRN or MCHS?

On 1-year performance, MCHS leads with 73.11% vs 4.70% for KGRN. On fees, KGRN is cheaper at 0.79% per year. On volatility, KGRN has been the lower-risk option at 7.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KGRN or MCHS?

Over the 1-year period, MCHS has performed better with a 73.11% return vs 4.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KGRN or MCHS?

KGRN is cheaper with a 0.79% expense ratio, compared with 0.89% for MCHS.

Which ETF pays a higher dividend yield, KGRN or MCHS?

MCHS has the higher dividend yield at 2.45%, compared with 0.85% for KGRN.

What is the main difference between KGRN and MCHS?

They also come from different issuers: CICC and Matthews. Their fees differ too: 0.79% for KGRN and 0.89% for MCHS.

Which has better risk-adjusted returns?

MCHS currently has the higher Sharpe Ratio (3.24 vs 0.20), 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.