MAPTX vs. MCSMX

Last updated Jun 24, 2026

MAPTX (Matthews Pacific Tiger Fund) and MCSMX (Matthews China Small Companies Fund) are both mutual funds - MAPTX is a Asia Pacific Equities fund managed by Matthews, while MCSMX is a China Equities fund managed by Matthews. Over the past 10 years, MAPTX returned 7.36%/yr vs 15.30%/yr for MCSMX. A 0.74 correlation means they provide meaningful diversification when combined. MAPTX charges 1.09%/yr vs 1.41%/yr for MCSMX.

Performance

MAPTX vs. MCSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Pacific Tiger Fund (MAPTX) 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, MAPTX achieves a 38.53% return, which is significantly lower than MCSMX's 55.33% return. Over the past 10 years, MAPTX has underperformed MCSMX with an annualized return of 7.36%, while MCSMX has yielded a comparatively higher 15.30% annualized return.

MAPTX

• 1D: 0.84%
• 1M: 9.12%
• YTD: 38.53%
• 6M: 40.60%
• 1Y: 68.37%
• 3Y*: 21.81%
• 5Y*: 2.00%
• 10Y*: 7.36%

MCSMX

• 1D: 1.14%
• 1M: 10.30%
• YTD: 55.33%
• 6M: 54.12%
• 1Y: 86.96%
• 3Y*: 25.07%
• 5Y*: 2.63%
• 10Y*: 15.30%

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

MAPTX vs. MCSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MAPTX Matthews Pacific Tiger Fund	38.53%	30.07%	3.25%	-4.82%	-20.69%	-17.92%	28.88%	10.75%	-11.05%	39.94%
MCSMX Matthews China Small Companies Fund	55.33%	28.85%	2.82%	-17.50%	-31.25%	6.71%	82.73%	35.41%	-17.65%	53.71%

Correlation

The correlation between MAPTX and MCSMX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jun 2, 2011	0.74

The correlation between MAPTX and MCSMX shifts across timeframes, from 0.63 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MAPTX vs. MCSMX — Risk / Return Rank

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

MAPTX

MAPTX Risk / Return Rank: 92
MAPTX Sharpe Ratio Rank: 96
MAPTX Sortino Ratio Rank: 86
MAPTX Omega Ratio Rank: 91
MAPTX Calmar Ratio Rank: 94
MAPTX Martin Ratio Rank: 93

MCSMX

MCSMX Risk / Return Rank: 96
MCSMX Sharpe Ratio Rank: 98
MCSMX Sortino Ratio Rank: 95
MCSMX Omega Ratio Rank: 91
MCSMX Calmar Ratio Rank: 98
MCSMX Martin Ratio Rank: 96

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.

MAPTX vs. MCSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Pacific Tiger Fund (MAPTX) 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.

	MAPTX	MCSMX	Difference
Sharpe ratio: Return per unit of total volatility	3.22	3.77	-0.55
Sortino ratio: Return per unit of downside risk	3.80	4.63	-0.83
Omega ratio: Gain probability vs. loss probability	1.63	1.64	-0.01
Calmar ratio: Return relative to maximum drawdown	5.12	7.45	-2.34
Martin ratio: Return relative to average drawdown	18.58	21.38	-2.80

MAPTX vs. MCSMX - Sharpe Ratio Comparison

The current MAPTX Sharpe Ratio is 3.22, which is comparable to the MCSMX Sharpe Ratio of 3.77. The chart below compares the historical Sharpe Ratios of MAPTX 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

MAPTX vs. MCSMX - Drawdown Comparison

The maximum MAPTX drawdown since its inception was -69.79%, which is greater than MCSMX's maximum drawdown of -55.77%. Use the drawdown chart below to compare losses from any high point for MAPTX and MCSMX.

Drawdown Indicators

	MAPTX	MCSMX	Difference
Max Drawdown Largest peak-to-trough decline	-69.79%	-55.77%	-14.02%
Max Drawdown (1Y) Largest decline over 1 year	-14.03%	-12.32%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-22.23%	-26.50%	+4.27%
Max Drawdown (5Y) Largest decline over 5 years	-48.55%	-53.98%	+5.43%
Max Drawdown (10Y) Largest decline over 10 years	-52.31%	-55.77%	+3.46%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.42%	-20.15%	+2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	4.26%	-0.45%

Volatility

MAPTX vs. MCSMX - Volatility Comparison

Matthews Pacific Tiger Fund (MAPTX) and Matthews China Small Companies Fund (MCSMX) have volatilities of 12.64% and 12.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAPTX	MCSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.64%	12.74%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	20.22%	20.74%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	22.31%	24.41%	-2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.59%	24.89%	-4.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.53%	22.59%	-4.06%

MAPTX vs. MCSMX - Expense Ratio Comparison

MAPTX has a 1.09% expense ratio, which is lower than MCSMX's 1.41% expense ratio.

Dividends

MAPTX vs. MCSMX - Dividend Comparison

MAPTX's dividend yield for the trailing twelve months is around 1.68%, more than MCSMX's 1.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAPTX Matthews Pacific Tiger Fund	1.68%	2.33%	8.93%	2.93%	8.52%	4.85%	5.74%	3.44%	4.78%	1.25%	2.61%	11.18%
MCSMX Matthews China Small Companies Fund	1.43%	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 MAPTX and MCSMX in my portfolio?

MAPTX and MCSMX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAPTX or MCSMX?

MCSMX has higher volatility (12.74%) compared to MAPTX (12.64%). In terms of maximum drawdown, MAPTX dropped -69.79% vs MCSMX's -55.77%.

Which has better risk-adjusted returns?

MCSMX currently has the higher Sharpe Ratio (3.77 vs 3.22), 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.