MASGX vs. MCSMX

Last updated Jun 4, 2026

MASGX (Matthews Asia ESG Fund) and MCSMX (Matthews China Small Companies Fund) are both mutual funds - MASGX is a Asia Pacific Equities fund managed by Matthews, while MCSMX is a China Equities fund managed by Matthews. Over the past 10 years, MASGX returned 12.96%/yr vs 13.83%/yr for MCSMX. A 0.72 correlation means they provide meaningful diversification when combined. MASGX charges 1.24%/yr vs 1.41%/yr for MCSMX.

Performance

MASGX vs. MCSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Asia ESG Fund (MASGX) 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, MASGX achieves a 47.58% return, which is significantly higher than MCSMX's 42.66% return. Over the past 10 years, MASGX has underperformed MCSMX with an annualized return of 12.96%, while MCSMX has yielded a comparatively higher 13.83% annualized return.

MASGX

• 1D: 2.20%
• 1M: 9.83%
• YTD: 47.58%
• 6M: 49.46%
• 1Y: 72.60%
• 3Y*: 21.72%
• 5Y*: 9.27%
• 10Y*: 12.96%

MCSMX

• 1D: 1.94%
• 1M: 10.79%
• YTD: 42.66%
• 6M: 44.25%
• 1Y: 73.85%
• 3Y*: 21.20%
• 5Y*: 1.54%
• 10Y*: 13.83%

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

MASGX vs. MCSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MASGX Matthews Asia ESG Fund	47.58%	22.83%	-2.51%	7.99%	-14.37%	5.33%	42.90%	12.56%	-9.70%	33.75%
MCSMX Matthews China Small Companies Fund	42.66%	28.85%	2.82%	-17.50%	-31.25%	6.71%	82.73%	35.41%	-17.65%	53.71%

Correlation

The correlation between MASGX and MCSMX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.72

The correlation between MASGX and MCSMX shifts across timeframes, from 0.59 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MASGX vs. MCSMX — Risk / Return Rank

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

MASGX

MASGX Risk / Return Rank: 91
MASGX Sharpe Ratio Rank: 96
MASGX Sortino Ratio Rank: 88
MASGX Omega Ratio Rank: 87
MASGX Calmar Ratio Rank: 94
MASGX Martin Ratio Rank: 92

MCSMX

MCSMX Risk / Return Rank: 92
MCSMX Sharpe Ratio Rank: 96
MCSMX Sortino Ratio Rank: 92
MCSMX Omega Ratio Rank: 87
MCSMX Calmar Ratio Rank: 96
MCSMX Martin Ratio Rank: 91

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.

MASGX vs. MCSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Asia ESG Fund (MASGX) 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.

	MASGX	MCSMX	Difference
Sharpe ratio: Return per unit of total volatility	3.46	3.55	-0.10
Sortino ratio: Return per unit of downside risk	4.22	4.53	-0.31
Omega ratio: Gain probability vs. loss probability	1.61	1.60	+0.01
Calmar ratio: Return relative to maximum drawdown	5.34	6.34	-1.00
Martin ratio: Return relative to average drawdown	19.58	18.74	+0.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MASGX vs. MCSMX - Sharpe Ratio Comparison

The current MASGX Sharpe Ratio is 3.46, which is comparable to the MCSMX Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of MASGX 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.

Sharpe Ratios by Period

	MASGX	MCSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.46	3.55	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.06	+0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.62	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.42	+0.26

Drawdowns

MASGX vs. MCSMX - Drawdown Comparison

The maximum MASGX drawdown since its inception was -36.34%, smaller than the maximum MCSMX drawdown of -55.77%. Use the drawdown chart below to compare losses from any high point for MASGX and MCSMX.

Drawdown Indicators

	MASGX	MCSMX	Difference
Max Drawdown Largest peak-to-trough decline	-36.34%	-55.77%	+19.43%
Max Drawdown (1Y) Largest decline over 1 year	-14.20%	-12.32%	-1.88%
Max Drawdown (3Y) Largest decline over 3 years	-24.94%	-26.50%	+1.56%
Max Drawdown (5Y) Largest decline over 5 years	-36.34%	-53.98%	+17.64%
Max Drawdown (10Y) Largest decline over 10 years	-36.34%	-55.77%	+19.43%
Current Drawdown Current decline from peak	0.00%	-3.21%	+3.21%
Average Drawdown Average peak-to-trough decline	-11.23%	-20.21%	+8.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	4.11%	-0.30%

Volatility

MASGX vs. MCSMX - Volatility Comparison

Matthews Asia ESG Fund (MASGX) has a higher volatility of 9.70% compared to Matthews China Small Companies Fund (MCSMX) at 9.07%. This indicates that MASGX's price experiences larger fluctuations and is considered to be riskier than MCSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MASGX	MCSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.70%	9.07%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	18.92%	17.91%	+1.01%
Volatility (1Y) Calculated over the trailing 1-year period	21.97%	22.02%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.86%	24.45%	-3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	22.32%	-3.64%

MASGX vs. MCSMX - Expense Ratio Comparison

MASGX has a 1.24% expense ratio, which is lower than MCSMX's 1.41% expense ratio.

Dividends

MASGX vs. MCSMX - Dividend Comparison

MASGX's dividend yield for the trailing twelve months is around 3.78%, more than MCSMX's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MASGX Matthews Asia ESG Fund	3.78%	5.58%	2.58%	7.52%	5.39%	2.60%	5.66%	1.36%	4.52%	3.70%	1.47%	0.00%
MCSMX Matthews China Small Companies Fund	1.56%	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 MASGX and MCSMX in my portfolio?

MASGX and MCSMX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MASGX or MCSMX?

MASGX has higher volatility (9.70%) compared to MCSMX (9.07%). In terms of maximum drawdown, MASGX dropped -36.34% vs MCSMX's -55.77%.

Which has better risk-adjusted returns?

MCSMX currently has the higher Sharpe Ratio (3.55 vs 3.46), 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.