MASGX vs. MEGMX

Last updated Jun 4, 2026

MASGX (Matthews Asia ESG Fund) and MEGMX (Matthews Emerging Markets Equity Fund) are both mutual funds - MASGX is a Asia Pacific Equities fund managed by Matthews, while MEGMX is a Emerging Markets Diversified fund managed by Matthews. Over the past 5 years, MASGX returned 9.27%/yr vs 9.12%/yr for MEGMX. Their correlation of 0.84 suggests significant overlap in exposure. MASGX charges 1.24%/yr vs 1.08%/yr for MEGMX.

Performance

MASGX vs. MEGMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Asia ESG Fund (MASGX) and Matthews Emerging Markets Equity Fund (MEGMX). 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 MEGMX's 37.52% 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%

MEGMX

• 1D: 1.17%
• 1M: 13.32%
• YTD: 37.52%
• 6M: 39.97%
• 1Y: 64.67%
• 3Y*: 27.11%
• 5Y*: 9.12%
• 10Y*: —

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

MASGX vs. MEGMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MASGX Matthews Asia ESG Fund	47.58%	22.83%	-2.51%	7.99%	-14.37%	5.33%	67.72%
MEGMX Matthews Emerging Markets Equity Fund	37.52%	29.37%	11.11%	8.46%	-20.94%	-1.90%	61.26%

Correlation

The correlation between MASGX and MEGMX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.84

The correlation between MASGX and MEGMX has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

Return for Risk

MASGX vs. MEGMX — 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

MEGMX

MEGMX Risk / Return Rank: 90
MEGMX Sharpe Ratio Rank: 96
MEGMX Sortino Ratio Rank: 90
MEGMX Omega Ratio Rank: 89
MEGMX Calmar Ratio Rank: 88
MEGMX Martin Ratio Rank: 88

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. MEGMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Asia ESG Fund (MASGX) and Matthews Emerging Markets Equity Fund (MEGMX). 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	MEGMX	Difference
Sharpe ratio Return per unit of total volatility	3.46	3.47	-0.02
Sortino ratio Return per unit of downside risk	4.22	4.43	-0.20
Omega ratio Gain probability vs. loss probability	1.61	1.64	-0.03
Calmar ratio Return relative to maximum drawdown	5.34	4.40	+0.94
Martin ratio Return relative to average drawdown	19.58	17.23	+2.35
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. MEGMX - Sharpe Ratio Comparison

The current MASGX Sharpe Ratio is 3.46, which is comparable to the MEGMX Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of MASGX and MEGMX, 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	MEGMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.46	3.47	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.52	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	1.00	-0.32

Drawdowns

MASGX vs. MEGMX - Drawdown Comparison

The maximum MASGX drawdown since its inception was -36.34%, roughly equal to the maximum MEGMX drawdown of -37.64%. Use the drawdown chart below to compare losses from any high point for MASGX and MEGMX.

Drawdown Indicators

	MASGX	MEGMX	Difference
Max Drawdown Largest peak-to-trough decline	-36.34%	-37.64%	+1.30%
Max Drawdown (1Y) Largest decline over 1 year	-14.20%	-15.34%	+1.14%
Max Drawdown (3Y) Largest decline over 3 years	-24.94%	-18.39%	-6.55%
Max Drawdown (5Y) Largest decline over 5 years	-36.34%	-37.03%	+0.69%
Max Drawdown (10Y) Largest decline over 10 years	-36.34%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-11.23%	-14.57%	+3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	3.86%	-0.05%

Volatility

MASGX vs. MEGMX - Volatility Comparison

Matthews Asia ESG Fund (MASGX) and Matthews Emerging Markets Equity Fund (MEGMX) have volatilities of 9.70% and 9.46%, 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

	MASGX	MEGMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.70%	9.46%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	18.92%	17.19%	+1.73%
Volatility (1Y) Calculated over the trailing 1-year period	21.97%	19.46%	+2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.86%	17.57%	+3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	17.73%	+0.95%

MASGX vs. MEGMX - Expense Ratio Comparison

MASGX has a 1.24% expense ratio, which is higher than MEGMX's 1.08% expense ratio.

Dividends

MASGX vs. MEGMX - Dividend Comparison

MASGX's dividend yield for the trailing twelve months is around 3.78%, more than MEGMX's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
MEGMX Matthews Emerging Markets Equity Fund	2.16%	2.97%	0.92%	1.82%	1.81%	7.76%	2.26%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MASGX and MEGMX in my portfolio?

With a correlation of 0.91, MASGX and MEGMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MASGX or MEGMX?

MASGX has higher volatility (9.70%) compared to MEGMX (9.46%). In terms of maximum drawdown, MASGX dropped -36.34% vs MEGMX's -37.64%.

Which has better risk-adjusted returns?

MEGMX currently has the higher Sharpe Ratio (3.47 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.