MASGX vs. MSMLX

Last updated Jun 23, 2026

MASGX (Matthews Asia ESG Fund) and MSMLX (Matthews Emerging Markets Small Companies Fund) are both mutual funds - MASGX is a Asia Pacific Equities fund managed by Matthews, while MSMLX is a Emerging Markets Diversified fund managed by Matthews. Over the past 10 years, MASGX returned 13.27%/yr vs 12.03%/yr for MSMLX. Their correlation of 0.85 suggests significant overlap in exposure. MASGX charges 1.24%/yr vs 1.37%/yr for MSMLX.

Performance

MASGX vs. MSMLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Asia ESG Fund (MASGX) and Matthews Emerging Markets Small Companies Fund (MSMLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MASGX achieves a 50.69% return, which is significantly higher than MSMLX's 27.83% return. Over the past 10 years, MASGX has outperformed MSMLX with an annualized return of 13.27%, while MSMLX has yielded a comparatively lower 12.03% annualized return.

MASGX

• 1D: 3.57%
• 1M: 8.81%
• YTD: 50.69%
• 6M: 52.45%
• 1Y: 72.78%
• 3Y*: 20.68%
• 5Y*: 9.66%
• 10Y*: 13.27%

MSMLX

• 1D: 1.17%
• 1M: 3.81%
• YTD: 27.83%
• 6M: 28.38%
• 1Y: 35.36%
• 3Y*: 12.57%
• 5Y*: 8.79%
• 10Y*: 12.03%

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

MASGX vs. MSMLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MASGX Matthews Asia ESG Fund	50.69%	22.83%	-2.51%	7.99%	-14.37%	5.33%	42.90%	12.56%	-9.70%	33.75%
MSMLX Matthews Emerging Markets Small Companies Fund	27.83%	13.50%	-6.10%	20.04%	-16.78%	26.40%	43.69%	17.38%	-17.80%	30.43%

Correlation

The correlation between MASGX and MSMLX 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 (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.85

The correlation between MASGX and MSMLX has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

MASGX vs. MSMLX — Risk / Return Rank

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

MASGX

MASGX Risk / Return Rank: 90
MASGX Sharpe Ratio Rank: 94
MASGX Sortino Ratio Rank: 84
MASGX Omega Ratio Rank: 86
MASGX Calmar Ratio Rank: 95
MASGX Martin Ratio Rank: 93

MSMLX

MSMLX Risk / Return Rank: 43
MSMLX Sharpe Ratio Rank: 41
MSMLX Sortino Ratio Rank: 39
MSMLX Omega Ratio Rank: 40
MSMLX Calmar Ratio Rank: 52
MSMLX Martin Ratio Rank: 42

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. MSMLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Asia ESG Fund (MASGX) and Matthews Emerging Markets Small Companies Fund (MSMLX). 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.

	MASGX	MSMLX	Difference
Sharpe ratio: Return per unit of total volatility	3.02	1.73	+1.29
Sortino ratio: Return per unit of downside risk	3.68	2.42	+1.25
Omega ratio: Gain probability vs. loss probability	1.54	1.32	+0.23
Calmar ratio: Return relative to maximum drawdown	5.22	2.63	+2.59
Martin ratio: Return relative to average drawdown	18.49	8.52	+9.97

MASGX vs. MSMLX - Sharpe Ratio Comparison

The current MASGX Sharpe Ratio is 3.02, which is higher than the MSMLX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of MASGX and MSMLX, 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

MASGX vs. MSMLX - Drawdown Comparison

The maximum MASGX drawdown since its inception was -36.34%, roughly equal to the maximum MSMLX drawdown of -36.40%. Use the drawdown chart below to compare losses from any high point for MASGX and MSMLX.

Drawdown Indicators

	MASGX	MSMLX	Difference
Max Drawdown Largest peak-to-trough decline	-36.34%	-36.40%	+0.06%
Max Drawdown (1Y) Largest decline over 1 year	-14.20%	-12.89%	-1.31%
Max Drawdown (3Y) Largest decline over 3 years	-24.94%	-22.62%	-2.32%
Max Drawdown (5Y) Largest decline over 5 years	-36.34%	-28.00%	-8.34%
Max Drawdown (10Y) Largest decline over 10 years	-36.34%	-34.33%	-2.01%
Current Drawdown Current decline from peak	0.00%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-11.19%	-9.22%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	3.94%	+0.02%

Volatility

MASGX vs. MSMLX - Volatility Comparison

Matthews Asia ESG Fund (MASGX) has a higher volatility of 12.46% compared to Matthews Emerging Markets Small Companies Fund (MSMLX) at 7.57%. This indicates that MASGX's price experiences larger fluctuations and is considered to be riskier than MSMLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MASGX	MSMLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.46%	7.57%	+4.89%
Volatility (6M) Calculated over the trailing 6-month period	21.99%	16.95%	+5.04%
Volatility (1Y) Calculated over the trailing 1-year period	24.51%	19.60%	+4.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.42%	17.92%	+3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.01%	17.29%	+1.72%

MASGX vs. MSMLX - Expense Ratio Comparison

MASGX has a 1.24% expense ratio, which is lower than MSMLX's 1.37% expense ratio.

Dividends

MASGX vs. MSMLX - Dividend Comparison

MASGX's dividend yield for the trailing twelve months is around 3.70%, more than MSMLX's 1.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MASGX Matthews Asia ESG Fund	3.70%	5.58%	2.58%	7.52%	5.39%	2.60%	5.66%	1.36%	4.52%	3.70%	1.47%	0.00%
MSMLX Matthews Emerging Markets Small Companies Fund	1.17%	1.50%	3.95%	8.36%	8.04%	9.18%	0.28%	0.51%	21.31%	8.12%	0.43%	0.13%

Frequently Asked Questions

Can I hold both MASGX and MSMLX in my portfolio?

MASGX and MSMLX 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.

Which is riskier, MASGX or MSMLX?

MASGX has higher volatility (12.46%) compared to MSMLX (7.57%). In terms of maximum drawdown, MASGX dropped -36.34% vs MSMLX's -36.40%.

Which has better risk-adjusted returns?

MASGX currently has the higher Sharpe Ratio (3.02 vs 1.73), 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.