MASGX vs. PAAOX
MASGX (Matthews Asia ESG Fund) and PAAOX (T. Rowe Price Asia Opportunities Fund) are both Asia Pacific Equities funds. Over the past 10 years, MASGX returned 13.27%/yr vs 9.06%/yr for PAAOX. Their correlation of 0.80 suggests significant overlap in exposure. MASGX charges 1.24%/yr vs 1.25%/yr for PAAOX.
Performance
MASGX vs. PAAOX - Performance Comparison
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Returns By Period
In the year-to-date period, MASGX achieves a 50.69% return, which is significantly higher than PAAOX's 7.13% return. Over the past 10 years, MASGX has outperformed PAAOX with an annualized return of 13.27%, while PAAOX has yielded a comparatively lower 9.06% 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%
PAAOX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 7.13%
- 6M
- 8.69%
- 1Y
- 27.28%
- 3Y*
- 12.55%
- 5Y*
- 1.84%
- 10Y*
- 9.06%
MASGX vs. PAAOX - 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% |
PAAOX T. Rowe Price Asia Opportunities Fund | 7.13% | 27.78% | 11.30% | -1.00% | -19.33% | -5.50% | 26.57% | 24.86% | -11.26% | 43.07% |
Correlation
The correlation between MASGX and PAAOX is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.80 |
The correlation between MASGX and PAAOX shifts across timeframes, from 0.68 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MASGX vs. PAAOX — Risk / Return Rank
MASGX
PAAOX
MASGX vs. PAAOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews Asia ESG Fund (MASGX) and T. Rowe Price Asia Opportunities Fund (PAAOX). 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 | PAAOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.46 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.34 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 5.22 | 1.93 | +3.29 |
| Martin ratioReturn relative to average drawdown | 18.49 | 6.27 | +12.22 |
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Drawdowns
MASGX vs. PAAOX - Drawdown Comparison
The maximum MASGX drawdown since its inception was -36.34%, smaller than the maximum PAAOX drawdown of -43.02%. Use the drawdown chart below to compare losses from any high point for MASGX and PAAOX.
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Drawdown Indicators
| MASGX | PAAOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.34% | -43.02% | +6.68% |
Max Drawdown (1Y)Largest decline over 1 year | -14.20% | -13.70% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -24.94% | -18.78% | -6.16% |
Max Drawdown (5Y)Largest decline over 5 years | -36.34% | -40.41% | +4.07% |
Max Drawdown (10Y)Largest decline over 10 years | -36.34% | -43.02% | +6.68% |
Current DrawdownCurrent decline from peak | 0.00% | -5.51% | +5.51% |
Average DrawdownAverage peak-to-trough decline | -11.19% | -13.10% | +1.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.96% | 4.20% | -0.24% |
Volatility
MASGX vs. PAAOX - Volatility Comparison
Matthews Asia ESG Fund (MASGX) has a higher volatility of 12.46% compared to T. Rowe Price Asia Opportunities Fund (PAAOX) at 0.00%. This indicates that MASGX's price experiences larger fluctuations and is considered to be riskier than PAAOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MASGX | PAAOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.46% | 0.00% | +12.46% |
Volatility (6M)Calculated over the trailing 6-month period | 21.99% | 13.62% | +8.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.51% | 16.92% | +7.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.42% | 18.10% | +3.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.01% | 17.64% | +1.37% |
MASGX vs. PAAOX - Expense Ratio Comparison
MASGX has a 1.24% expense ratio, which is lower than PAAOX's 1.25% expense ratio.
Dividends
MASGX vs. PAAOX - Dividend Comparison
MASGX's dividend yield for the trailing twelve months is around 3.70%, more than PAAOX's 3.21% 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% |
PAAOX T. Rowe Price Asia Opportunities Fund | 3.21% | 0.64% | 0.00% | 1.55% | 1.51% | 7.43% | 1.33% | 0.62% | 0.61% | 0.13% | 2.12% | 0.89% |
Frequently Asked Questions
MASGX and PAAOX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MASGX has higher volatility (12.46%) compared to PAAOX (0.00%). In terms of maximum drawdown, MASGX dropped -36.34% vs PAAOX's -43.02%.
MASGX currently has the higher Sharpe Ratio (3.02 vs 1.56), 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.
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