MASGX vs. TRCLX
MASGX (Matthews Asia ESG Fund) and TRCLX (T. Rowe Price China Evolution Equity Fund) are both mutual funds - MASGX is a Asia Pacific Equities fund managed by Matthews, while TRCLX is a China Equities fund managed by T. Rowe Price. Over the past 5 years, MASGX returned 7.95%/yr vs 3.14%/yr for TRCLX. A 0.72 correlation means they provide meaningful diversification when combined. MASGX charges 1.24%/yr vs 1.04%/yr for TRCLX.
Performance
MASGX vs. TRCLX - Performance Comparison
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Returns By Period
In the year-to-date period, MASGX achieves a 42.67% return, which is significantly higher than TRCLX's 30.04% return.
MASGX
- 1D
- 1.28%
- 1M
- -1.50%
- 6M
- 32.89%
- YTD
- 42.67%
- 1Y
- 58.51%
- 3Y*
- 19.11%
- 5Y*
- 7.95%
- 10Y*
- 12.21%
TRCLX
- 1D
- -2.18%
- 1M
- 0.49%
- 6M
- 23.49%
- YTD
- 30.04%
- 1Y
- 57.72%
- 3Y*
- 21.08%
- 5Y*
- 3.14%
- 10Y*
- —
MASGX vs. TRCLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MASGX Matthews Asia ESG Fund | 42.67% | 22.83% | -2.51% | 7.99% | -14.37% | 5.33% | 42.90% | 3.06% |
TRCLX T. Rowe Price China Evolution Equity Fund | 30.04% | 36.23% | 10.95% | -15.51% | -26.24% | 6.28% | 59.73% | 6.20% |
Correlation
The correlation between MASGX and TRCLX is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2019 | 0.72 |
The correlation between MASGX and TRCLX shifts across timeframes, from 0.58 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MASGX vs. TRCLX — Risk / Return Rank
MASGX
TRCLX
MASGX vs. TRCLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews Asia ESG Fund (MASGX) and T. Rowe Price China Evolution Equity Fund (TRCLX). 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 | TRCLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.45 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 4.21 | 5.42 | -1.21 |
| Martin ratioReturn relative to average drawdown | 13.87 | 17.99 | -4.12 |
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Drawdowns
MASGX vs. TRCLX - Drawdown Comparison
The maximum MASGX drawdown since its inception was -36.34%, smaller than the maximum TRCLX drawdown of -50.67%. Use the drawdown chart below to compare losses from any high point for MASGX and TRCLX.
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Drawdown Indicators
| MASGX | TRCLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.34% | -50.67% | +14.33% |
Max Drawdown (1Y)Largest decline over 1 year | -14.20% | -10.47% | -3.73% |
Max Drawdown (3Y)Largest decline over 3 years | -24.94% | -25.49% | +0.55% |
Max Drawdown (5Y)Largest decline over 5 years | -36.34% | -48.62% | +12.28% |
Max Drawdown (10Y)Largest decline over 10 years | -36.34% | — | — |
Current DrawdownCurrent decline from peak | -7.49% | -8.46% | +0.97% |
Average DrawdownAverage peak-to-trough decline | -11.17% | -22.43% | +11.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.25% | 3.15% | +1.10% |
Volatility
MASGX vs. TRCLX - Volatility Comparison
Matthews Asia ESG Fund (MASGX) has a higher volatility of 12.82% compared to T. Rowe Price China Evolution Equity Fund (TRCLX) at 10.22%. This indicates that MASGX's price experiences larger fluctuations and is considered to be riskier than TRCLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MASGX | TRCLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.82% | 10.22% | +2.60% |
Volatility (6M)Calculated over the trailing 6-month period | 23.56% | 17.48% | +6.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.92% | 21.01% | +4.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.76% | 23.59% | -1.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.19% | 23.64% | -4.45% |
MASGX vs. TRCLX - Expense Ratio Comparison
MASGX has a 1.24% expense ratio, which is higher than TRCLX's 1.04% expense ratio.
Dividends
MASGX vs. TRCLX - Dividend Comparison
MASGX's dividend yield for the trailing twelve months is around 3.91%, more than TRCLX's 1.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MASGX Matthews Asia ESG Fund | 3.91% | 5.58% | 2.58% | 7.52% | 5.39% | 2.60% | 5.66% | 1.36% | 4.52% | 3.70% | 1.47% |
TRCLX T. Rowe Price China Evolution Equity Fund | 1.26% | 1.64% | 1.78% | 2.56% | 2.76% | 8.23% | 1.50% | 0.01% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MASGX and TRCLX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MASGX has higher volatility (12.82%) compared to TRCLX (10.22%). In terms of maximum drawdown, MASGX dropped -36.34% vs TRCLX's -50.67%.
TRCLX currently has the higher Sharpe Ratio (2.70 vs 2.31), 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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