MATFX vs. CNJFX

Last updated Aug 1, 2026

MATFX (Matthews Asia Innovators Fund) and CNJFX (Commonwealth Japan Fund) are both mutual funds - MATFX is a Asia Pacific Equities fund managed by Matthews, while CNJFX is a Japan Equities fund managed by Commonwealth Intl Series Tr. Over the past 10 years, MATFX returned 13.68%/yr vs 4.95%/yr for CNJFX. Their 0.47 correlation means their historical movements had little consistent relationship. MATFX charges 1.18%/yr vs 1.75%/yr for CNJFX.

Performance

MATFX vs. CNJFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Asia Innovators Fund (MATFX) and Commonwealth Japan Fund (CNJFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MATFX achieves a 36.26% return, which is significantly higher than CNJFX's 18.08% return. Over the past 10 years, MATFX has outperformed CNJFX with an annualized return of 13.68%, while CNJFX has yielded a comparatively lower 4.95% annualized return.

MATFX

• 1D: 2.55%
• 1M: -12.90%
• 6M: 24.99%
• YTD: 36.26%
• 1Y: 53.68%
• 3Y*: 25.02%
• 5Y*: 8.96%
• 10Y*: 13.68%
• ALL TIME*: 6.75%

CNJFX

• 1D: 3.82%
• 1M: -3.37%
• 6M: 14.41%
• YTD: 18.08%
• 1Y: 28.01%
• 3Y*: 12.23%
• 5Y*: 4.57%
• 10Y*: 4.95%
• ALL TIME*: -0.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CNJFX Commonwealth Japan Fund	$0.00	$0.00	$0.00
MATFX Matthews Asia Innovators Fund	$0.00	$0.00	$0.00

MATFX vs. CNJFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MATFX Matthews Asia Innovators Fund	36.26%	30.22%	16.47%	-1.77%	-24.66%	-5.90%	86.75%	29.60%	-18.59%	52.78%
CNJFX Commonwealth Japan Fund	18.08%	18.27%	-1.53%	14.15%	-18.49%	-7.92%	9.93%	19.15%	-10.80%	20.61%

Correlation

The correlation between MATFX and CNJFX is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.39
Correlation (5Y) Shows whether the relationship held over a longer period.	0.42
Correlation (10Y) Provides a long-term view across more market conditions.	0.40
Correlation (All Time) Calculated using the full available price history since Dec 27, 1999	0.47

Return for Risk

MATFX vs. CNJFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MATFX

MATFX Risk / Return Rank: 71
MATFX Sharpe Ratio Rank: 76
MATFX Sortino Ratio Rank: 65
MATFX Omega Ratio Rank: 74
MATFX Calmar Ratio Rank: 72
MATFX Martin Ratio Rank: 68

CNJFX

CNJFX Risk / Return Rank: 63
CNJFX Sharpe Ratio Rank: 63
CNJFX Sortino Ratio Rank: 63
CNJFX Omega Ratio Rank: 57
CNJFX Calmar Ratio Rank: 77
CNJFX Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MATFX vs. CNJFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Asia Innovators Fund (MATFX) and Commonwealth Japan Fund (CNJFX). 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.

	MATFX	CNJFX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.52	+0.26
Sortino ratio: Return per unit of downside risk	2.24	2.21	+0.03
Omega ratio: Gain probability vs. loss probability	1.32	1.27	+0.06
Calmar ratio: Return relative to maximum drawdown	2.33	2.51	-0.18
Martin ratio: Return relative to average drawdown	8.42	7.64	+0.79

MATFX vs. CNJFX - Sharpe Ratio Comparison

The current MATFX Sharpe Ratio is 1.77, which is comparable to the CNJFX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of MATFX and CNJFX, 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

MATFX vs. CNJFX - Drawdown Comparison

The maximum MATFX drawdown since its inception was -76.88%, roughly equal to the maximum CNJFX drawdown of -73.98%. Use the drawdown chart below to compare losses from any high point for MATFX and CNJFX.

Drawdown Indicators

	MATFX	CNJFX	Difference
Max Drawdown Largest peak-to-trough decline	-76.88%	-73.98%	-2.90%
Max Drawdown (1Y) Largest decline over 1 year	-22.61%	-11.44%	-11.17%
Max Drawdown (3Y) Largest decline over 3 years	-22.61%	-17.82%	-4.79%
Max Drawdown (5Y) Largest decline over 5 years	-42.71%	-36.47%	-6.24%
Max Drawdown (10Y) Largest decline over 10 years	-52.42%	-36.47%	-15.95%
Current Drawdown Current decline from peak	-20.64%	-30.49%	+9.85%
Average Drawdown Average peak-to-trough decline	-28.06%	-49.80%	+21.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.17%	3.76%	+2.41%

Volatility

MATFX vs. CNJFX - Volatility Comparison

Matthews Asia Innovators Fund (MATFX) has a higher volatility of 10.96% compared to Commonwealth Japan Fund (CNJFX) at 6.77%. This indicates that MATFX's price experiences larger fluctuations and is considered to be riskier than CNJFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MATFX	CNJFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.96%	6.77%	+4.19%
Volatility (6M) Calculated over the trailing 6-month period	27.17%	14.98%	+12.19%
Volatility (1Y) Calculated over the trailing 1-year period	29.75%	18.99%	+10.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.61%	18.37%	+7.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.39%	17.39%	+6.00%

MATFX vs. CNJFX - Expense Ratio Comparison

MATFX has a 1.18% expense ratio, which is lower than CNJFX's 1.75% expense ratio.

Dividends

MATFX vs. CNJFX - Dividend Comparison

MATFX has not paid dividends to shareholders, while CNJFX's dividend yield for the trailing twelve months is around 1.02%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNJFX Commonwealth Japan Fund	1.02%	1.20%	0.58%	0.10%	0.00%	4.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MATFX Matthews Asia Innovators Fund	0.00%	0.00%	0.00%	0.00%	26.54%	31.07%	1.67%	0.29%	2.63%	8.44%	0.00%	15.24%

Frequently Asked Questions

Can I hold both MATFX and CNJFX in my portfolio?

MATFX and CNJFX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MATFX or CNJFX?

MATFX has higher volatility (10.96%) compared to CNJFX (6.77%). In terms of maximum drawdown, MATFX dropped -76.88% vs CNJFX's -73.98%.

Which has better risk-adjusted returns?

MATFX currently has the higher Sharpe Ratio (1.77 vs 1.52), 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.