MATFX vs. EEMA
MATFX (Matthews Asia Innovators Fund) and EEMA (iShares MSCI Emerging Markets Asia ETF) are both Asia Pacific Equities funds. Over the past 10 years, MATFX returned 16.89%/yr vs 11.30%/yr for EEMA. A 0.80 correlation means they provide meaningful diversification when combined. MATFX charges 1.18%/yr vs 0.50%/yr for EEMA.
Performance
MATFX vs. EEMA - Performance Comparison
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Returns By Period
In the year-to-date period, MATFX achieves a 69.73% return, which is significantly higher than EEMA's 29.62% return. Over the past 10 years, MATFX has outperformed EEMA with an annualized return of 16.89%, while EEMA has yielded a comparatively lower 11.30% annualized return.
MATFX
- 1D
- 5.11%
- 1M
- 10.25%
- YTD
- 69.73%
- 6M
- 72.29%
- 1Y
- 103.56%
- 3Y*
- 35.64%
- 5Y*
- 11.85%
- 10Y*
- 16.89%
EEMA
- 1D
- 0.76%
- 1M
- 7.84%
- YTD
- 29.62%
- 6M
- 31.87%
- 1Y
- 55.09%
- 3Y*
- 25.38%
- 5Y*
- 7.89%
- 10Y*
- 11.30%
MATFX vs. EEMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MATFX Matthews Asia Innovators Fund | 69.73% | 30.22% | 16.47% | -1.77% | -24.66% | -5.90% | 86.75% | 29.60% | -18.59% | 52.78% |
EEMA iShares MSCI Emerging Markets Asia ETF | 29.62% | 33.27% | 10.23% | 6.57% | -21.49% | -4.22% | 25.17% | 18.60% | -15.76% | 43.41% |
Correlation
The correlation between MATFX and EEMA is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012 | 0.80 |
The correlation between MATFX and EEMA has been stable across timeframes, ranging from 0.77 to 0.87 - a consistent structural relationship.
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Return for Risk
MATFX vs. EEMA — Risk / Return Rank
MATFX
EEMA
MATFX vs. EEMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews Asia Innovators Fund (MATFX) and iShares MSCI Emerging Markets Asia ETF (EEMA). 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 | EEMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 1.46 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 9.54 | 3.87 | +5.67 |
| Martin ratioReturn relative to average drawdown | 25.35 | 14.07 | +11.27 |
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Drawdowns
MATFX vs. EEMA - Drawdown Comparison
The maximum MATFX drawdown since its inception was -76.88%, which is greater than EEMA's maximum drawdown of -44.18%. Use the drawdown chart below to compare losses from any high point for MATFX and EEMA.
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Drawdown Indicators
| MATFX | EEMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.88% | -44.18% | -32.70% |
Max Drawdown (1Y)Largest decline over 1 year | -11.33% | -14.30% | +2.97% |
Max Drawdown (3Y)Largest decline over 3 years | -18.19% | -20.23% | +2.04% |
Max Drawdown (5Y)Largest decline over 5 years | -45.33% | -40.46% | -4.87% |
Max Drawdown (10Y)Largest decline over 10 years | -52.42% | -44.18% | -8.24% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -28.13% | -13.94% | -14.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.20% | 3.93% | +0.27% |
Volatility
MATFX vs. EEMA - Volatility Comparison
Matthews Asia Innovators Fund (MATFX) has a higher volatility of 14.80% compared to iShares MSCI Emerging Markets Asia ETF (EEMA) at 10.29%. This indicates that MATFX's price experiences larger fluctuations and is considered to be riskier than EEMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MATFX | EEMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.80% | 10.29% | +4.51% |
Volatility (6M)Calculated over the trailing 6-month period | 23.28% | 19.37% | +3.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.03% | 22.05% | +3.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.16% | 20.75% | +4.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.00% | 21.03% | +1.97% |
MATFX vs. EEMA - Expense Ratio Comparison
MATFX has a 1.18% expense ratio, which is higher than EEMA's 0.50% expense ratio.
Dividends
MATFX vs. EEMA - Dividend Comparison
MATFX has not paid dividends to shareholders, while EEMA's dividend yield for the trailing twelve months is around 1.27%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EEMA iShares MSCI Emerging Markets Asia ETF | 1.27% | 1.48% | 1.74% | 2.02% | 1.78% | 2.19% | 1.15% | 1.86% | 2.17% | 1.74% | 1.74% | 2.44% |
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
MATFX and EEMA have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MATFX has higher volatility (14.80%) compared to EEMA (10.29%). In terms of maximum drawdown, MATFX dropped -76.88% vs EEMA's -44.18%.
MATFX currently has the higher Sharpe Ratio (4.15 vs 2.52), 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.
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