MATFX vs. EWT
MATFX (Matthews Asia Innovators Fund) and EWT (iShares MSCI Taiwan ETF) are both funds - MATFX is a Asia Pacific Equities fund managed by Matthews, while EWT is a Taiwan Equities fund tracking the MSCI Taiwan 25/50 Index. Over the past 10 years, MATFX returned 13.68%/yr vs 17.98%/yr for EWT. Their 0.66 correlation means they have sometimes moved together and sometimes differently. MATFX charges 1.18%/yr vs 0.59%/yr for EWT.
Performance
MATFX vs. EWT - Performance Comparison
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Returns By Period
In the year-to-date period, MATFX achieves a 36.26% return, which is significantly lower than EWT's 51.98% return. Over the past 10 years, MATFX has underperformed EWT with an annualized return of 13.68%, while EWT has yielded a comparatively higher 17.98% 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%
EWT
- 1D
- 2.71%
- 1M
- -7.92%
- 6M
- 41.86%
- YTD
- 51.98%
- 1Y
- 72.95%
- 3Y*
- 34.98%
- 5Y*
- 16.96%
- 10Y*
- 17.98%
- ALL TIME*
- 7.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $630.60M | $678.43M | $665.11M | |
| $0.00 | $0.00 | $0.00 |
MATFX vs. EWT - 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% |
EWT iShares MSCI Taiwan ETF | 51.98% | 28.38% | 16.11% | 29.00% | -28.90% | 26.18% | 31.50% | 33.36% | -9.90% | 26.81% |
Correlation
The correlation between MATFX and EWT is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2000 | 0.66 |
The correlation between MATFX and EWT has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.
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Return for Risk
MATFX vs. EWT — Risk / Return Rank
MATFX
EWT
MATFX vs. EWT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews Asia Innovators Fund (MATFX) and iShares MSCI Taiwan ETF (EWT). 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 | EWT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.39 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 3.70 | -1.37 |
| Martin ratioReturn relative to average drawdown | 8.42 | 15.15 | -6.73 |
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Drawdowns
MATFX vs. EWT - Drawdown Comparison
The maximum MATFX drawdown since its inception was -76.88%, which is greater than EWT's maximum drawdown of -64.37%. Use the drawdown chart below to compare losses from any high point for MATFX and EWT.
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Drawdown Indicators
| MATFX | EWT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.88% | -64.37% | -12.51% |
Max Drawdown (1Y)Largest decline over 1 year | -22.61% | -19.83% | -2.78% |
Max Drawdown (3Y)Largest decline over 3 years | -22.61% | -25.66% | +3.05% |
Max Drawdown (5Y)Largest decline over 5 years | -42.71% | -38.88% | -3.83% |
Max Drawdown (10Y)Largest decline over 10 years | -52.42% | -38.88% | -13.54% |
Current DrawdownCurrent decline from peak | -20.64% | -13.43% | -7.21% |
Average DrawdownAverage peak-to-trough decline | -28.06% | -19.09% | -8.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.17% | 4.84% | +1.33% |
Volatility
MATFX vs. EWT - Volatility Comparison
The current volatility for Matthews Asia Innovators Fund (MATFX) is 10.96%, while iShares MSCI Taiwan ETF (EWT) has a volatility of 13.40%. This indicates that MATFX experiences smaller price fluctuations and is considered to be less risky than EWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MATFX | EWT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.96% | 13.40% | -2.44% |
Volatility (6M)Calculated over the trailing 6-month period | 27.17% | 27.56% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.75% | 30.78% | -1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.61% | 23.94% | +1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.39% | 22.19% | +1.20% |
MATFX vs. EWT - Expense Ratio Comparison
MATFX has a 1.18% expense ratio, which is higher than EWT's 0.59% expense ratio.
Dividends
MATFX vs. EWT - Dividend Comparison
MATFX has not paid dividends to shareholders, while EWT's dividend yield for the trailing twelve months is around 2.92%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWT iShares MSCI Taiwan ETF | 2.92% | 4.43% | 3.32% | 12.01% | 18.82% | 0.55% | 1.83% | 2.49% | 3.16% | 2.81% | 2.39% | 3.12% |
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 EWT have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWT has higher volatility (13.40%) compared to MATFX (10.96%). In terms of maximum drawdown, MATFX dropped -76.88% vs EWT's -64.37%.
EWT currently has the higher Sharpe Ratio (2.39 vs 1.77), 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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