MCH vs. CN

Last updated Jun 4, 2026

MCH (Matthews China Active ETF) and CN (Xtrackers MSCI All China Equity ETF) are both China Equities funds. MCH is actively managed, while CN is passively managed. A 0.62 correlation means they provide meaningful diversification when combined. MCH charges 0.79%/yr vs 0.50%/yr for CN.

Performance

MCH vs. CN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews China Active ETF (MCH) and Xtrackers MSCI All China Equity ETF (CN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MCH

• 1D: -1.27%
• 1M: 4.48%
• YTD: 3.98%
• 6M: 3.57%
• 1Y: 28.39%
• 3Y*: 13.10%
• 5Y*: —
• 10Y*: —

CN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MCH vs. CN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MCH Matthews China Active ETF	3.98%	30.20%	17.32%	-19.91%	-3.12%
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	-3.10%	-11.87%	-8.54%

Correlation

The correlation between MCH and CN is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 15, 2022	0.62

The correlation between MCH and CN shifts across timeframes, from 0.48 (3 years) to 0.62 (all time), reflecting how their relationship changes across market environments.

MCH vs. CN - Sectors Allocation Comparison

Sectors	MCH	CN
Financial Services	25.5%	55.1%
Consumer Cyclical	16.2%	5.4%
Technology	15.0%	0.3%
Communication Services	13.2%	0.4%
Industrials	12.4%	1.0%
Basic Materials	9.5%	0.6%
Healthcare	5.5%	0.8%
Real Estate	2.7%	0.8%
Energy	1.0%	0.9%
Consumer Defensive	0.6%	0.3%
Utilities	-	0.2%

Return for Risk

MCH vs. CN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MCH

MCH Risk / Return Rank: 38
MCH Sharpe Ratio Rank: 40
MCH Sortino Ratio Rank: 39
MCH Omega Ratio Rank: 38
MCH Calmar Ratio Rank: 39
MCH Martin Ratio Rank: 33

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MCH vs. CN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews China Active ETF (MCH) and Xtrackers MSCI All China Equity ETF (CN). 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.

	MCH	CN	Difference
Sharpe ratio: Return per unit of total volatility	1.41	—	—
Sortino ratio: Return per unit of downside risk	2.03	—	—
Omega ratio: Gain probability vs. loss probability	1.25	—	—
Calmar ratio: Return relative to maximum drawdown	1.90	—	—
Martin ratio: Return relative to average drawdown	5.10	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MCH	CN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	—	—

Drawdowns

Drawdown Indicators

	MCH	CN	Difference
Max Drawdown Largest peak-to-trough decline	-40.53%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-15.05%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-30.57%	—	—
Current Drawdown Current decline from peak	-3.41%	—	—
Average Drawdown Average peak-to-trough decline	-18.50%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	5.58%	—	—

Volatility

Volatility by Period

	MCH	CN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.18%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.53%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.53%	—	—

MCH vs. CN - Expense Ratio Comparison

MCH has a 0.79% expense ratio, which is higher than CN's 0.50% expense ratio.

Dividends

MCH vs. CN - Dividend Comparison

MCH's dividend yield for the trailing twelve months is around 1.69%, while CN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%
MCH Matthews China Active ETF	1.69%	1.76%	1.31%	1.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MCH and CN in my portfolio?

MCH and CN have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MCH or CN?

On fees, CN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MCH or CN?

CN is cheaper with a 0.50% expense ratio, compared with 0.79% for MCH.

Which ETF pays a higher dividend yield, MCH or CN?

MCH has the higher dividend yield at 1.69%, compared with 0.00% for CN.

What is the main difference between MCH and CN?

They also come from different issuers: Matthews and Deutsche Bank. Their fees differ too: 0.79% for MCH and 0.50% for CN.