MCH vs. CXSE

Last updated Jun 4, 2026

MCH (Matthews China Active ETF) and CXSE (WisdomTree China ex-State-Owned Enterprises Fund) are both China Equities funds. MCH is actively managed, while CXSE is passively managed. Over the past 3 years, MCH returned 13.10%/yr vs 10.95%/yr for CXSE. With a 0.95 correlation, they move nearly in lockstep. MCH charges 0.79%/yr vs 0.32%/yr for CXSE.

Performance

MCH vs. CXSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews China Active ETF (MCH) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCH achieves a 3.98% return, which is significantly higher than CXSE's 0.93% return.

MCH

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

CXSE

• 1D: -1.05%
• 1M: 0.71%
• YTD: 0.93%
• 6M: 0.61%
• 1Y: 24.36%
• 3Y*: 10.95%
• 5Y*: -8.07%
• 10Y*: 7.43%

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

MCH vs. CXSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MCH Matthews China Active ETF	3.98%	30.20%	17.32%	-19.91%	-3.12%
CXSE WisdomTree China ex-State-Owned Enterprises Fund	0.93%	37.00%	8.56%	-18.02%	-12.88%

Correlation

The correlation between MCH and CXSE is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jul 15, 2022	0.95

The correlation between MCH and CXSE has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

MCH vs. CXSE - Sectors Allocation Comparison

Sectors	MCH	CXSE
Financial Services	25.5%	6.2%
Consumer Cyclical	16.2%	26.2%
Technology	15.0%	22.6%
Communication Services	13.2%	10.1%
Industrials	12.4%	16.6%
Basic Materials	9.5%	3.4%
Healthcare	5.5%	8.8%
Real Estate	2.7%	0.9%
Energy	1.0%	0.4%
Consumer Defensive	0.6%	3.9%
Utilities	-	0.3%

Return for Risk

MCH vs. CXSE — 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

CXSE

CXSE Risk / Return Rank: 28
CXSE Sharpe Ratio Rank: 31
CXSE Sortino Ratio Rank: 30
CXSE Omega Ratio Rank: 30
CXSE Calmar Ratio Rank: 28
CXSE Martin Ratio Rank: 22

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. CXSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews China Active ETF (MCH) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). 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	CXSE	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.14	+0.27
Sortino ratio: Return per unit of downside risk	2.03	1.67	+0.36
Omega ratio: Gain probability vs. loss probability	1.25	1.21	+0.04
Calmar ratio: Return relative to maximum drawdown	1.90	1.38	+0.51
Martin ratio: Return relative to average drawdown	5.10	2.90	+2.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MCH vs. CXSE - Sharpe Ratio Comparison

The current MCH Sharpe Ratio is 1.41, which is comparable to the CXSE Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of MCH and CXSE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MCH	CXSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.14	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.25	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.19	0.00

Drawdowns

MCH vs. CXSE - Drawdown Comparison

The maximum MCH drawdown since its inception was -40.53%, smaller than the maximum CXSE drawdown of -70.01%. Use the drawdown chart below to compare losses from any high point for MCH and CXSE.

Drawdown Indicators

	MCH	CXSE	Difference
Max Drawdown Largest peak-to-trough decline	-40.53%	-70.01%	+29.48%
Max Drawdown (1Y) Largest decline over 1 year	-15.05%	-17.70%	+2.65%
Max Drawdown (3Y) Largest decline over 3 years	-30.57%	-32.12%	+1.55%
Max Drawdown (5Y) Largest decline over 5 years	—	-64.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-70.01%	—
Current Drawdown Current decline from peak	-3.41%	-46.01%	+42.60%
Average Drawdown Average peak-to-trough decline	-18.50%	-27.83%	+9.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.58%	8.42%	-2.84%

Volatility

MCH vs. CXSE - Volatility Comparison

The current volatility for Matthews China Active ETF (MCH) is 6.72%, while WisdomTree China ex-State-Owned Enterprises Fund (CXSE) has a volatility of 7.29%. This indicates that MCH experiences smaller price fluctuations and is considered to be less risky than CXSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCH	CXSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	7.29%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	14.45%	14.54%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	20.18%	21.39%	-1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.53%	32.30%	-2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.53%	28.70%	+0.83%

MCH vs. CXSE - Expense Ratio Comparison

MCH has a 0.79% expense ratio, which is higher than CXSE's 0.32% expense ratio.

Dividends

MCH vs. CXSE - Dividend Comparison

MCH's dividend yield for the trailing twelve months is around 1.69%, less than CXSE's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CXSE WisdomTree China ex-State-Owned Enterprises Fund	1.99%	1.95%	1.70%	1.71%	1.55%	0.86%	0.54%	0.96%	1.49%	1.24%	1.39%	2.50%
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 CXSE in my portfolio?

With a correlation of 0.94, MCH and CXSE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MCH or CXSE?

CXSE has higher volatility (7.29%) compared to MCH (6.72%). In terms of maximum drawdown, MCH dropped -40.53% vs CXSE's -70.01%.

Which ETF is better, MCH or CXSE?

On 3-year performance, MCH leads with 13.10% vs 10.95% for CXSE. On fees, CXSE is cheaper at 0.32% per year. On volatility, MCH has been the lower-risk option at 6.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MCH or CXSE?

Over the 3-year period, MCH has performed better with a 13.10% return vs 10.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MCH or CXSE?

CXSE is cheaper with a 0.32% expense ratio, compared with 0.79% for MCH.

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

CXSE has the higher dividend yield at 1.99%, compared with 1.69% for MCH.

What is the main difference between MCH and CXSE?

They also come from different issuers: Matthews and WisdomTree. Their fees differ too: 0.79% for MCH and 0.32% for CXSE.

Which has better risk-adjusted returns?

MCH currently has the higher Sharpe Ratio (1.41 vs 1.14), 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.