MCH vs. DRGN

Last updated Jun 4, 2026

MCH (Matthews China Active ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - MCH is a China Equities fund actively managed by Matthews, while DRGN is a Technology Equities fund tracking the BITA China Generative AI Select Index. MCH is actively managed, while DRGN is passively managed. A 0.74 correlation means they provide meaningful diversification when combined. MCH charges 0.79%/yr vs 0.39%/yr for DRGN.

Performance

MCH vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews China Active ETF (MCH) and Themes China Generative Artificial Intelligence ETF (DRGN). 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 lower than DRGN's 16.56% return.

MCH

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

DRGN

• 1D: 0.42%
• 1M: 5.53%
• YTD: 16.56%
• 6M: 18.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MCH vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
MCH Matthews China Active ETF	3.98%	13.38%
DRGN Themes China Generative Artificial Intelligence ETF	16.56%	26.41%

Correlation

The correlation between MCH and DRGN is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.74

Return for Risk

MCH vs. DRGN — 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. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews China Active ETF (MCH) and Themes China Generative Artificial Intelligence ETF (DRGN). 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	DRGN	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	DRGN	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	1.58	-1.39

Drawdowns

MCH vs. DRGN - Drawdown Comparison

The maximum MCH drawdown since its inception was -40.53%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for MCH and DRGN.

Drawdown Indicators

	MCH	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-40.53%	-20.86%	-19.67%
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%	-7.05%	+3.64%
Average Drawdown Average peak-to-trough decline	-18.50%	-7.93%	-10.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.58%	—	—

Volatility

Volatility by Period

	MCH	DRGN	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%	34.85%	-14.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.53%	34.85%	-5.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.53%	34.85%	-5.32%

MCH vs. DRGN - Expense Ratio Comparison

MCH has a 0.79% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

MCH vs. DRGN - Dividend Comparison

MCH's dividend yield for the trailing twelve months is around 1.69%, more than DRGN's 1.04% yield.

Position	TTM	2025	2024	2023
DRGN Themes China Generative Artificial Intelligence ETF	1.04%	1.22%	0.00%	0.00%
MCH Matthews China Active ETF	1.69%	1.76%	1.31%	1.62%

Frequently Asked Questions

Can I hold both MCH and DRGN in my portfolio?

MCH and DRGN have a correlation of 0.74, 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 DRGN?

On fees, DRGN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MCH or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.79% for MCH.

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

MCH has the higher dividend yield at 1.69%, compared with 1.04% for DRGN.

What is the main difference between MCH and DRGN?

MCH is categorized as China Equities, while DRGN is Technology Equities. They also come from different issuers: Matthews and Themes. Their fees differ too: 0.79% for MCH and 0.39% for DRGN.