MCH vs. FXP
MCH (Matthews China Active ETF) and FXP (ProShares UltraShort FTSE China 50) are both exchange-traded funds - MCH is a China Equities fund actively managed by Matthews, while FXP is a Leveraged Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%). MCH is actively managed, while FXP is passively managed. Over the past 3 years, MCH returned 13.10%/yr vs -30.22%/yr for FXP. At a correlation of -0.93, they often move in opposite directions. MCH charges 0.79%/yr vs 0.95%/yr for FXP.
Performance
MCH vs. FXP - Performance Comparison
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Returns By Period
In the year-to-date period, MCH achieves a 3.98% return, which is significantly lower than FXP's 13.64% return.
MCH
- 1D
- -1.27%
- 1M
- 4.48%
- YTD
- 3.98%
- 6M
- 3.57%
- 1Y
- 28.39%
- 3Y*
- 13.10%
- 5Y*
- —
- 10Y*
- —
FXP
- 1D
- 4.65%
- 1M
- 5.53%
- YTD
- 13.64%
- 6M
- 16.82%
- 1Y
- -6.43%
- 3Y*
- -30.22%
- 5Y*
- -16.52%
- 10Y*
- -23.04%
MCH vs. FXP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MCH Matthews China Active ETF | 3.98% | 30.20% | 17.32% | -19.91% | -3.12% |
FXP ProShares UltraShort FTSE China 50 | 13.64% | -45.32% | -52.46% | 12.74% | -3.39% |
Correlation
The correlation between MCH and FXP is -0.89, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.93 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2022 | -0.93 |
The correlation between MCH and FXP has been stable across timeframes, ranging from -0.93 to -0.89 - a consistent structural relationship.
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Return for Risk
MCH vs. FXP — Risk / Return Rank
MCH
FXP
MCH vs. FXP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews China Active ETF (MCH) and ProShares UltraShort FTSE China 50 (FXP). 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 | FXP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.58 | ||
| Sortino ratioReturn per unit of downside risk | +1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.00 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | -0.24 | +2.13 |
| Martin ratioReturn relative to average drawdown | 5.10 | -0.40 | +5.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MCH | FXP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.41 | -0.16 | +1.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.26 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.42 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | -0.44 | +0.63 |
Drawdowns
MCH vs. FXP - Drawdown Comparison
The maximum MCH drawdown since its inception was -40.53%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for MCH and FXP.
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Drawdown Indicators
| MCH | FXP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.53% | -99.94% | +59.41% |
Max Drawdown (1Y)Largest decline over 1 year | -15.05% | -27.21% | +12.16% |
Max Drawdown (3Y)Largest decline over 3 years | -30.57% | -82.34% | +51.77% |
Max Drawdown (5Y)Largest decline over 5 years | — | -87.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -94.71% | — |
Current DrawdownCurrent decline from peak | -3.41% | -99.92% | +96.51% |
Average DrawdownAverage peak-to-trough decline | -18.50% | -94.15% | +75.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.58% | 17.66% | -12.08% |
Volatility
MCH vs. FXP - Volatility Comparison
The current volatility for Matthews China Active ETF (MCH) is 6.72%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 15.06%. This indicates that MCH experiences smaller price fluctuations and is considered to be less risky than FXP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCH | FXP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.72% | 15.06% | -8.34% |
Volatility (6M)Calculated over the trailing 6-month period | 14.45% | 28.87% | -14.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.18% | 39.29% | -19.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.53% | 63.12% | -33.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.53% | 54.91% | -25.38% |
MCH vs. FXP - Expense Ratio Comparison
MCH has a 0.79% expense ratio, which is lower than FXP's 0.95% expense ratio.
Dividends
MCH vs. FXP - Dividend Comparison
MCH's dividend yield for the trailing twelve months is around 1.69%, less than FXP's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 4.12% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
MCH Matthews China Active ETF | 1.69% | 1.76% | 1.31% | 1.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MCH and FXP have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (15.06%) compared to MCH (6.72%). In terms of maximum drawdown, MCH dropped -40.53% vs FXP's -99.94%.
On 3-year performance, MCH leads with 13.10% vs -30.22% for FXP. On fees, MCH is cheaper at 0.79% 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.
Over the 3-year period, MCH has performed better with a 13.10% return vs -30.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MCH is cheaper with a 0.79% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 4.12%, compared with 1.69% for MCH.
MCH is categorized as China Equities, while FXP is Leveraged Equities. They also come from different issuers: Matthews and ProShares. Their fees differ too: 0.79% for MCH and 0.95% for FXP.
MCH currently has the higher Sharpe Ratio (1.41 vs -0.16), 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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