MCH vs. JPAN

Last updated Jun 4, 2026

MCH (Matthews China Active ETF) and JPAN (Matthews Japan Active ETF) are both exchange-traded funds - MCH is a China Equities fund actively managed by Matthews, while JPAN is a Japan Equities fund actively managed by Matthews. Both are actively managed. Over the past year, MCH returned 28.39% vs 30.43% for JPAN. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

MCH vs. JPAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews China Active ETF (MCH) and Matthews Japan Active ETF (JPAN). 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 JPAN's 17.64% return.

MCH

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

JPAN

• 1D: 0.52%
• 1M: 7.08%
• YTD: 17.64%
• 6M: 19.06%
• 1Y: 30.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MCH vs. JPAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MCH Matthews China Active ETF	3.98%	30.20%	17.32%	-8.02%
JPAN Matthews Japan Active ETF	17.64%	22.96%	18.16%	5.77%

Correlation

The correlation between MCH and JPAN is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023	0.34

The correlation between MCH and JPAN shifts across timeframes, from 0.34 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.

MCH vs. JPAN - Sectors Allocation Comparison

Sectors	MCH	JPAN
Financial Services	25.5%	19.2%
Consumer Cyclical	16.2%	12.4%
Technology	15.0%	21.7%
Communication Services	13.2%	6.8%
Industrials	12.4%	25.5%
Basic Materials	9.5%	3.2%
Healthcare	5.5%	2.6%
Real Estate	2.7%	2.2%
Energy	1.0%	0.7%
Consumer Defensive	0.6%	3.3%
Utilities	-	-

Return for Risk

MCH vs. JPAN — 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

JPAN

JPAN Risk / Return Rank: 45
JPAN Sharpe Ratio Rank: 45
JPAN Sortino Ratio Rank: 47
JPAN Omega Ratio Rank: 46
JPAN Calmar Ratio Rank: 42
JPAN Martin Ratio Rank: 45

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. JPAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews China Active ETF (MCH) and Matthews Japan Active ETF (JPAN). 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	JPAN	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.56	-0.15
Sortino ratio: Return per unit of downside risk	2.03	2.30	-0.27
Omega ratio: Gain probability vs. loss probability	1.25	1.29	-0.04
Calmar ratio: Return relative to maximum drawdown	1.90	2.09	-0.20
Martin ratio: Return relative to average drawdown	5.10	7.47	-2.37
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. JPAN - Sharpe Ratio Comparison

The current MCH Sharpe Ratio is 1.41, which is comparable to the JPAN Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of MCH and JPAN, 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	JPAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.56	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	1.29	-1.10

Drawdowns

MCH vs. JPAN - Drawdown Comparison

The maximum MCH drawdown since its inception was -40.53%, which is greater than JPAN's maximum drawdown of -15.24%. Use the drawdown chart below to compare losses from any high point for MCH and JPAN.

Drawdown Indicators

	MCH	JPAN	Difference
Max Drawdown Largest peak-to-trough decline	-40.53%	-15.24%	-25.29%
Max Drawdown (1Y) Largest decline over 1 year	-15.05%	-14.59%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-30.57%	—	—
Current Drawdown Current decline from peak	-3.41%	0.00%	-3.41%
Average Drawdown Average peak-to-trough decline	-18.50%	-3.09%	-15.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.58%	4.08%	+1.50%

Volatility

MCH vs. JPAN - Volatility Comparison

Matthews China Active ETF (MCH) has a higher volatility of 6.72% compared to Matthews Japan Active ETF (JPAN) at 4.59%. This indicates that MCH's price experiences larger fluctuations and is considered to be riskier than JPAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCH	JPAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	4.59%	+2.13%
Volatility (6M) Calculated over the trailing 6-month period	14.45%	15.68%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	20.18%	19.63%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.53%	19.26%	+10.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.53%	19.26%	+10.27%

MCH vs. JPAN - Expense Ratio Comparison

Both MCH and JPAN have an expense ratio of 0.79%.

Dividends

MCH vs. JPAN - Dividend Comparison

MCH's dividend yield for the trailing twelve months is around 1.69%, less than JPAN's 4.34% yield.

Position	TTM	2025	2024	2023
JPAN Matthews Japan Active ETF	4.34%	5.10%	1.53%	0.51%
MCH Matthews China Active ETF	1.69%	1.76%	1.31%	1.62%

Frequently Asked Questions

Can I hold both MCH and JPAN in my portfolio?

MCH and JPAN have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCH or JPAN?

MCH has higher volatility (6.72%) compared to JPAN (4.59%). In terms of maximum drawdown, MCH dropped -40.53% vs JPAN's -15.24%.

Which ETF is better, MCH or JPAN?

On 1-year performance, JPAN leads with 30.43% vs 28.39% for MCH. Both ETFs have the same 0.79% expense ratio. On volatility, JPAN has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MCH or JPAN?

Over the 1-year period, JPAN has performed better with a 30.43% return vs 28.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MCH or JPAN?

MCH and JPAN have the same expense ratio: 0.79% per year.

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

JPAN has the higher dividend yield at 4.34%, compared with 1.69% for MCH.

What is the main difference between MCH and JPAN?

MCH is categorized as China Equities, while JPAN is Japan Equities.

Which has better risk-adjusted returns?

JPAN currently has the higher Sharpe Ratio (1.56 vs 1.41), 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.