MCH vs. MEMX
MCH (Matthews China Active ETF) and MEMX (Matthews Emerging Markets Ex China Active ETF) are both exchange-traded funds - MCH is a China Equities fund actively managed by Matthews, while MEMX is a Emerging Markets Diversified fund actively managed by Matthews. Both are actively managed. Over the past 3 years, MCH returned 13.52%/yr vs 25.71%/yr for MEMX. At a 0.48 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.
Performance
MCH vs. MEMX - Performance Comparison
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Returns By Period
In the year-to-date period, MCH achieves a 2.84% return, which is significantly lower than MEMX's 30.26% return.
MCH
- 1D
- -0.67%
- 1M
- -0.28%
- YTD
- 2.84%
- 6M
- 1.41%
- 1Y
- 19.67%
- 3Y*
- 13.52%
- 5Y*
- —
- 10Y*
- —
MEMX
- 1D
- 0.30%
- 1M
- 3.81%
- YTD
- 30.26%
- 6M
- 31.79%
- 1Y
- 59.07%
- 3Y*
- 25.71%
- 5Y*
- —
- 10Y*
- —
MCH vs. MEMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MCH Matthews China Active ETF | 2.84% | 30.20% | 17.32% | -28.19% |
MEMX Matthews Emerging Markets Ex China Active ETF | 30.26% | 35.88% | 5.50% | 11.33% |
Correlation
The correlation between MCH and MEMX is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023 | 0.48 |
The correlation between MCH and MEMX has been stable across timeframes, ranging from 0.47 to 0.52 - a consistent structural relationship.
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Return for Risk
MCH vs. MEMX — Risk / Return Rank
MCH
MEMX
MCH vs. MEMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews China Active ETF (MCH) and Matthews Emerging Markets Ex China Active ETF (MEMX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MCH | MEMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.45 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 4.04 | -2.73 |
| Martin ratioReturn relative to average drawdown | 3.46 | 15.37 | -11.90 |
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Drawdowns
MCH vs. MEMX - Drawdown Comparison
The maximum MCH drawdown since its inception was -40.53%, which is greater than MEMX's maximum drawdown of -19.27%. Use the drawdown chart below to compare losses from any high point for MCH and MEMX.
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Drawdown Indicators
| MCH | MEMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.53% | -19.27% | -21.26% |
Max Drawdown (1Y)Largest decline over 1 year | -15.05% | -14.70% | -0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -30.57% | -19.27% | -11.30% |
Current DrawdownCurrent decline from peak | -4.47% | -5.30% | +0.83% |
Average DrawdownAverage peak-to-trough decline | -18.29% | -3.49% | -14.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.69% | 3.86% | +1.83% |
Volatility
MCH vs. MEMX - Volatility Comparison
The current volatility for Matthews China Active ETF (MCH) is 8.13%, while Matthews Emerging Markets Ex China Active ETF (MEMX) has a volatility of 13.30%. This indicates that MCH experiences smaller price fluctuations and is considered to be less risky than MEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCH | MEMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.13% | 13.30% | -5.17% |
Volatility (6M)Calculated over the trailing 6-month period | 15.64% | 22.42% | -6.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.89% | 24.53% | -3.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.49% | 18.14% | +11.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.49% | 18.14% | +11.35% |
MCH vs. MEMX - Expense Ratio Comparison
Both MCH and MEMX have an expense ratio of 0.79%.
Dividends
MCH vs. MEMX - Dividend Comparison
MCH's dividend yield for the trailing twelve months is around 1.71%, less than MEMX's 3.75% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
MCH Matthews China Active ETF | 1.71% | 1.76% | 1.31% | 1.62% |
MEMX Matthews Emerging Markets Ex China Active ETF | 3.75% | 4.88% | 0.99% | 1.13% |
Frequently Asked Questions
MCH and MEMX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MEMX has higher volatility (13.30%) compared to MCH (8.13%). In terms of maximum drawdown, MCH dropped -40.53% vs MEMX's -19.27%.
On 3-year performance, MEMX leads with 25.71% vs 13.52% for MCH. Both ETFs have the same 0.79% expense ratio. On volatility, MCH has been the lower-risk option at 8.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MEMX has performed better with a 25.71% return vs 13.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MCH and MEMX have the same expense ratio: 0.79% per year.
MEMX has the higher dividend yield at 3.75%, compared with 1.71% for MCH.
MCH is categorized as China Equities, while MEMX is Emerging Markets Diversified.
MEMX currently has the higher Sharpe Ratio (2.43 vs 0.95), 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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