MCH vs. YXI
MCH (Matthews China Active ETF) and YXI (ProShares Short FTSE China 50) are both exchange-traded funds - MCH is a China Equities fund actively managed by Matthews, while YXI is a Inverse Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-100%). MCH is actively managed, while YXI is passively managed. Over the past 3 years, MCH returned 13.10%/yr vs -11.68%/yr for YXI. At a correlation of -0.91, they often move in opposite directions. MCH charges 0.79%/yr vs 0.95%/yr for YXI.
Performance
MCH vs. YXI - 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 YXI's 8.21% return.
MCH
- 1D
- -1.27%
- 1M
- 4.48%
- YTD
- 3.98%
- 6M
- 3.57%
- 1Y
- 28.39%
- 3Y*
- 13.10%
- 5Y*
- —
- 10Y*
- —
YXI
- 1D
- 1.95%
- 1M
- 2.80%
- YTD
- 8.21%
- 6M
- 9.88%
- 1Y
- 0.05%
- 3Y*
- -11.68%
- 5Y*
- -2.65%
- 10Y*
- -8.25%
MCH vs. YXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MCH Matthews China Active ETF | 3.98% | 30.20% | 17.32% | -19.91% | -3.12% |
YXI ProShares Short FTSE China 50 | 8.21% | -22.87% | -25.36% | 12.40% | 2.56% |
Correlation
The correlation between MCH and YXI is -0.84, 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 | -0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.91 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2022 | -0.91 |
The correlation between MCH and YXI has been stable across timeframes, ranging from -0.91 to -0.84 - a consistent structural relationship.
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Return for Risk
MCH vs. YXI — Risk / Return Rank
MCH
YXI
MCH vs. YXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews China Active ETF (MCH) and ProShares Short FTSE China 50 (YXI). 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 | YXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.41 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.02 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 0.00 | +1.89 |
| Martin ratioReturn relative to average drawdown | 5.10 | 0.01 | +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. | |||
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Sharpe Ratios by Period
| MCH | YXI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.41 | 0.00 | +1.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.08 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.30 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | -0.30 | +0.49 |
Drawdowns
MCH vs. YXI - Drawdown Comparison
The maximum MCH drawdown since its inception was -40.53%, smaller than the maximum YXI drawdown of -81.15%. Use the drawdown chart below to compare losses from any high point for MCH and YXI.
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Drawdown Indicators
| MCH | YXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.53% | -81.15% | +40.62% |
Max Drawdown (1Y)Largest decline over 1 year | -15.05% | -14.21% | -0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -30.57% | -53.12% | +22.55% |
Max Drawdown (5Y)Largest decline over 5 years | — | -57.65% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -64.92% | — |
Current DrawdownCurrent decline from peak | -3.41% | -77.90% | +74.49% |
Average DrawdownAverage peak-to-trough decline | -18.50% | -54.31% | +35.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.58% | 8.18% | -2.60% |
Volatility
MCH vs. YXI - Volatility Comparison
The current volatility for Matthews China Active ETF (MCH) is 6.72%, while ProShares Short FTSE China 50 (YXI) has a volatility of 7.21%. This indicates that MCH experiences smaller price fluctuations and is considered to be less risky than YXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCH | YXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.72% | 7.21% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 14.45% | 14.86% | -0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.18% | 19.97% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.53% | 31.40% | -1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.53% | 27.42% | +2.11% |
MCH vs. YXI - Expense Ratio Comparison
MCH has a 0.79% expense ratio, which is lower than YXI's 0.95% expense ratio.
Dividends
MCH vs. YXI - Dividend Comparison
MCH's dividend yield for the trailing twelve months is around 1.69%, less than YXI's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MCH Matthews China Active ETF | 1.69% | 1.76% | 1.31% | 1.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
YXI ProShares Short FTSE China 50 | 2.84% | 3.60% | 4.35% | 2.66% | 0.27% | 0.00% | 0.08% | 1.01% | 0.25% |
Frequently Asked Questions
MCH and YXI have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YXI has higher volatility (7.21%) compared to MCH (6.72%). In terms of maximum drawdown, MCH dropped -40.53% vs YXI's -81.15%.
On 3-year performance, MCH leads with 13.10% vs -11.68% for YXI. 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 -11.68%. 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 YXI.
YXI has the higher dividend yield at 2.84%, compared with 1.69% for MCH.
MCH is categorized as China Equities, while YXI is Inverse Equities. They also come from different issuers: Matthews and ProShares. Their fees differ too: 0.79% for MCH and 0.95% for YXI.
MCH currently has the higher Sharpe Ratio (1.41 vs 0.00), 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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