MCHFX vs. CACX.L

Last updated Jun 5, 2026

MCHFX (Matthews China Fund) and CACX.L (Lyxor CAC 40 (DR) UCITS ETF - Dist) are both funds - MCHFX is a China Equities fund managed by Matthews, while CACX.L is a Europe Equities fund tracking the Euronext Paris CAC 40 NR EUR. Over the past 10 years, MCHFX returned 7.43%/yr vs 9.75%/yr for CACX.L. At a 0.39 correlation, their price movements are largely independent. MCHFX charges 1.12%/yr vs 0.25%/yr for CACX.L.

Performance

MCHFX vs. CACX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews China Fund (MCHFX) and Lyxor CAC 40 (DR) UCITS ETF - Dist (CACX.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MCHFX is traded in USD, while CACX.L is traded in GBp. To make them comparable, the CACX.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MCHFX achieves a 1.74% return, which is significantly lower than CACX.L's 2.28% return. Over the past 10 years, MCHFX has underperformed CACX.L with an annualized return of 7.43%, while CACX.L has yielded a comparatively higher 9.75% annualized return.

MCHFX

• 1D: -1.24%
• 1M: 3.30%
• YTD: 1.74%
• 6M: 1.26%
• 1Y: 22.17%
• 3Y*: 12.28%
• 5Y*: -6.40%
• 10Y*: 7.43%

CACX.L

• 1D: 0.89%
• 1M: 2.33%
• YTD: 2.28%
• 6M: 3.40%
• 1Y: 10.43%
• 3Y*: 10.48%
• 5Y*: 6.86%
• 10Y*: 9.75%

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

MCHFX vs. CACX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MCHFX Matthews China Fund	1.74%	29.82%	17.84%	-19.21%	-24.38%	-19.41%	43.07%	34.57%	-21.17%	59.08%
CACX.L Lyxor CAC 40 (DR) UCITS ETF - Dist	2.28%	28.62%	-5.98%	22.99%	-11.19%	21.03%	3.87%	28.82%	-12.93%	28.25%

Correlation

The correlation between MCHFX and CACX.L is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Aug 28, 2014	0.39

Return for Risk

MCHFX vs. CACX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MCHFX

MCHFX Risk / Return Rank: 19
MCHFX Sharpe Ratio Rank: 20
MCHFX Sortino Ratio Rank: 21
MCHFX Omega Ratio Rank: 19
MCHFX Calmar Ratio Rank: 20
MCHFX Martin Ratio Rank: 16

CACX.L

CACX.L Risk / Return Rank: 23
CACX.L Sharpe Ratio Rank: 23
CACX.L Sortino Ratio Rank: 23
CACX.L Omega Ratio Rank: 24
CACX.L Calmar Ratio Rank: 22
CACX.L Martin Ratio Rank: 23

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.

MCHFX vs. CACX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews China Fund (MCHFX) and Lyxor CAC 40 (DR) UCITS ETF - Dist (CACX.L). 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.

	MCHFX	CACX.L	Difference
Sharpe ratio: Return per unit of total volatility	1.28	0.64	+0.64
Sortino ratio: Return per unit of downside risk	1.92	1.00	+0.92
Omega ratio: Gain probability vs. loss probability	1.23	1.13	+0.10
Calmar ratio: Return relative to maximum drawdown	1.65	0.81	+0.83
Martin ratio: Return relative to average drawdown	4.39	2.52	+1.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MCHFX vs. CACX.L - Sharpe Ratio Comparison

The current MCHFX Sharpe Ratio is 1.28, which is higher than the CACX.L Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of MCHFX and CACX.L, 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

	MCHFX	CACX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	0.64	+0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	0.35	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.48	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.37	-0.05

Drawdowns

MCHFX vs. CACX.L - Drawdown Comparison

The maximum MCHFX drawdown since its inception was -67.02%, which is greater than CACX.L's maximum drawdown of -40.03%. Use the drawdown chart below to compare losses from any high point for MCHFX and CACX.L.

Drawdown Indicators

	MCHFX	CACX.L	Difference
Max Drawdown Largest peak-to-trough decline	-67.02%	-40.03%	-26.99%
Max Drawdown (1Y) Largest decline over 1 year	-15.58%	-12.77%	-2.81%
Max Drawdown (3Y) Largest decline over 3 years	-27.77%	-15.17%	-12.60%
Max Drawdown (5Y) Largest decline over 5 years	-59.96%	-32.43%	-27.53%
Max Drawdown (10Y) Largest decline over 10 years	-64.75%	-40.03%	-24.72%
Current Drawdown Current decline from peak	-37.25%	-4.02%	-33.23%
Average Drawdown Average peak-to-trough decline	-22.11%	-7.36%	-14.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.76%	4.14%	+1.62%

Volatility

MCHFX vs. CACX.L - Volatility Comparison

Matthews China Fund (MCHFX) has a higher volatility of 7.67% compared to Lyxor CAC 40 (DR) UCITS ETF - Dist (CACX.L) at 5.57%. This indicates that MCHFX's price experiences larger fluctuations and is considered to be riskier than CACX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCHFX	CACX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.67%	5.57%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	15.20%	12.57%	+2.63%
Volatility (1Y) Calculated over the trailing 1-year period	20.05%	16.35%	+3.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.97%	19.88%	+10.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.64%	20.14%	+6.50%

MCHFX vs. CACX.L - Expense Ratio Comparison

MCHFX has a 1.12% expense ratio, which is higher than CACX.L's 0.25% expense ratio.

Dividends

MCHFX vs. CACX.L - Dividend Comparison

MCHFX's dividend yield for the trailing twelve months is around 1.33%, less than CACX.L's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CACX.L Lyxor CAC 40 (DR) UCITS ETF - Dist	2.83%	2.90%	3.00%	2.78%	2.54%	1.95%	1.66%	3.03%	3.70%	2.94%	3.49%	3.46%
MCHFX Matthews China Fund	1.33%	1.36%	1.91%	0.78%	7.53%	6.54%	1.25%	1.12%	22.28%	10.31%	13.66%	19.24%

Frequently Asked Questions

Can I hold both MCHFX and CACX.L in my portfolio?

MCHFX and CACX.L have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.