MCHFX vs. CQQQ
MCHFX (Matthews China Fund) and CQQQ (Invesco China Technology ETF) are both China Equities funds. Over the past 10 years, MCHFX returned 7.76%/yr vs 6.15%/yr for CQQQ. Their correlation of 0.84 suggests significant overlap in exposure. MCHFX charges 1.12%/yr vs 0.70%/yr for CQQQ.
Performance
MCHFX vs. CQQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MCHFX achieves a 3.08% return, which is significantly lower than CQQQ's 5.94% return. Over the past 10 years, MCHFX has outperformed CQQQ with an annualized return of 7.76%, while CQQQ has yielded a comparatively lower 6.15% annualized return.
MCHFX
- 1D
- 0.80%
- 1M
- 3.44%
- YTD
- 3.08%
- 6M
- 2.07%
- 1Y
- 24.38%
- 3Y*
- 10.45%
- 5Y*
- -5.56%
- 10Y*
- 7.76%
CQQQ
- 1D
- 0.02%
- 1M
- 4.40%
- YTD
- 5.94%
- 6M
- 6.31%
- 1Y
- 34.10%
- 3Y*
- 12.46%
- 5Y*
- -7.05%
- 10Y*
- 6.15%
MCHFX vs. CQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCHFX Matthews China Fund | 3.08% | 29.82% | 17.84% | -19.21% | -24.38% | -19.41% | 43.07% | 34.57% | -21.17% | 59.08% |
CQQQ Invesco China Technology ETF | 5.94% | 34.96% | 9.84% | -16.71% | -30.09% | -24.54% | 57.33% | 33.57% | -34.77% | 74.31% |
Correlation
The correlation between MCHFX and CQQQ is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2009 | 0.84 |
The correlation between MCHFX and CQQQ has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MCHFX vs. CQQQ — Risk / Return Rank
MCHFX
CQQQ
MCHFX vs. CQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews China Fund (MCHFX) and Invesco China Technology ETF (CQQQ). 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.
| MCHFX | CQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 1.40 | +0.14 |
| Martin ratioReturn relative to average drawdown | 4.03 | 3.21 | +0.82 |
Loading charts...
Drawdowns
MCHFX vs. CQQQ - Drawdown Comparison
The maximum MCHFX drawdown since its inception was -67.02%, smaller than the maximum CQQQ drawdown of -73.99%. Use the drawdown chart below to compare losses from any high point for MCHFX and CQQQ.
Loading charts...
Drawdown Indicators
| MCHFX | CQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.02% | -73.99% | +6.97% |
Max Drawdown (1Y)Largest decline over 1 year | -15.58% | -24.41% | +8.83% |
Max Drawdown (3Y)Largest decline over 3 years | -27.77% | -35.93% | +8.16% |
Max Drawdown (5Y)Largest decline over 5 years | -59.96% | -66.96% | +7.00% |
Max Drawdown (10Y)Largest decline over 10 years | -64.75% | -73.99% | +9.24% |
Current DrawdownCurrent decline from peak | -36.43% | -47.45% | +11.02% |
Average DrawdownAverage peak-to-trough decline | -22.13% | -28.35% | +6.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.90% | 10.66% | -4.76% |
Volatility
MCHFX vs. CQQQ - Volatility Comparison
The current volatility for Matthews China Fund (MCHFX) is 7.51%, while Invesco China Technology ETF (CQQQ) has a volatility of 10.52%. This indicates that MCHFX experiences smaller price fluctuations and is considered to be less risky than CQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MCHFX | CQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.51% | 10.52% | -3.01% |
Volatility (6M)Calculated over the trailing 6-month period | 15.93% | 23.15% | -7.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.52% | 30.57% | -10.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.02% | 38.15% | -8.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.67% | 33.39% | -6.72% |
MCHFX vs. CQQQ - Expense Ratio Comparison
MCHFX has a 1.12% expense ratio, which is higher than CQQQ's 0.70% expense ratio.
Dividends
MCHFX vs. CQQQ - Dividend Comparison
MCHFX's dividend yield for the trailing twelve months is around 1.31%, less than CQQQ's 2.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CQQQ Invesco China Technology ETF | 2.04% | 2.17% | 0.28% | 0.55% | 0.08% | 0.00% | 0.47% | 0.01% | 0.43% | 1.41% | 1.69% | 1.77% |
MCHFX Matthews China Fund | 1.31% | 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
MCHFX and CQQQ have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CQQQ has higher volatility (10.52%) compared to MCHFX (7.51%). In terms of maximum drawdown, MCHFX dropped -67.02% vs CQQQ's -73.99%.
MCHFX currently has the higher Sharpe Ratio (1.18 vs 1.12), 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.
Find the right allocation for MCHFX and CQQQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer