MCHFX vs. ITOCY

Last updated Jul 15, 2026

MCHFX (Matthews China Fund) is China Equities fund managed by Matthews, while ITOCY (Itochu Corp ADR) is a stock. Over the past 10 years, MCHFX returned 6.23%/yr vs 18.35%/yr for ITOCY. At a 0.31 correlation, their price movements are largely independent.

Performance

MCHFX vs. ITOCY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews China Fund (MCHFX) and Itochu Corp ADR (ITOCY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCHFX achieves a -3.14% return, which is significantly higher than ITOCY's -6.92% return. Over the past 10 years, MCHFX has underperformed ITOCY with an annualized return of 6.23%, while ITOCY has yielded a comparatively higher 18.35% annualized return.

MCHFX

• 1D: -2.69%
• 1M: -3.81%
• 6M: -8.20%
• YTD: -3.14%
• 1Y: 10.82%
• 3Y*: 9.45%
• 5Y*: -6.87%
• 10Y*: 6.23%

ITOCY

• 1D: 1.55%
• 1M: 0.00%
• 6M: -8.97%
• YTD: -6.92%
• 1Y: 12.79%
• 3Y*: 15.52%
• 5Y*: 15.35%
• 10Y*: 18.35%

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

MCHFX vs. ITOCY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MCHFX Matthews China Fund	-3.14%	29.82%	17.84%	-19.21%	-24.38%	-19.41%	43.07%	34.57%	-21.17%	59.08%
ITOCY Itochu Corp ADR	-6.92%	30.16%	22.57%	30.30%	1.54%	6.60%	24.95%	38.77%	-5.54%	46.71%

Correlation

The correlation between MCHFX and ITOCY is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jan 27, 2006	0.31

Return for Risk

MCHFX vs. ITOCY — Risk / Return Rank

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

MCHFX

MCHFX Risk / Return Rank: 11
MCHFX Sharpe Ratio Rank: 10
MCHFX Sortino Ratio Rank: 11
MCHFX Omega Ratio Rank: 10
MCHFX Calmar Ratio Rank: 12
MCHFX Martin Ratio Rank: 10

ITOCY

ITOCY Risk / Return Rank: 58
ITOCY Sharpe Ratio Rank: 62
ITOCY Sortino Ratio Rank: 56
ITOCY Omega Ratio Rank: 54
ITOCY Calmar Ratio Rank: 58
ITOCY Martin Ratio Rank: 59

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. ITOCY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews China Fund (MCHFX) and Itochu Corp ADR (ITOCY). 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	ITOCY	Difference
Sharpe ratio: Return per unit of total volatility	0.57	0.48	+0.09
Sortino ratio: Return per unit of downside risk	0.95	0.87	+0.08
Omega ratio: Gain probability vs. loss probability	1.11	1.10	+0.01
Calmar ratio: Return relative to maximum drawdown	0.78	0.52	+0.26
Martin ratio: Return relative to average drawdown	1.96	1.23	+0.73

MCHFX vs. ITOCY - Sharpe Ratio Comparison

The current MCHFX Sharpe Ratio is 0.57, which is comparable to the ITOCY Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of MCHFX and ITOCY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MCHFX vs. ITOCY - Drawdown Comparison

The maximum MCHFX drawdown since its inception was -67.02%, roughly equal to the maximum ITOCY drawdown of -69.11%. Use the drawdown chart below to compare losses from any high point for MCHFX and ITOCY.

Drawdown Indicators

	MCHFX	ITOCY	Difference
Max Drawdown Largest peak-to-trough decline	-67.02%	-69.11%	+2.09%
Max Drawdown (1Y) Largest decline over 1 year	-15.58%	-24.49%	+8.91%
Max Drawdown (3Y) Largest decline over 3 years	-27.77%	-26.47%	-1.30%
Max Drawdown (5Y) Largest decline over 5 years	-58.71%	-30.18%	-28.53%
Max Drawdown (10Y) Largest decline over 10 years	-64.75%	-30.18%	-34.57%
Current Drawdown Current decline from peak	-40.26%	-19.71%	-20.55%
Average Drawdown Average peak-to-trough decline	-22.16%	-14.30%	-7.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.10%	10.39%	-4.29%

Volatility

MCHFX vs. ITOCY - Volatility Comparison

Matthews China Fund (MCHFX) has a higher volatility of 8.14% compared to Itochu Corp ADR (ITOCY) at 5.56%. This indicates that MCHFX's price experiences larger fluctuations and is considered to be riskier than ITOCY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCHFX	ITOCY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.14%	5.56%	+2.58%
Volatility (6M) Calculated over the trailing 6-month period	16.85%	20.40%	-3.55%
Volatility (1Y) Calculated over the trailing 1-year period	21.42%	26.83%	-5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.11%	26.25%	+3.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.71%	23.93%	+2.78%

Dividends

MCHFX vs. ITOCY - Dividend Comparison

MCHFX's dividend yield for the trailing twelve months is around 1.40%, while ITOCY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITOCY Itochu Corp ADR	0.00%	1.07%	1.35%	0.00%	0.00%	0.00%	0.00%	1.85%	3.93%	2.83%	3.68%	3.30%
MCHFX Matthews China Fund	1.40%	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 ITOCY in my portfolio?

MCHFX and ITOCY have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCHFX or ITOCY?

MCHFX has higher volatility (8.14%) compared to ITOCY (5.56%). In terms of maximum drawdown, MCHFX dropped -67.02% vs ITOCY's -69.11%.

Which has better risk-adjusted returns?

MCHFX currently has the higher Sharpe Ratio (0.57 vs 0.48), 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.