MCHFX vs. TRCLX

Last updated Apr 2, 2026

Compare and contrast key facts about Matthews China Fund (MCHFX) and T. Rowe Price China Evolution Equity Fund (TRCLX).

MCHFX is managed by Matthews. It was launched on Feb 18, 1998. TRCLX is managed by T. Rowe Price. It was launched on Dec 9, 2019.

Performance

MCHFX vs. TRCLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews China Fund (MCHFX) and T. Rowe Price China Evolution Equity Fund (TRCLX). The values are adjusted to include any dividend payments, if applicable.

MCHFX vs. TRCLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MCHFX Matthews China Fund	-7.84%	29.82%	17.84%	-19.21%	-24.38%	-19.41%	43.07%	5.91%
TRCLX T. Rowe Price China Evolution Equity Fund	8.90%	36.23%	10.95%	-15.51%	-26.24%	6.28%	59.73%	6.20%

Returns By Period

In the year-to-date period, MCHFX achieves a -7.84% return, which is significantly lower than TRCLX's 8.90% return.

MCHFX

• 1D: 1.80%
• 1M: -7.63%
• YTD: -7.84%
• 6M: -13.46%
• 1Y: 8.06%
• 3Y*: 4.29%
• 5Y*: -7.85%
• 10Y*: 5.96%

TRCLX

• 1D: 0.06%
• 1M: -9.83%
• YTD: 8.90%
• 6M: 11.03%
• 1Y: 39.13%
• 3Y*: 10.54%
• 5Y*: 0.06%
• 10Y*: —

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

MCHFX vs. TRCLX - Expense Ratio Comparison

MCHFX has a 1.12% expense ratio, which is higher than TRCLX's 1.04% expense ratio.

MCHFX

Matthews China Fund

TRCLX

T. Rowe Price China Evolution Equity Fund

Return for Risk

MCHFX vs. TRCLX — Risk / Return Rank

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

MCHFX

MCHFX Risk / Return Rank: 10
MCHFX Sharpe Ratio Rank: 12
MCHFX Sortino Ratio Rank: 12
MCHFX Omega Ratio Rank: 11
MCHFX Calmar Ratio Rank: 6
MCHFX Martin Ratio Rank: 6

TRCLX

TRCLX Risk / Return Rank: 90
TRCLX Sharpe Ratio Rank: 92
TRCLX Sortino Ratio Rank: 88
TRCLX Omega Ratio Rank: 86
TRCLX Calmar Ratio Rank: 91
TRCLX Martin Ratio Rank: 93

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. TRCLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews China Fund (MCHFX) and T. Rowe Price China Evolution Equity Fund (TRCLX). 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	TRCLX	Difference
Sharpe ratio Return per unit of total volatility	0.39	2.04	-1.65
Sortino ratio Return per unit of downside risk	0.67	2.56	-1.89
Omega ratio Gain probability vs. loss probability	1.09	1.37	-0.28
Calmar ratio Return relative to maximum drawdown	0.09	2.85	-2.76
Martin ratio Return relative to average drawdown	0.28	12.17	-11.89
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. TRCLX - Sharpe Ratio Comparison

The current MCHFX Sharpe Ratio is 0.39, which is lower than the TRCLX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of MCHFX and TRCLX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MCHFX	TRCLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.39	2.04	-1.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	0.00	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.44	-0.14

Correlation

The correlation between MCHFX and TRCLX is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MCHFX vs. TRCLX - Dividend Comparison

MCHFX's dividend yield for the trailing twelve months is around 1.47%, less than TRCLX's 1.50% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCHFX Matthews China Fund	1.47%	1.36%	1.91%	0.78%	7.53%	6.54%	1.25%	1.12%	22.28%	10.31%	13.66%	19.24%
TRCLX T. Rowe Price China Evolution Equity Fund	1.50%	1.64%	1.78%	2.56%	2.76%	8.23%	1.50%	0.01%	0.00%	0.00%	0.00%	0.00%

Drawdowns

MCHFX vs. TRCLX - Drawdown Comparison

The maximum MCHFX drawdown since its inception was -67.02%, which is greater than TRCLX's maximum drawdown of -50.67%. Use the drawdown chart below to compare losses from any high point for MCHFX and TRCLX.

Drawdown Indicators

	MCHFX	TRCLX	Difference
Max Drawdown Largest peak-to-trough decline	-67.02%	-50.67%	-16.35%
Max Drawdown (1Y) Largest decline over 1 year	-16.32%	-13.78%	-2.54%
Max Drawdown (5Y) Largest decline over 5 years	-60.35%	-49.91%	-10.44%
Max Drawdown (10Y) Largest decline over 10 years	-64.75%	—	—
Current Drawdown Current decline from peak	-43.16%	-9.83%	-33.33%
Average Drawdown Average peak-to-trough decline	-22.00%	-23.32%	+1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.15%	3.23%	+2.92%

Volatility

MCHFX vs. TRCLX - Volatility Comparison

Matthews China Fund (MCHFX) has a higher volatility of 7.37% compared to T. Rowe Price China Evolution Equity Fund (TRCLX) at 6.50%. This indicates that MCHFX's price experiences larger fluctuations and is considered to be riskier than TRCLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCHFX	TRCLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.37%	6.50%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	13.67%	12.97%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	22.35%	19.51%	+2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.85%	22.97%	+6.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.53%	23.42%	+3.11%