MCHI vs. ACWI

Last updated Jun 5, 2026

MCHI (iShares MSCI China ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, MCHI returned 4.49%/yr vs 12.82%/yr for ACWI. A 0.66 correlation means they provide meaningful diversification when combined. MCHI charges 0.59%/yr vs 0.32%/yr for ACWI.

Performance

MCHI vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China ETF (MCHI) and iShares MSCI ACWI ETF (ACWI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCHI achieves a -7.22% return, which is significantly lower than ACWI's 12.47% return. Over the past 10 years, MCHI has underperformed ACWI with an annualized return of 4.49%, while ACWI has yielded a comparatively higher 12.82% annualized return.

MCHI

• 1D: -0.45%
• 1M: -2.60%
• YTD: -7.22%
• 6M: -8.98%
• 1Y: 3.98%
• 3Y*: 9.73%
• 5Y*: -5.76%
• 10Y*: 4.49%

ACWI

• 1D: 0.30%
• 1M: 4.45%
• YTD: 12.47%
• 6M: 13.07%
• 1Y: 29.24%
• 3Y*: 21.38%
• 5Y*: 11.35%
• 10Y*: 12.82%

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

MCHI vs. ACWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MCHI iShares MSCI China ETF	-7.22%	31.04%	17.73%	-11.94%	-23.01%	-21.74%	27.78%	23.72%	-19.79%	54.67%
ACWI iShares MSCI ACWI ETF	12.47%	22.41%	17.45%	22.27%	-18.39%	18.66%	16.34%	26.59%	-9.19%	24.33%

Correlation

The correlation between MCHI and ACWI is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Apr 1, 2011	0.66

The correlation between MCHI and ACWI shifts across timeframes, from 0.51 (3 years) to 0.66 (all time), reflecting how their relationship changes across market environments.

MCHI vs. ACWI - Sectors Allocation Comparison

Sectors	MCHI	ACWI
Consumer Cyclical	26.4%	9.3%
Financial Services	19.1%	16.1%
Communication Services	18.8%	9.0%
Technology	9.6%	29.4%
Basic Materials	5.5%	3.7%
Healthcare	5.4%	8.1%
Industrials	5.0%	10.9%
Energy	3.7%	4.2%
Consumer Defensive	3.2%	5.0%
Utilities	1.7%	2.6%
Real Estate	1.5%	1.8%

Return for Risk

MCHI vs. ACWI — Risk / Return Rank

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

MCHI

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

ACWI

ACWI Risk / Return Rank: 70
ACWI Sharpe Ratio Rank: 71
ACWI Sortino Ratio Rank: 71
ACWI Omega Ratio Rank: 71
ACWI Calmar Ratio Rank: 62
ACWI Martin Ratio Rank: 73

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.

MCHI vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) and iShares MSCI ACWI ETF (ACWI). 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.

	MCHI	ACWI	Difference
Sharpe ratio: Return per unit of total volatility	0.20	2.30	-2.10
Sortino ratio: Return per unit of downside risk	0.42	3.17	-2.75
Omega ratio: Gain probability vs. loss probability	1.05	1.42	-0.36
Calmar ratio: Return relative to maximum drawdown	0.23	3.02	-2.79
Martin ratio: Return relative to average drawdown	0.48	13.55	-13.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MCHI vs. ACWI - Sharpe Ratio Comparison

The current MCHI Sharpe Ratio is 0.20, which is lower than the ACWI Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of MCHI and ACWI, 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

	MCHI	ACWI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	2.30	-2.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.19	0.71	-0.90
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.75	-0.59
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.43	-0.34

Drawdowns

MCHI vs. ACWI - Drawdown Comparison

The maximum MCHI drawdown since its inception was -62.95%, which is greater than ACWI's maximum drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for MCHI and ACWI.

Drawdown Indicators

	MCHI	ACWI	Difference
Max Drawdown Largest peak-to-trough decline	-62.95%	-56.00%	-6.95%
Max Drawdown (1Y) Largest decline over 1 year	-17.17%	-9.73%	-7.44%
Max Drawdown (3Y) Largest decline over 3 years	-25.85%	-16.55%	-9.30%
Max Drawdown (5Y) Largest decline over 5 years	-56.98%	-26.42%	-30.56%
Max Drawdown (10Y) Largest decline over 10 years	-62.95%	-33.53%	-29.42%
Current Drawdown Current decline from peak	-36.74%	-0.53%	-36.21%
Average Drawdown Average peak-to-trough decline	-24.53%	-8.61%	-15.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.36%	2.16%	+6.20%

Volatility

MCHI vs. ACWI - Volatility Comparison

iShares MSCI China ETF (MCHI) has a higher volatility of 7.27% compared to iShares MSCI ACWI ETF (ACWI) at 3.83%. This indicates that MCHI's price experiences larger fluctuations and is considered to be riskier than ACWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCHI	ACWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.27%	3.83%	+3.44%
Volatility (6M) Calculated over the trailing 6-month period	14.51%	10.30%	+4.21%
Volatility (1Y) Calculated over the trailing 1-year period	20.16%	12.79%	+7.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.71%	16.05%	+14.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.39%	17.11%	+10.28%

MCHI vs. ACWI - Expense Ratio Comparison

MCHI has a 0.59% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

MCHI vs. ACWI - Dividend Comparison

MCHI's dividend yield for the trailing twelve months is around 2.28%, more than ACWI's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWI iShares MSCI ACWI ETF	1.38%	1.55%	1.70%	1.88%	1.79%	1.71%	1.43%	2.33%	2.18%	1.94%	2.19%	2.56%
MCHI iShares MSCI China ETF	2.28%	2.12%	2.31%	2.66%	1.78%	1.04%	1.04%	1.45%	1.60%	1.56%	1.66%	2.76%

Frequently Asked Questions

Can I hold both MCHI and ACWI in my portfolio?

MCHI and ACWI have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCHI or ACWI?

MCHI has higher volatility (7.27%) compared to ACWI (3.83%). In terms of maximum drawdown, MCHI dropped -62.95% vs ACWI's -56.00%.

Which ETF is better, MCHI or ACWI?

On 10-year performance, ACWI leads with 12.82% vs 4.49% for MCHI. On fees, ACWI is cheaper at 0.32% per year. On volatility, ACWI has been the lower-risk option at 3.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MCHI or ACWI?

Over the 10-year period, ACWI has performed better with a 12.82% return vs 4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MCHI or ACWI?

ACWI is cheaper with a 0.32% expense ratio, compared with 0.59% for MCHI.

Which ETF pays a higher dividend yield, MCHI or ACWI?

MCHI has the higher dividend yield at 2.28%, compared with 1.38% for ACWI.

What is the main difference between MCHI and ACWI?

MCHI is categorized as China Equities, while ACWI is Global Equities. MCHI tracks MSCI China Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.59% for MCHI and 0.32% for ACWI.

Which has better risk-adjusted returns?

ACWI currently has the higher Sharpe Ratio (2.30 vs 0.20), 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.