MCHI vs. BIL
MCHI (iShares MSCI China ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, MCHI returned 3.59%/yr vs 2.22%/yr for BIL. At a 0.00 correlation, their price movements are largely independent. MCHI charges 0.59%/yr vs 0.14%/yr for BIL.
Performance
MCHI vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, MCHI achieves a -11.97% return, which is significantly lower than BIL's 1.88% return. Over the past 10 years, MCHI has outperformed BIL with an annualized return of 3.59%, while BIL has yielded a comparatively lower 2.22% annualized return.
MCHI
- 1D
- -1.13%
- 1M
- -3.56%
- 6M
- -17.71%
- YTD
- -11.97%
- 1Y
- -2.59%
- 3Y*
- 6.72%
- 5Y*
- -5.74%
- 10Y*
- 3.59%
BIL
- 1D
- 0.00%
- 1M
- 0.28%
- 6M
- 1.77%
- YTD
- 1.88%
- 1Y
- 3.82%
- 3Y*
- 4.57%
- 5Y*
- 3.50%
- 10Y*
- 2.22%
MCHI vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | -11.97% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 23.72% | -19.79% | 54.67% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.88% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between MCHI and BIL is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | 0.00 |
The correlation between MCHI and BIL shifts across timeframes, from -0.09 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MCHI vs. BIL — Risk / Return Rank
MCHI
BIL
MCHI vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| MCHI | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.19 | ||
| Sortino ratioReturn per unit of downside risk | -153.62 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 69.55 | -68.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 350.30 | -350.41 |
| Martin ratioReturn relative to average drawdown | -0.25 | 2,484.18 | -2,484.43 |
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Drawdowns
MCHI vs. BIL - Drawdown Comparison
The maximum MCHI drawdown since its inception was -62.95%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for MCHI and BIL.
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Drawdown Indicators
| MCHI | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.95% | -0.78% | -62.17% |
Max Drawdown (1Y)Largest decline over 1 year | -23.22% | -0.01% | -23.21% |
Max Drawdown (3Y)Largest decline over 3 years | -25.85% | -0.01% | -25.84% |
Max Drawdown (5Y)Largest decline over 5 years | -54.50% | -0.08% | -54.42% |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | -0.21% | -62.74% |
Current DrawdownCurrent decline from peak | -39.97% | 0.00% | -39.97% |
Average DrawdownAverage peak-to-trough decline | -24.62% | -0.26% | -24.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.47% | 0.00% | +10.47% |
Volatility
MCHI vs. BIL - Volatility Comparison
iShares MSCI China ETF (MCHI) has a higher volatility of 5.47% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that MCHI's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCHI | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.47% | 0.07% | +5.40% |
Volatility (6M)Calculated over the trailing 6-month period | 14.72% | 0.14% | +14.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.46% | 0.20% | +20.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.69% | 0.26% | +30.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.33% | 0.26% | +27.07% |
MCHI vs. BIL - Expense Ratio Comparison
MCHI has a 0.59% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
MCHI vs. BIL - Dividend Comparison
MCHI's dividend yield for the trailing twelve months is around 2.09%, less than BIL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.81% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
MCHI iShares MSCI China ETF | 2.09% | 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
MCHI and BIL have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MCHI has higher volatility (5.47%) compared to BIL (0.07%). In terms of maximum drawdown, MCHI dropped -62.95% vs BIL's -0.78%.
On 10-year performance, MCHI leads with 3.59% vs 2.22% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MCHI has performed better with a 3.59% return vs 2.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.59% for MCHI.
BIL has the higher dividend yield at 3.81%, compared with 2.09% for MCHI.
MCHI is categorized as China Equities, while BIL is Government Bonds. MCHI tracks MSCI China Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.59% for MCHI and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.07 vs -0.13), 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.
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