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MCHI vs. CXSE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MCHI vs. CXSE

Last updated Jun 5, 2026

MCHI (iShares MSCI China ETF) and CXSE (WisdomTree China ex-State-Owned Enterprises Fund) are both China Equities funds - MCHI tracks the MSCI China Index while CXSE tracks the WisdomTree China ex-State-Owned Enterprises Index. Both are passively managed. Over the past 10 years, MCHI returned 4.49%/yr vs 7.22%/yr for CXSE. Their correlation of 0.88 suggests significant overlap in exposure. MCHI charges 0.59%/yr vs 0.32%/yr for CXSE.

Performance

MCHI vs. CXSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China ETF (MCHI) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MCHI achieves a -7.22% return, which is significantly lower than CXSE's 0.56% return. Over the past 10 years, MCHI has underperformed CXSE with an annualized return of 4.49%, while CXSE has yielded a comparatively higher 7.22% 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%

CXSE

1D
-0.36%
1M
0.50%
YTD
0.56%
6M
-0.29%
1Y
21.07%
3Y*
11.14%
5Y*
-8.14%
10Y*
7.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MCHI vs. CXSE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
CXSE
WisdomTree China ex-State-Owned Enterprises Fund		0.56%37.00%8.56%-18.02%-29.32%-23.67%59.39%37.96%-28.55%81.50%

Correlation

The correlation between MCHI and CXSE is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.93

Correlation (3Y)
Calculated over the trailing 3-year period

0.95

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.93

Correlation (All Time)
Calculated using the full available price history since Sep 21, 2012

0.88

The correlation between MCHI and CXSE has been stable across timeframes, ranging from 0.88 to 0.97 - a consistent structural relationship.

MCHI vs. CXSE - Sectors Allocation Comparison

Sectors
MCHI
CXSE

Consumer Cyclical

26.4%
26.2%

Financial Services

19.1%
6.2%

Communication Services

18.8%
10.1%

Technology

9.6%
22.6%

Basic Materials

5.5%
3.4%

Healthcare

5.4%
8.8%

Industrials

5.0%
16.6%

Energy

3.7%
0.4%

Consumer Defensive

3.2%
3.9%

Utilities

1.7%
0.3%

Real Estate

1.5%
0.9%

Consumer Cyclical

MCHI
26.4%
CXSE
26.2%

Financial Services

MCHI
19.1%
CXSE
6.2%

Communication Services

MCHI
18.8%
CXSE
10.1%

Technology

MCHI
9.6%
CXSE
22.6%

Basic Materials

MCHI
5.5%
CXSE
3.4%

Healthcare

MCHI
5.4%
CXSE
8.8%

Industrials

MCHI
5.0%
CXSE
16.6%

Energy

MCHI
3.7%
CXSE
0.4%

Consumer Defensive

MCHI
3.2%
CXSE
3.9%

Utilities

MCHI
1.7%
CXSE
0.3%

Real Estate

MCHI
1.5%
CXSE
0.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI China ETF

WisdomTree China ex-State-Owned Enterprises Fund

Often compared with MCHI:
MCHI vs. FXIMCHI vs. KWEBMCHI vs. CQQQMCHI vs. GXCMCHI vs. ASHRMCHI vs. FLCHMCHI vs. CNYA
Often compared with CXSE:
CXSE vs. FLCHCXSE vs. PGJCXSE vs. CNXTCXSE vs. CHIQCXSE vs. FXICXSE vs. VOOCXSE vs. 36BZ.DE

Return for Risk

MCHI vs. CXSE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MCHI
MCHI Risk / Return Rank: 1212
Overall Rank
MCHI Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
MCHI Sortino Ratio Rank: 1212
Sortino Ratio Rank
MCHI Omega Ratio Rank: 1212
Omega Ratio Rank
MCHI Calmar Ratio Rank: 1212
Calmar Ratio Rank
MCHI Martin Ratio Rank: 1111
Martin Ratio Rank
CXSE
CXSE Risk / Return Rank: 2626
Overall Rank
CXSE Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
CXSE Sortino Ratio Rank: 2828
Sortino Ratio Rank
CXSE Omega Ratio Rank: 2727
Omega Ratio Rank
CXSE Calmar Ratio Rank: 2626
Calmar Ratio Rank
CXSE Martin Ratio Rank: 2121
Martin Ratio Rank
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. CXSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). 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.

MCHICXSEDifference
Sharpe ratioReturn per unit of total volatility
0.20
0.99

-0.80

Sortino ratioReturn per unit of downside risk
0.42
1.48

-1.06

Omega ratioGain probability vs. loss probability

1.05

1.18

-0.13

Calmar ratioReturn relative to maximum drawdown

0.23

1.20

-0.96

Martin ratioReturn relative to average drawdown

0.48

2.50

-2.02

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. CXSE - Sharpe Ratio Comparison

The current MCHI Sharpe Ratio is 0.20, which is lower than the CXSE Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of MCHI and CXSE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

MCHICXSEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.20

0.99

-0.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.19

-0.25

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

0.25

-0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.09

0.19

-0.10

Drawdowns

MCHI vs. CXSE - Drawdown Comparison

The maximum MCHI drawdown since its inception was -62.95%, smaller than the maximum CXSE drawdown of -70.01%. Use the drawdown chart below to compare losses from any high point for MCHI and CXSE.

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Drawdown Indicators

MCHICXSEDifference

Max Drawdown

Largest peak-to-trough decline

-62.95%

-70.01%

+7.06%

Max Drawdown (1Y)

Largest decline over 1 year

-17.17%

-17.70%

+0.53%

Max Drawdown (3Y)

Largest decline over 3 years

-25.85%

-32.12%

+6.27%

Max Drawdown (5Y)

Largest decline over 5 years

-56.98%

-64.47%

+7.49%

Max Drawdown (10Y)

Largest decline over 10 years

-62.95%

-70.01%

+7.06%

Current Drawdown

Current decline from peak

-36.74%

-46.21%

+9.47%

Average Drawdown

Average peak-to-trough decline

-24.53%

-27.84%

+3.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.36%

8.45%

-0.09%

Volatility

MCHI vs. CXSE - Volatility Comparison

iShares MSCI China ETF (MCHI) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE) have volatilities of 7.27% and 7.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MCHICXSEDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.27%

7.30%

-0.03%

Volatility (6M)

Calculated over the trailing 6-month period

14.51%

14.52%

-0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

20.16%

21.39%

-1.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.71%

32.29%

-1.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.39%

28.69%

-1.30%

MCHI vs. CXSE - Expense Ratio Comparison

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

Dividends

MCHI vs. CXSE - Dividend Comparison

MCHI's dividend yield for the trailing twelve months is around 2.28%, more than CXSE's 1.99% yield.

PositionTTM20252024202320222021202020192018201720162015
CXSE
WisdomTree China ex-State-Owned Enterprises Fund		1.99%1.95%1.70%1.71%1.55%0.86%0.54%0.96%1.49%1.24%1.39%2.50%
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

With a correlation of 0.93, MCHI and CXSE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

CXSE has higher volatility (7.30%) compared to MCHI (7.27%). In terms of maximum drawdown, MCHI dropped -62.95% vs CXSE's -70.01%.

On 10-year performance, CXSE leads with 7.22% vs 4.49% for MCHI. On fees, CXSE is cheaper at 0.32% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CXSE has performed better with a 7.22% return vs 4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

MCHI has the higher dividend yield at 2.28%, compared with 1.99% for CXSE.

MCHI tracks MSCI China Index, while CXSE tracks WisdomTree China ex-State-Owned Enterprises Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.59% for MCHI and 0.32% for CXSE.

CXSE currently has the higher Sharpe Ratio (0.99 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.

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