MCHI vs. DGRO

Last updated Jun 5, 2026

MCHI (iShares MSCI China ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, MCHI returned 4.49%/yr vs 13.34%/yr for DGRO. At a 0.47 correlation, their price movements are largely independent. MCHI charges 0.59%/yr vs 0.08%/yr for DGRO.

Performance

MCHI vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China ETF (MCHI) and iShares Core Dividend Growth ETF (DGRO). 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 DGRO's 9.64% return. Over the past 10 years, MCHI has underperformed DGRO with an annualized return of 4.49%, while DGRO has yielded a comparatively higher 13.34% 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%

DGRO

• 1D: 0.81%
• 1M: 3.27%
• YTD: 9.64%
• 6M: 9.87%
• 1Y: 23.89%
• 3Y*: 17.46%
• 5Y*: 10.72%
• 10Y*: 13.34%

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

MCHI vs. DGRO - 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%
DGRO iShares Core Dividend Growth ETF	9.64%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between MCHI and DGRO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.47

The correlation between MCHI and DGRO shifts across timeframes, from 0.34 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.

MCHI vs. DGRO - Sectors Allocation Comparison

Sectors	MCHI	DGRO
Consumer Cyclical	26.4%	5.7%
Financial Services	19.1%	21.2%
Communication Services	18.8%	0.1%
Technology	9.6%	19.4%
Basic Materials	5.5%	2.5%
Healthcare	5.4%	16.4%
Industrials	5.0%	10.8%
Energy	3.7%	5.6%
Consumer Defensive	3.2%	11.5%
Utilities	1.7%	6.9%
Real Estate	1.5%	-

Return for Risk

MCHI vs. DGRO — 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

DGRO

DGRO Risk / Return Rank: 78
DGRO Sharpe Ratio Rank: 79
DGRO Sortino Ratio Rank: 83
DGRO Omega Ratio Rank: 78
DGRO Calmar Ratio Rank: 75
DGRO Martin Ratio Rank: 76

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. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) and iShares Core Dividend Growth ETF (DGRO). 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	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	0.20	2.53	-2.33
Sortino ratio: Return per unit of downside risk	0.42	3.68	-3.25
Omega ratio: Gain probability vs. loss probability	1.05	1.46	-0.41
Calmar ratio: Return relative to maximum drawdown	0.23	3.71	-3.48
Martin ratio: Return relative to average drawdown	0.48	14.33	-13.86
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. DGRO - Sharpe Ratio Comparison

The current MCHI Sharpe Ratio is 0.20, which is lower than the DGRO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of MCHI and DGRO, 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	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	2.53	-2.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.19	0.78	-0.97
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.81	-0.64
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.77	-0.68

Drawdowns

MCHI vs. DGRO - Drawdown Comparison

The maximum MCHI drawdown since its inception was -62.95%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for MCHI and DGRO.

Drawdown Indicators

	MCHI	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-62.95%	-35.10%	-27.85%
Max Drawdown (1Y) Largest decline over 1 year	-17.17%	-6.47%	-10.70%
Max Drawdown (3Y) Largest decline over 3 years	-25.85%	-14.03%	-11.82%
Max Drawdown (5Y) Largest decline over 5 years	-56.98%	-19.31%	-37.67%
Max Drawdown (10Y) Largest decline over 10 years	-62.95%	-35.10%	-27.85%
Current Drawdown Current decline from peak	-36.74%	0.00%	-36.74%
Average Drawdown Average peak-to-trough decline	-24.53%	-3.44%	-21.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.36%	1.67%	+6.69%

Volatility

MCHI vs. DGRO - Volatility Comparison

iShares MSCI China ETF (MCHI) has a higher volatility of 7.27% compared to iShares Core Dividend Growth ETF (DGRO) at 2.24%. This indicates that MCHI's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCHI	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.27%	2.24%	+5.03%
Volatility (6M) Calculated over the trailing 6-month period	14.51%	6.94%	+7.57%
Volatility (1Y) Calculated over the trailing 1-year period	20.16%	9.49%	+10.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.71%	13.82%	+16.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.39%	16.62%	+10.77%

MCHI vs. DGRO - Expense Ratio Comparison

MCHI has a 0.59% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

MCHI vs. DGRO - Dividend Comparison

MCHI's dividend yield for the trailing twelve months is around 2.28%, more than DGRO's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.94%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
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 DGRO in my portfolio?

MCHI and DGRO have a correlation of 0.34, 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 DGRO?

MCHI has higher volatility (7.27%) compared to DGRO (2.24%). In terms of maximum drawdown, MCHI dropped -62.95% vs DGRO's -35.10%.

Which ETF is better, MCHI or DGRO?

On 10-year performance, DGRO leads with 13.34% vs 4.49% for MCHI. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MCHI or DGRO?

Over the 10-year period, DGRO has performed better with a 13.34% 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 DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.59% for MCHI.

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

MCHI has the higher dividend yield at 2.28%, compared with 1.94% for DGRO.

What is the main difference between MCHI and DGRO?

MCHI is categorized as China Equities, while DGRO is Large Cap Growth Equities. MCHI tracks MSCI China Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.59% for MCHI and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.53 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.