MCHI vs. DRGN
MCHI (iShares MSCI China ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while DRGN is a Technology Equities fund tracking the BITA China Generative AI Select Index. Both are passively managed. A 0.66 correlation means they provide meaningful diversification when combined. MCHI charges 0.59%/yr vs 0.39%/yr for DRGN.
Performance
MCHI vs. DRGN - Performance Comparison
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Returns By Period
In the year-to-date period, MCHI achieves a -7.22% return, which is significantly lower than DRGN's 15.39% 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%
DRGN
- 1D
- -1.00%
- 1M
- 4.18%
- YTD
- 15.39%
- 6M
- 15.70%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MCHI vs. DRGN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MCHI iShares MSCI China ETF | -7.22% | 7.28% |
DRGN Themes China Generative Artificial Intelligence ETF | 15.39% | 26.41% |
Correlation
The correlation between MCHI and DRGN is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025 | 0.66 |
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Return for Risk
MCHI vs. DRGN — Risk / Return Rank
MCHI
DRGN
MCHI vs. DRGN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) and Themes China Generative Artificial Intelligence ETF (DRGN). 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 | DRGN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.05 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | — | — |
| Martin ratioReturn relative to average drawdown | 0.48 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MCHI | DRGN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.20 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.19 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 1.52 | -1.43 |
Drawdowns
MCHI vs. DRGN - Drawdown Comparison
The maximum MCHI drawdown since its inception was -62.95%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for MCHI and DRGN.
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Drawdown Indicators
| MCHI | DRGN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.95% | -20.86% | -42.09% |
Max Drawdown (1Y)Largest decline over 1 year | -17.17% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -25.85% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -56.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | — | — |
Current DrawdownCurrent decline from peak | -36.74% | -7.97% | -28.77% |
Average DrawdownAverage peak-to-trough decline | -24.53% | -7.93% | -16.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | — | — |
Volatility
MCHI vs. DRGN - Volatility Comparison
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Volatility by Period
| MCHI | DRGN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.27% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 14.51% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 20.16% | 34.79% | -14.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.71% | 34.79% | -4.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.39% | 34.79% | -7.40% |
MCHI vs. DRGN - Expense Ratio Comparison
MCHI has a 0.59% expense ratio, which is higher than DRGN's 0.39% expense ratio.
Dividends
MCHI vs. DRGN - Dividend Comparison
MCHI's dividend yield for the trailing twelve months is around 2.28%, more than DRGN's 1.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRGN Themes China Generative Artificial Intelligence ETF | 1.05% | 1.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
MCHI and DRGN have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DRGN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DRGN is cheaper with a 0.39% expense ratio, compared with 0.59% for MCHI.
MCHI has the higher dividend yield at 2.28%, compared with 1.05% for DRGN.
MCHI is categorized as China Equities, while DRGN is Technology Equities. MCHI tracks MSCI China Index, while DRGN tracks BITA China Generative AI Select Index. They also come from different issuers: iShares and Themes. Their fees differ too: 0.59% for MCHI and 0.39% for DRGN.
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