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MCHI vs. ECNS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MCHI vs. ECNS

Last updated Jun 4, 2026

MCHI (iShares MSCI China ETF) and ECNS (iShares MSCI China Small-Cap ETF) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while ECNS is a Asia Pacific Equities fund tracking the MSCI China Small Cap Index. Both are passively managed. Over the past 10 years, MCHI returned 4.68%/yr vs 1.88%/yr for ECNS. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

MCHI vs. ECNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China ETF (MCHI) and iShares MSCI China Small-Cap ETF (ECNS). 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 -6.81% return, which is significantly lower than ECNS's -4.50% return. Over the past 10 years, MCHI has outperformed ECNS with an annualized return of 4.68%, while ECNS has yielded a comparatively lower 1.88% annualized return.

MCHI

1D
-2.12%
1M
-2.30%
YTD
-6.81%
6M
-8.43%
1Y
6.44%
3Y*
9.73%
5Y*
-5.67%
10Y*
4.68%

ECNS

1D
-2.25%
1M
-6.37%
YTD
-4.50%
6M
-7.48%
1Y
13.77%
3Y*
7.43%
5Y*
-6.97%
10Y*
1.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MCHI vs. ECNS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MCHI
iShares MSCI China ETF		-6.81%31.04%17.73%-11.94%-23.01%-21.74%27.78%23.72%-19.79%54.67%
ECNS
iShares MSCI China Small-Cap ETF		-4.50%36.49%5.64%-23.05%-24.58%2.11%25.42%7.84%-18.27%27.55%

Correlation

The correlation between MCHI and ECNS is 0.75, 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

0.75

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

0.85

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

0.86

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

0.81

Correlation (All Time)
Calculated using the full available price history since Apr 1, 2011

0.78

The correlation between MCHI and ECNS shifts across timeframes, from 0.75 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

MCHI vs. ECNS - Sectors Allocation Comparison

Sectors
MCHI
ECNS

Consumer Cyclical

26.4%
8.8%

Financial Services

19.1%
4.4%

Communication Services

18.8%
4.5%

Technology

9.6%
16.9%

Basic Materials

5.5%
7.8%

Healthcare

5.4%
19.8%

Industrials

5.0%
16.2%

Energy

3.7%
3.4%

Consumer Defensive

3.2%
4.0%

Utilities

1.7%
2.6%

Real Estate

1.5%
8.8%

Consumer Cyclical

MCHI
26.4%
ECNS
8.8%

Financial Services

MCHI
19.1%
ECNS
4.4%

Communication Services

MCHI
18.8%
ECNS
4.5%

Technology

MCHI
9.6%
ECNS
16.9%

Basic Materials

MCHI
5.5%
ECNS
7.8%

Healthcare

MCHI
5.4%
ECNS
19.8%

Industrials

MCHI
5.0%
ECNS
16.2%

Energy

MCHI
3.7%
ECNS
3.4%

Consumer Defensive

MCHI
3.2%
ECNS
4.0%

Utilities

MCHI
1.7%
ECNS
2.6%

Real Estate

MCHI
1.5%
ECNS
8.8%

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

iShares MSCI China Small-Cap ETF

Often compared with MCHI:
MCHI vs. FXIMCHI vs. KWEBMCHI vs. CQQQMCHI vs. GXCMCHI vs. ASHRMCHI vs. FLCHMCHI vs. CNYA
Often compared with ECNS:
ECNS vs. ASHSECNS vs. CNXTECNS vs. DFAEECNS vs. CQQQECNS vs. FLCHECNS vs. EWTECNS vs. SCHF

Return for Risk

MCHI vs. ECNS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MCHI
MCHI Risk / Return Rank: 1313
Overall Rank
MCHI Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
MCHI Sortino Ratio Rank: 1313
Sortino Ratio Rank
MCHI Omega Ratio Rank: 1313
Omega Ratio Rank
MCHI Calmar Ratio Rank: 1313
Calmar Ratio Rank
MCHI Martin Ratio Rank: 1212
Martin Ratio Rank
ECNS
ECNS Risk / Return Rank: 1919
Overall Rank
ECNS Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
ECNS Sortino Ratio Rank: 1919
Sortino Ratio Rank
ECNS Omega Ratio Rank: 2020
Omega Ratio Rank
ECNS Calmar Ratio Rank: 1919
Calmar Ratio Rank
ECNS Martin Ratio Rank: 1616
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. ECNS - Risk-Adjusted Trends Comparison

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

MCHIECNSDifference
Sharpe ratioReturn per unit of total volatility
0.32
0.66

-0.34

Sortino ratioReturn per unit of downside risk
0.59
1.00

-0.41

Omega ratioGain probability vs. loss probability

1.07

1.13

-0.06

Calmar ratioReturn relative to maximum drawdown

0.38

0.76

-0.39

Martin ratioReturn relative to average drawdown

0.78

1.51

-0.73

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. ECNS - Sharpe Ratio Comparison

The current MCHI Sharpe Ratio is 0.32, which is lower than the ECNS Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of MCHI and ECNS, 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

MCHIECNSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.32

0.66

-0.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.19

-0.24

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.17

0.07

+0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.09

0.02

+0.07

Drawdowns

MCHI vs. ECNS - Drawdown Comparison

The maximum MCHI drawdown since its inception was -62.95%, roughly equal to the maximum ECNS drawdown of -63.43%. Use the drawdown chart below to compare losses from any high point for MCHI and ECNS.

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Drawdown Indicators

MCHIECNSDifference

Max Drawdown

Largest peak-to-trough decline

-62.95%

-63.43%

+0.48%

Max Drawdown (1Y)

Largest decline over 1 year

-17.17%

-18.08%

+0.91%

Max Drawdown (3Y)

Largest decline over 3 years

-25.85%

-31.72%

+5.87%

Max Drawdown (5Y)

Largest decline over 5 years

-56.98%

-59.61%

+2.63%

Max Drawdown (10Y)

Largest decline over 10 years

-62.95%

-63.43%

+0.48%

Current Drawdown

Current decline from peak

-36.45%

-38.52%

+2.07%

Average Drawdown

Average peak-to-trough decline

-24.52%

-29.39%

+4.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.30%

9.14%

-0.84%

Volatility

MCHI vs. ECNS - Volatility Comparison

iShares MSCI China ETF (MCHI) has a higher volatility of 7.26% compared to iShares MSCI China Small-Cap ETF (ECNS) at 5.64%. This indicates that MCHI's price experiences larger fluctuations and is considered to be riskier than ECNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MCHIECNSDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.26%

5.64%

+1.62%

Volatility (6M)

Calculated over the trailing 6-month period

14.51%

12.87%

+1.64%

Volatility (1Y)

Calculated over the trailing 1-year period

20.17%

20.92%

-0.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.71%

29.44%

+1.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.39%

25.90%

+1.49%

MCHI vs. ECNS - Expense Ratio Comparison

Both MCHI and ECNS have an expense ratio of 0.59%.

Dividends

MCHI vs. ECNS - Dividend Comparison

MCHI's dividend yield for the trailing twelve months is around 2.27%, less than ECNS's 6.49% yield.

PositionTTM20252024202320222021202020192018201720162015
ECNS
iShares MSCI China Small-Cap ETF		6.49%6.20%5.98%4.89%3.54%4.87%3.59%3.23%6.16%3.18%4.29%3.58%
MCHI
iShares MSCI China ETF		2.27%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 ECNS have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MCHI has higher volatility (7.26%) compared to ECNS (5.64%). In terms of maximum drawdown, MCHI dropped -62.95% vs ECNS's -63.43%.

On 10-year performance, MCHI leads with 4.68% vs 1.88% for ECNS. Both ETFs have the same 0.59% expense ratio. On volatility, ECNS has been the lower-risk option at 5.64%. 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 4.68% return vs 1.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MCHI and ECNS have the same expense ratio: 0.59% per year.

ECNS has the higher dividend yield at 6.49%, compared with 2.27% for MCHI.

MCHI is categorized as China Equities, while ECNS is Asia Pacific Equities. MCHI tracks MSCI China Index, while ECNS tracks MSCI China Small Cap Index.

ECNS currently has the higher Sharpe Ratio (0.66 vs 0.32), 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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