MCHI vs. EUO
MCHI (iShares MSCI China ETF) and EUO (ProShares UltraShort Euro) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, MCHI returned 4.06%/yr vs 2.17%/yr for EUO. Their -0.20 correlation means they have often moved in opposite directions in the past. MCHI charges 0.59%/yr vs 0.99%/yr for EUO.
Performance
MCHI vs. EUO - Performance Comparison
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Returns By Period
In the year-to-date period, MCHI achieves a -6.01% return, which is significantly lower than EUO's 6.64% return. Over the past 10 years, MCHI has outperformed EUO with an annualized return of 4.06%, while EUO has yielded a comparatively lower 2.17% annualized return.
MCHI
- 1D
- 0.34%
- 1M
- 10.17%
- 6M
- -7.55%
- YTD
- -6.01%
- 1Y
- -0.55%
- 3Y*
- 8.08%
- 5Y*
- -2.78%
- 10Y*
- 4.06%
- ALL TIME*
- 2.52%
EUO
- 1D
- -0.20%
- 1M
- -1.37%
- 6M
- 7.51%
- YTD
- 6.64%
- 1Y
- 5.50%
- 3Y*
- 1.70%
- 5Y*
- 4.80%
- 10Y*
- 2.17%
- ALL TIME*
- 1.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $873.16K | $619.80K | $621.29K | |
| $131.82M | $143.06M | $173.02M |
MCHI vs. EUO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | -6.01% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 23.72% | -19.79% | 54.67% |
EUO ProShares UltraShort Euro | 6.64% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
Correlation
The correlation between MCHI and EUO is -0.31, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.28 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.31 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.22 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | -0.20 |
The correlation between MCHI and EUO shifts across timeframes, from -0.31 (5 years) to -0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MCHI vs. EUO — Risk / Return Rank
MCHI
EUO
MCHI vs. EUO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) and ProShares UltraShort Euro (EUO). 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 | EUO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.09 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 0.69 | -0.71 |
| Martin ratioReturn relative to average drawdown | -0.05 | 1.90 | -1.95 |
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Drawdowns
MCHI vs. EUO - Drawdown Comparison
The maximum MCHI drawdown since its inception was -62.95%, which is greater than EUO's maximum drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for MCHI and EUO.
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Drawdown Indicators
| MCHI | EUO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.95% | -38.58% | -24.37% |
Max Drawdown (1Y)Largest decline over 1 year | -23.22% | -8.05% | -15.17% |
Max Drawdown (3Y)Largest decline over 3 years | -25.35% | -24.46% | -0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -51.41% | -25.28% | -26.13% |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | -29.61% | -33.34% |
Current DrawdownCurrent decline from peak | -35.91% | -16.80% | -19.11% |
Average DrawdownAverage peak-to-trough decline | -24.68% | -18.48% | -6.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.34% | 2.92% | +8.42% |
Volatility
MCHI vs. EUO - Volatility Comparison
iShares MSCI China ETF (MCHI) has a higher volatility of 5.01% compared to ProShares UltraShort Euro (EUO) at 2.52%. This indicates that MCHI's price experiences larger fluctuations and is considered to be riskier than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCHI | EUO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.01% | 2.52% | +2.49% |
Volatility (6M)Calculated over the trailing 6-month period | 14.41% | 8.16% | +6.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.55% | 11.73% | +8.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.40% | 15.57% | +14.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.35% | 14.75% | +12.60% |
MCHI vs. EUO - Expense Ratio Comparison
MCHI has a 0.59% expense ratio, which is lower than EUO's 0.99% expense ratio.
Dividends
MCHI vs. EUO - Dividend Comparison
MCHI's dividend yield for the trailing twelve months is around 1.95%, while EUO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 0.00% | 0.00% | 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 | 1.95% | 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 EUO have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MCHI has higher volatility (5.01%) compared to EUO (2.52%). In terms of maximum drawdown, MCHI dropped -62.95% vs EUO's -38.58%.
On 10-year performance, MCHI leads with 4.06% vs 2.17% for EUO. On fees, MCHI is cheaper at 0.59% per year. On volatility, EUO has been the lower-risk option at 2.52%. 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 4.06% return vs 2.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MCHI is cheaper with a 0.59% expense ratio, compared with 0.99% for EUO.
MCHI has the higher dividend yield at 1.95%, compared with 0.00% for EUO.
MCHI is categorized as China Equities, while EUO is Leveraged Currency. MCHI tracks MSCI China Index, while EUO tracks USD/EUR Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.59% for MCHI and 0.99% for EUO.
EUO currently has the higher Sharpe Ratio (0.47 vs -0.03), 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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