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 3.91%/yr vs 2.21%/yr for EUO. At a correlation of -0.20, they often move in opposite directions. 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 -9.26% return, which is significantly lower than EUO's 7.63% return. Over the past 10 years, MCHI has outperformed EUO with an annualized return of 3.91%, while EUO has yielded a comparatively lower 2.21% annualized return.
MCHI
- 1D
- 1.73%
- 1M
- -1.42%
- 6M
- -14.23%
- YTD
- -9.26%
- 1Y
- -2.65%
- 3Y*
- 7.81%
- 5Y*
- -5.11%
- 10Y*
- 3.91%
EUO
- 1D
- -0.74%
- 1M
- 2.60%
- 6M
- 5.36%
- YTD
- 7.63%
- 1Y
- 7.10%
- 3Y*
- 3.48%
- 5Y*
- 4.89%
- 10Y*
- 2.21%
MCHI vs. EUO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | -9.26% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 23.72% | -19.79% | 54.67% |
EUO ProShares UltraShort Euro | 7.63% | -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 tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 (1 year) 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 | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.11 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 0.89 | -1.00 |
| Martin ratioReturn relative to average drawdown | -0.25 | 2.09 | -2.34 |
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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 | -25.85% | -24.46% | -1.39% |
Max Drawdown (5Y)Largest decline over 5 years | -53.95% | -25.28% | -28.67% |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | -29.61% | -33.34% |
Current DrawdownCurrent decline from peak | -38.12% | -16.02% | -22.10% |
Average DrawdownAverage peak-to-trough decline | -24.63% | -18.49% | -6.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.60% | 3.42% | +7.18% |
Volatility
MCHI vs. EUO - Volatility Comparison
iShares MSCI China ETF (MCHI) has a higher volatility of 5.84% compared to ProShares UltraShort Euro (EUO) at 3.12%. 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 | 5.84% | 3.12% | +2.72% |
Volatility (6M)Calculated over the trailing 6-month period | 14.52% | 9.18% | +5.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.51% | 12.63% | +7.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.71% | 15.55% | +15.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.34% | 14.77% | +12.57% |
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 2.02%, 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 | 2.02% | 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 (5.84%) compared to EUO (3.12%). In terms of maximum drawdown, MCHI dropped -62.95% vs EUO's -38.58%.
On 10-year performance, MCHI leads with 3.91% vs 2.21% for EUO. On fees, MCHI is cheaper at 0.59% per year. On volatility, EUO has been the lower-risk option at 3.12%. 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 3.91% return vs 2.21%. 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 2.02%, 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 (0.57 vs -0.13), 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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