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MCHI vs. FXI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MCHI vs. FXI

Last updated Aug 2, 2026
Documentation

MCHI (iShares MSCI China ETF) and FXI (iShares China Large-Cap ETF) are both China Equities funds from iShares - MCHI tracks the MSCI China Index while FXI tracks the FTSE China 50 Index. Both are passively managed. Over the past 10 years, MCHI returned 4.22%/yr vs 2.81%/yr for FXI. Their 0.96 correlation means they have historically moved very closely together. MCHI charges 0.59%/yr vs 0.74%/yr for FXI.

Performance

MCHI vs. FXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China ETF (MCHI) and iShares China Large-Cap ETF (FXI). 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 -6.49% return, which is significantly lower than FXI's -3.96% return. Over the past 10 years, MCHI has outperformed FXI with an annualized return of 4.22%, while FXI has yielded a comparatively lower 2.81% annualized return.

MCHI

1D
0.54%
1M
9.61%
6M
-9.98%
YTD
-6.49%
1Y
0.60%
3Y*
7.33%
5Y*
-2.80%
10Y*
4.22%
ALL TIME*
2.49%

FXI

1D
-0.05%
1M
14.38%
6M
-7.16%
YTD
-3.96%
1Y
0.93%
3Y*
9.88%
5Y*
0.26%
10Y*
2.81%
ALL TIME*
5.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FXI

iShares China Large-Cap ETF
$773.89M$798.32M$975.73M

MCHI

iShares MSCI China ETF
$148.99M$159.51M$173.67M

MCHI vs. FXI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MCHI
iShares MSCI China ETF		-6.49%31.04%17.73%-11.94%-23.01%-21.74%27.78%23.72%-19.79%54.67%
FXI
iShares China Large-Cap ETF		-3.96%28.95%28.98%-12.42%-20.66%-20.06%8.92%14.90%-13.28%36.26%

Correlation

The correlation between MCHI and FXI is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.95

Correlation (3Y)
Balances recent behavior with more history.

0.97

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.98

Correlation (10Y)
Provides a long-term view across more market conditions.

0.97

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2011

0.96

The correlation between MCHI and FXI has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

MCHI vs. FXI - Sectors Allocation Comparison

Sectors
MCHI
FXI

Consumer Cyclical

22.4%
25.3%

Communication Services

19.3%
17.8%

Financial Services

19.2%
35.2%

Technology

13.9%
5.9%

Industrials

5.4%
2.8%

Healthcare

5.3%
2.6%

Basic Materials

5.1%
3.4%

Energy

3.4%
4.8%

Consumer Defensive

2.9%
0.8%

Utilities

1.6%
0.3%

Real Estate

1.5%
1.0%

Consumer Cyclical

MCHI
22.4%
FXI
25.3%

Communication Services

MCHI
19.3%
FXI
17.8%

Financial Services

MCHI
19.2%
FXI
35.2%

Technology

MCHI
13.9%
FXI
5.9%

Industrials

MCHI
5.4%
FXI
2.8%

Healthcare

MCHI
5.3%
FXI
2.6%

Basic Materials

MCHI
5.1%
FXI
3.4%

Energy

MCHI
3.4%
FXI
4.8%

Consumer Defensive

MCHI
2.9%
FXI
0.8%

Utilities

MCHI
1.6%
FXI
0.3%

Real Estate

MCHI
1.5%
FXI
1.0%

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 China Large-Cap ETF

Often compared with MCHI:
MCHI vs. KWEBMCHI vs. CQQQMCHI vs. GXCMCHI vs. ASHRMCHI vs. FLCHMCHI vs. CNYAMCHI vs. VOO
Often compared with FXI:
FXI vs. KWEBFXI vs. CQQQFXI vs. ASHRFXI vs. EWHFXI vs. EEMFXI vs. GXCFXI vs. EWY

Return for Risk

MCHI vs. FXI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
MCHI
MCHI Risk / Return Rank: 1010
Overall Rank
MCHI Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
MCHI Sortino Ratio Rank: 1010
Sortino Ratio Rank
MCHI Omega Ratio Rank: 1010
Omega Ratio Rank
MCHI Calmar Ratio Rank: 1010
Calmar Ratio Rank
MCHI Martin Ratio Rank: 1010
Martin Ratio Rank
FXI
FXI Risk / Return Rank: 1010
Overall Rank
FXI Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
FXI Sortino Ratio Rank: 1010
Sortino Ratio Rank
FXI Omega Ratio Rank: 1010
Omega Ratio Rank
FXI Calmar Ratio Rank: 1010
Calmar Ratio Rank
FXI Martin Ratio Rank: 1010
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MCHI vs. FXI - Risk-Adjusted Trends Comparison

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

MCHIFXIDifference
Sharpe ratioReturn per unit of total volatility
-0.05
-0.04

-0.01

Sortino ratioReturn per unit of downside risk
0.08
0.09

-0.02

Omega ratioGain probability vs. loss probability

1.01

1.01

0.00

Calmar ratioReturn relative to maximum drawdown

-0.04

-0.03

-0.01

Martin ratioReturn relative to average drawdown

-0.09

-0.07

-0.02

MCHI vs. FXI - Sharpe Ratio Comparison

The current MCHI Sharpe Ratio is -0.05, which is lower than the FXI Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of MCHI and FXI, 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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Drawdowns

MCHI vs. FXI - Drawdown Comparison

The maximum MCHI drawdown since its inception was -62.95%, smaller than the maximum FXI drawdown of -72.68%. Use the drawdown chart below to compare losses from any high point for MCHI and FXI.

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Drawdown Indicators

MCHIFXIDifference

Max Drawdown

Largest peak-to-trough decline

-62.95%

-72.68%

+9.73%

Max Drawdown (1Y)

Largest decline over 1 year

-23.22%

-22.94%

-0.28%

Max Drawdown (3Y)

Largest decline over 3 years

-25.35%

-26.62%

+1.27%

Max Drawdown (5Y)

Largest decline over 5 years

-51.41%

-49.88%

-1.53%

Max Drawdown (10Y)

Largest decline over 10 years

-62.95%

-60.81%

-2.14%

Current Drawdown

Current decline from peak

-36.24%

-24.37%

-11.87%

Average Drawdown

Average peak-to-trough decline

-24.67%

-31.21%

+6.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.26%

10.00%

+1.26%

Volatility

MCHI vs. FXI - Volatility Comparison

iShares MSCI China ETF (MCHI) has a higher volatility of 5.57% compared to iShares China Large-Cap ETF (FXI) at 5.14%. This indicates that MCHI's price experiences larger fluctuations and is considered to be riskier than FXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MCHIFXIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.57%

5.14%

+0.43%

Volatility (6M)

Calculated over the trailing 6-month period

14.73%

14.61%

+0.12%

Volatility (1Y)

Calculated over the trailing 1-year period

20.62%

20.32%

+0.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.41%

31.44%

-1.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.35%

27.60%

-0.25%

MCHI vs. FXI - Expense Ratio Comparison

MCHI has a 0.59% expense ratio, which is lower than FXI's 0.74% expense ratio.

Dividends

MCHI vs. FXI - Dividend Comparison

MCHI's dividend yield for the trailing twelve months is around 1.96%, more than FXI's 1.86% yield.

PositionTTM20252024202320222021202020192018201720162015
FXI
iShares China Large-Cap ETF		1.86%2.42%1.76%3.17%2.61%1.60%2.19%2.74%2.69%2.31%2.69%2.90%
MCHI
iShares MSCI China ETF		1.96%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

With a correlation of 0.95, MCHI and FXI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

MCHI has higher volatility (5.57%) compared to FXI (5.14%). In terms of maximum drawdown, MCHI dropped -62.95% vs FXI's -72.68%.

On 10-year performance, MCHI leads with 4.22% vs 2.81% for FXI. On fees, MCHI is cheaper at 0.59% per year. On volatility, FXI has been the lower-risk option at 5.14%. 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 4.22% return vs 2.81%. 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 0.74% for FXI.

MCHI has the higher dividend yield at 1.96%, compared with 1.86% for FXI.

MCHI tracks MSCI China Index, while FXI tracks FTSE China 50 Index. Their fees differ too: 0.59% for MCHI and 0.74% for FXI.

FXI currently has the higher Sharpe Ratio (-0.04 vs -0.05), 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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