MCHI vs. IAU
MCHI (iShares MSCI China ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, MCHI returned 4.06%/yr vs 11.52%/yr for IAU. Their 0.12 correlation means their historical movements had little consistent relationship. MCHI charges 0.59%/yr vs 0.25%/yr for IAU.
Performance
MCHI vs. IAU - 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 IAU's -5.52% return. Over the past 10 years, MCHI has underperformed IAU with an annualized return of 4.06%, while IAU has yielded a comparatively higher 11.52% 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%
IAU
- 1D
- 0.66%
- 1M
- -1.06%
- 6M
- -17.56%
- YTD
- -5.52%
- 1Y
- 20.51%
- 3Y*
- 27.77%
- 5Y*
- 17.43%
- 10Y*
- 11.52%
- ALL TIME*
- 10.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $375.17M | $380.53M | $472.45M | |
| $131.82M | $143.06M | $173.02M |
MCHI vs. IAU - 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% |
IAU iShares Gold Trust | -5.52% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between MCHI and IAU is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.22 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | 0.12 |
Over the past year, MCHI and IAU have become more correlated (0.37) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
MCHI vs. IAU — Risk / Return Rank
MCHI
IAU
MCHI vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.16 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 0.78 | -0.81 |
| Martin ratioReturn relative to average drawdown | -0.05 | 1.66 | -1.71 |
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Drawdowns
MCHI vs. IAU - Drawdown Comparison
The maximum MCHI drawdown since its inception was -62.95%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for MCHI and IAU.
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Drawdown Indicators
| MCHI | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.95% | -45.14% | -17.81% |
Max Drawdown (1Y)Largest decline over 1 year | -23.22% | -26.36% | +3.14% |
Max Drawdown (3Y)Largest decline over 3 years | -25.35% | -26.36% | +1.01% |
Max Drawdown (5Y)Largest decline over 5 years | -51.41% | -26.36% | -25.05% |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | -26.36% | -36.59% |
Current DrawdownCurrent decline from peak | -35.91% | -24.50% | -11.41% |
Average DrawdownAverage peak-to-trough decline | -24.68% | -16.02% | -8.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.34% | 12.36% | -1.02% |
Volatility
MCHI vs. IAU - Volatility Comparison
The current volatility for iShares MSCI China ETF (MCHI) is 5.01%, while iShares Gold Trust (IAU) has a volatility of 5.93%. This indicates that MCHI experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCHI | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.01% | 5.93% | -0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 14.41% | 20.43% | -6.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.55% | 27.85% | -7.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.40% | 18.43% | +11.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.35% | 16.07% | +11.28% |
MCHI vs. IAU - Expense Ratio Comparison
MCHI has a 0.59% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
MCHI vs. IAU - Dividend Comparison
MCHI's dividend yield for the trailing twelve months is around 1.95%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | 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 IAU have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (5.93%) compared to MCHI (5.01%). In terms of maximum drawdown, MCHI dropped -62.95% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.52% vs 4.06% for MCHI. On fees, IAU is cheaper at 0.25% per year. On volatility, MCHI has been the lower-risk option at 5.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 11.52% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.59% for MCHI.
MCHI has the higher dividend yield at 1.95%, compared with 0.00% for IAU.
MCHI is categorized as China Equities, while IAU is Gold. MCHI tracks MSCI China Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.59% for MCHI and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (0.74 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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