MCHI vs. MMKT
MCHI (iShares MSCI China ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while MMKT is a Money Market fund actively managed by Texas Capital. MCHI is passively managed, while MMKT is actively managed. Over the past year, MCHI returned 0.67% vs 3.79% for MMKT. At a correlation of -0.04, they often move in opposite directions. MCHI charges 0.59%/yr vs 0.20%/yr for MMKT.
Performance
MCHI vs. MMKT - Performance Comparison
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Returns By Period
In the year-to-date period, MCHI achieves a -11.42% return, which is significantly lower than MMKT's 1.62% return.
MCHI
- 1D
- 0.17%
- 1M
- -4.19%
- YTD
- -11.42%
- 6M
- -12.61%
- 1Y
- 0.67%
- 3Y*
- 8.89%
- 5Y*
- -6.21%
- 10Y*
- 4.51%
MMKT
- 1D
- 0.01%
- 1M
- 0.25%
- YTD
- 1.62%
- 6M
- 1.73%
- 1Y
- 3.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MCHI vs. MMKT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MCHI iShares MSCI China ETF | -11.42% | 31.04% | 1.26% |
MMKT Texas Capital Government Money Market ETF | 1.62% | 4.13% | 1.22% |
Correlation
The correlation between MCHI and MMKT is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024 | -0.04 |
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Return for Risk
MCHI vs. MMKT — Risk / Return Rank
MCHI
MMKT
MCHI vs. MMKT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) and Texas Capital Government Money Market ETF (MMKT). 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 | MMKT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.73 | ||
| Sortino ratioReturn per unit of downside risk | -62.75 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 15.54 | -14.52 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | 152.72 | -152.69 |
| Martin ratioReturn relative to average drawdown | 0.07 | 913.70 | -913.63 |
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Drawdowns
MCHI vs. MMKT - Drawdown Comparison
The maximum MCHI drawdown since its inception was -62.95%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for MCHI and MMKT.
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Drawdown Indicators
| MCHI | MMKT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.95% | -0.04% | -62.91% |
Max Drawdown (1Y)Largest decline over 1 year | -19.74% | -0.02% | -19.72% |
Max Drawdown (3Y)Largest decline over 3 years | -25.85% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -56.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | — | — |
Current DrawdownCurrent decline from peak | -39.60% | 0.00% | -39.60% |
Average DrawdownAverage peak-to-trough decline | -24.56% | -0.00% | -24.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.18% | 0.00% | +9.18% |
Volatility
MCHI vs. MMKT - Volatility Comparison
iShares MSCI China ETF (MCHI) has a higher volatility of 5.96% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that MCHI's price experiences larger fluctuations and is considered to be riskier than MMKT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCHI | MMKT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.96% | 0.05% | +5.91% |
Volatility (6M)Calculated over the trailing 6-month period | 14.81% | 0.13% | +14.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.25% | 0.23% | +20.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.74% | 0.23% | +30.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.39% | 0.23% | +27.16% |
MCHI vs. MMKT - Expense Ratio Comparison
MCHI has a 0.59% expense ratio, which is higher than MMKT's 0.20% expense ratio.
Dividends
MCHI vs. MMKT - Dividend Comparison
MCHI's dividend yield for the trailing twelve months is around 2.07%, less than MMKT's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | 2.07% | 2.12% | 2.31% | 2.66% | 1.78% | 1.04% | 1.04% | 1.45% | 1.60% | 1.56% | 1.66% | 2.76% |
MMKT Texas Capital Government Money Market ETF | 3.71% | 3.98% | 1.07% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MCHI and MMKT have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MCHI has higher volatility (5.96%) compared to MMKT (0.05%). In terms of maximum drawdown, MCHI dropped -62.95% vs MMKT's -0.04%.
On 1-year performance, MMKT leads with 3.79% vs 0.67% for MCHI. On fees, MMKT is cheaper at 0.20% per year. On volatility, MMKT has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MMKT has performed better with a 3.79% return vs 0.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MMKT is cheaper with a 0.20% expense ratio, compared with 0.59% for MCHI.
MMKT has the higher dividend yield at 3.71%, compared with 2.07% for MCHI.
MCHI is categorized as China Equities, while MMKT is Money Market. They also come from different issuers: iShares and Texas Capital. Their fees differ too: 0.59% for MCHI and 0.20% for MMKT.
MMKT currently has the higher Sharpe Ratio (16.76 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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