MCHI vs. SGOV
MCHI (iShares MSCI China ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, MCHI returned -5.11%/yr vs 3.62%/yr for SGOV. At a 0.03 correlation, their price movements are largely independent. MCHI charges 0.59%/yr vs 0.09%/yr for SGOV.
Performance
MCHI vs. SGOV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MCHI achieves a -9.26% return, which is significantly lower than SGOV's 1.94% 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%
SGOV
- 1D
- 0.02%
- 1M
- 0.30%
- 6M
- 1.80%
- YTD
- 1.94%
- 1Y
- 3.89%
- 3Y*
- 4.66%
- 5Y*
- 3.62%
- 10Y*
- —
MCHI vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | -9.26% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 37.22% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.94% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between MCHI and SGOV is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.03 |
The correlation between MCHI and SGOV shifts across timeframes, from -0.10 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MCHI vs. SGOV — Risk / Return Rank
MCHI
SGOV
MCHI vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -21.02 | ||
| Sortino ratioReturn per unit of downside risk | -384.86 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 385.06 | -384.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 393.03 | -393.14 |
| Martin ratioReturn relative to average drawdown | -0.25 | 6,226.74 | -6,227.00 |
Loading charts...
Drawdowns
MCHI vs. SGOV - Drawdown Comparison
The maximum MCHI drawdown since its inception was -62.95%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for MCHI and SGOV.
Loading charts...
Drawdown Indicators
| MCHI | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.95% | -0.03% | -62.92% |
Max Drawdown (1Y)Largest decline over 1 year | -23.22% | -0.01% | -23.21% |
Max Drawdown (3Y)Largest decline over 3 years | -25.85% | -0.01% | -25.84% |
Max Drawdown (5Y)Largest decline over 5 years | -53.95% | -0.03% | -53.92% |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | — | — |
Current DrawdownCurrent decline from peak | -38.12% | 0.00% | -38.12% |
Average DrawdownAverage peak-to-trough decline | -24.63% | -0.00% | -24.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.60% | 0.00% | +10.60% |
Volatility
MCHI vs. SGOV - Volatility Comparison
iShares MSCI China ETF (MCHI) has a higher volatility of 5.84% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that MCHI's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MCHI | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.84% | 0.05% | +5.79% |
Volatility (6M)Calculated over the trailing 6-month period | 14.52% | 0.13% | +14.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.51% | 0.19% | +20.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.71% | 0.24% | +30.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.34% | 0.24% | +27.10% |
MCHI vs. SGOV - Expense Ratio Comparison
MCHI has a 0.59% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
MCHI vs. SGOV - Dividend Comparison
MCHI's dividend yield for the trailing twelve months is around 2.02%, less than SGOV's 3.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.80% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MCHI and SGOV have a correlation of -0.10, 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 SGOV (0.05%). In terms of maximum drawdown, MCHI dropped -62.95% vs SGOV's -0.03%.
On 5-year performance, SGOV leads with 3.62% vs -5.11% for MCHI. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV 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 5-year period, SGOV has performed better with a 3.62% return vs -5.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.59% for MCHI.
SGOV has the higher dividend yield at 3.80%, compared with 2.02% for MCHI.
MCHI is categorized as China Equities, while SGOV is Ultrashort Bond. MCHI tracks MSCI China Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.59% for MCHI and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.89 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.
Find the right allocation for MCHI and SGOV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer