MCHI vs. YXI
MCHI (iShares MSCI China ETF) and YXI (ProShares Short FTSE China 50) are both China Equities funds - MCHI tracks the MSCI China Index while YXI tracks the FTSE China 50 Net Tax USD (TR) (-100%). Both are passively managed. Over the past 10 years, MCHI returned 4.06%/yr vs -7.71%/yr for YXI. Their -0.92 correlation means they have often moved in opposite directions in the past. MCHI charges 0.59%/yr vs 0.95%/yr for YXI.
Performance
MCHI vs. YXI - 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 YXI's 5.63% return. Over the past 10 years, MCHI has outperformed YXI with an annualized return of 4.06%, while YXI has yielded a comparatively lower -7.71% 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%
YXI
- 1D
- 0.58%
- 1M
- -12.38%
- 6M
- 6.78%
- YTD
- 5.63%
- 1Y
- 4.09%
- 3Y*
- -10.31%
- 5Y*
- -5.27%
- 10Y*
- -7.71%
- ALL TIME*
- -8.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $131.82M | $143.06M | $173.02M | |
| $23.14K | $29.95K | $34.52K |
MCHI vs. YXI - 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% |
YXI ProShares Short FTSE China 50 | 5.63% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
Correlation
The correlation between MCHI and YXI is -0.89, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.89 |
Correlation (3Y) Balances recent behavior with more history. | -0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.95 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | -0.92 |
The correlation between MCHI and YXI has been stable across timeframes, ranging from -0.96 to -0.89 - a consistent structural relationship.
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Return for Risk
MCHI vs. YXI — Risk / Return Rank
MCHI
YXI
MCHI vs. YXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) and ProShares Short FTSE China 50 (YXI). 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 | YXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.05 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 0.30 | -0.33 |
| Martin ratioReturn relative to average drawdown | -0.05 | 0.77 | -0.82 |
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Drawdowns
MCHI vs. YXI - Drawdown Comparison
The maximum MCHI drawdown since its inception was -62.95%, smaller than the maximum YXI drawdown of -81.15%. Use the drawdown chart below to compare losses from any high point for MCHI and YXI.
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Drawdown Indicators
| MCHI | YXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.95% | -81.15% | +18.20% |
Max Drawdown (1Y)Largest decline over 1 year | -23.22% | -13.55% | -9.67% |
Max Drawdown (3Y)Largest decline over 3 years | -25.35% | -53.12% | +27.77% |
Max Drawdown (5Y)Largest decline over 5 years | -51.41% | -57.65% | +6.24% |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | -61.63% | -1.32% |
Current DrawdownCurrent decline from peak | -35.91% | -78.43% | +42.52% |
Average DrawdownAverage peak-to-trough decline | -24.68% | -54.52% | +29.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.34% | 5.32% | +6.02% |
Volatility
MCHI vs. YXI - Volatility Comparison
The current volatility for iShares MSCI China ETF (MCHI) is 5.01%, while ProShares Short FTSE China 50 (YXI) has a volatility of 6.80%. This indicates that MCHI experiences smaller price fluctuations and is considered to be less risky than YXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCHI | YXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.01% | 6.80% | -1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 14.41% | 15.85% | -1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.55% | 21.09% | -0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.40% | 31.28% | -0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.35% | 27.48% | -0.13% |
MCHI vs. YXI - Expense Ratio Comparison
MCHI has a 0.59% expense ratio, which is lower than YXI's 0.95% expense ratio.
Dividends
MCHI vs. YXI - Dividend Comparison
MCHI's dividend yield for the trailing twelve months is around 1.95%, less than YXI's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
YXI ProShares Short FTSE China 50 | 2.69% | 3.60% | 4.35% | 2.66% | 0.27% | 0.00% | 0.08% | 1.01% | 0.25% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MCHI and YXI have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YXI has higher volatility (6.80%) compared to MCHI (5.01%). In terms of maximum drawdown, MCHI dropped -62.95% vs YXI's -81.15%.
On 10-year performance, MCHI leads with 4.06% vs -7.71% for YXI. On fees, MCHI is cheaper at 0.59% 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, MCHI has performed better with a 4.06% return vs -7.71%. 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 0.95% for YXI.
YXI has the higher dividend yield at 2.69%, compared with 1.95% for MCHI.
MCHI tracks MSCI China Index, while YXI tracks FTSE China 50 Net Tax USD (TR) (-100%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.59% for MCHI and 0.95% for YXI.
YXI currently has the higher Sharpe Ratio (0.20 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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