MCHN.L vs. CNAA.L
MCHN.L (Invesco MSCI China All Shares Stock Connect UCITS ETF USD (Acc)) and CNAA.L (Lyxor Fortune SG UCITS MSCI China A DR) are both China Equities funds - MCHN.L tracks the MSCI China All Shares Stock Connect Select Index while CNAA.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 5 years, MCHN.L returned -3.47%/yr vs -1.30%/yr for CNAA.L. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.
Performance
MCHN.L vs. CNAA.L - Performance Comparison
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Returns By Period
In the year-to-date period, MCHN.L achieves a -4.08% return, which is significantly lower than CNAA.L's 4.27% return.
MCHN.L
- 1D
- -1.04%
- 1M
- -1.46%
- 6M
- -6.73%
- YTD
- -4.08%
- 1Y
- 7.10%
- 3Y*
- 9.00%
- 5Y*
- -3.47%
- 10Y*
- —
CNAA.L
- 1D
- -2.29%
- 1M
- -5.55%
- 6M
- 1.58%
- YTD
- 4.27%
- 1Y
- 24.38%
- 3Y*
- 9.60%
- 5Y*
- -1.30%
- 10Y*
- 4.25%
MCHN.L vs. CNAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MCHN.L Invesco MSCI China All Shares Stock Connect UCITS ETF USD (Acc) | -4.08% | 28.12% | 16.91% | -12.79% | -24.06% | -19.70% |
CNAA.L Lyxor Fortune SG UCITS MSCI China A DR | 4.27% | 26.12% | 10.92% | -14.19% | -25.98% | 0.78% |
Correlation
The correlation between MCHN.L and CNAA.L is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2021 | 0.85 |
The correlation between MCHN.L and CNAA.L has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.
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Return for Risk
MCHN.L vs. CNAA.L — Risk / Return Rank
MCHN.L
CNAA.L
MCHN.L vs. CNAA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI China All Shares Stock Connect UCITS ETF USD (Acc) (MCHN.L) and Lyxor Fortune SG UCITS MSCI China A DR (CNAA.L). 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.
| MCHN.L | CNAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.24 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | 3.17 | -2.56 |
| Martin ratioReturn relative to average drawdown | 1.21 | 8.38 | -7.17 |
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Drawdowns
MCHN.L vs. CNAA.L - Drawdown Comparison
The maximum MCHN.L drawdown since its inception was -52.51%, smaller than the maximum CNAA.L drawdown of -56.07%. Use the drawdown chart below to compare losses from any high point for MCHN.L and CNAA.L.
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Drawdown Indicators
| MCHN.L | CNAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.51% | -56.07% | +3.56% |
Max Drawdown (1Y)Largest decline over 1 year | -12.42% | -8.01% | -4.41% |
Max Drawdown (3Y)Largest decline over 3 years | -24.72% | -28.67% | +3.95% |
Max Drawdown (5Y)Largest decline over 5 years | -47.86% | -44.54% | -3.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.66% | — |
Current DrawdownCurrent decline from peak | -23.59% | -17.89% | -5.70% |
Average DrawdownAverage peak-to-trough decline | -31.33% | -32.77% | +1.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.20% | 3.03% | +3.17% |
Volatility
MCHN.L vs. CNAA.L - Volatility Comparison
The current volatility for Invesco MSCI China All Shares Stock Connect UCITS ETF USD (Acc) (MCHN.L) is 6.16%, while Lyxor Fortune SG UCITS MSCI China A DR (CNAA.L) has a volatility of 8.82%. This indicates that MCHN.L experiences smaller price fluctuations and is considered to be less risky than CNAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCHN.L | CNAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.16% | 8.82% | -2.66% |
Volatility (6M)Calculated over the trailing 6-month period | 14.07% | 14.97% | -0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.87% | 19.23% | -0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.09% | 22.75% | +3.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.71% | 22.59% | +3.12% |
MCHN.L vs. CNAA.L - Expense Ratio Comparison
Both MCHN.L and CNAA.L have an expense ratio of 0.35%.
Dividends
MCHN.L vs. CNAA.L - Dividend Comparison
Neither MCHN.L nor CNAA.L has paid dividends to shareholders.
Frequently Asked Questions
MCHN.L and CNAA.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
MCHN.L and CNAA.L have the same expense ratio: 0.35% per year.
MCHN.L tracks MSCI China All Shares Stock Connect Select Index, while CNAA.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: Invesco and Amundi.
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