MCHS.L vs. CA3S.L
MCHS.L (Invesco MSCI China All Shares Stock Connect UCITS ETF Acc) and CA3S.L (Invesco S&P China A 300 Swap UCITS ETF Acc) are both China Equities funds from Invesco - MCHS.L tracks the MSCI China NR USD while CA3S.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 3 years, MCHS.L returned 8.02%/yr vs 13.88%/yr for CA3S.L. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.
Performance
MCHS.L vs. CA3S.L - Performance Comparison
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Returns By Period
In the year-to-date period, MCHS.L achieves a -1.18% return, which is significantly lower than CA3S.L's 14.81% return.
MCHS.L
- 1D
- -0.42%
- 1M
- 0.14%
- YTD
- -1.18%
- 6M
- -1.60%
- 1Y
- 15.62%
- 3Y*
- 8.02%
- 5Y*
- -2.86%
- 10Y*
- —
CA3S.L
- 1D
- -0.54%
- 1M
- 4.48%
- YTD
- 14.81%
- 6M
- 18.71%
- 1Y
- 51.07%
- 3Y*
- 13.88%
- 5Y*
- —
- 10Y*
- —
MCHS.L vs. CA3S.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MCHS.L Invesco MSCI China All Shares Stock Connect UCITS ETF Acc | -1.18% | 19.38% | 18.84% | -17.54% | 7.12% |
CA3S.L Invesco S&P China A 300 Swap UCITS ETF Acc | 14.81% | 24.66% | 16.66% | -16.63% | 3.94% |
Correlation
The correlation between MCHS.L and CA3S.L is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since May 10, 2022 | 0.82 |
The correlation between MCHS.L and CA3S.L has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.
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Return for Risk
MCHS.L vs. CA3S.L — Risk / Return Rank
MCHS.L
CA3S.L
MCHS.L vs. CA3S.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 Acc (MCHS.L) and Invesco S&P China A 300 Swap UCITS ETF Acc (CA3S.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.
| MCHS.L | CA3S.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -2.70 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.57 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 1.29 | 8.16 | -6.87 |
| Martin ratioReturn relative to average drawdown | 3.08 | 23.71 | -20.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MCHS.L | CA3S.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.97 | 3.22 | -2.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.12 | 0.45 | -0.57 |
Drawdowns
MCHS.L vs. CA3S.L - Drawdown Comparison
The maximum MCHS.L drawdown since its inception was -47.34%, which is greater than CA3S.L's maximum drawdown of -35.12%. Use the drawdown chart below to compare losses from any high point for MCHS.L and CA3S.L.
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Drawdown Indicators
| MCHS.L | CA3S.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.34% | -35.12% | -12.22% |
Max Drawdown (1Y)Largest decline over 1 year | -12.03% | -6.23% | -5.80% |
Max Drawdown (3Y)Largest decline over 3 years | -24.97% | -26.15% | +1.18% |
Max Drawdown (5Y)Largest decline over 5 years | -45.71% | — | — |
Current DrawdownCurrent decline from peak | -18.01% | -1.01% | -17.00% |
Average DrawdownAverage peak-to-trough decline | -26.06% | -15.51% | -10.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.06% | 2.15% | +2.91% |
Volatility
MCHS.L vs. CA3S.L - Volatility Comparison
Invesco MSCI China All Shares Stock Connect UCITS ETF Acc (MCHS.L) has a higher volatility of 5.64% compared to Invesco S&P China A 300 Swap UCITS ETF Acc (CA3S.L) at 5.37%. This indicates that MCHS.L's price experiences larger fluctuations and is considered to be riskier than CA3S.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCHS.L | CA3S.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 5.37% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 10.93% | 10.58% | +0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.12% | 15.80% | +0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.74% | 20.98% | +10.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.27% | 20.98% | +10.29% |
MCHS.L vs. CA3S.L - Expense Ratio Comparison
Both MCHS.L and CA3S.L have an expense ratio of 0.35%.
Dividends
MCHS.L vs. CA3S.L - Dividend Comparison
Neither MCHS.L nor CA3S.L has paid dividends to shareholders.
Frequently Asked Questions
MCHS.L and CA3S.L have a correlation of 0.79, 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.
MCHS.L and CA3S.L have the same expense ratio: 0.35% per year.
MCHS.L tracks MSCI China NR USD, while CA3S.L tracks MSCI China A Onshore NR CNY.
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