MCHS.L vs. IASH.L

Last updated Jun 26, 2026

MCHS.L (Invesco MSCI China All Shares Stock Connect UCITS ETF Acc) and IASH.L (iShares MSCI China A UCITS USD) are both China Equities funds - MCHS.L tracks the MSCI China NR USD while IASH.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 5 years, MCHS.L returned -3.52%/yr vs 0.74%/yr for IASH.L. Their correlation of 0.84 suggests significant overlap in exposure. MCHS.L charges 0.35%/yr vs 0.40%/yr for IASH.L.

Performance

MCHS.L vs. IASH.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI China All Shares Stock Connect UCITS ETF Acc (MCHS.L) and iShares MSCI China A UCITS USD (IASH.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCHS.L achieves a -3.16% return, which is significantly lower than IASH.L's 13.85% return.

MCHS.L

• 1D: -0.88%
• 1M: -2.01%
• YTD: -3.16%
• 6M: -2.75%
• 1Y: 11.34%
• 3Y*: 8.38%
• 5Y*: -3.52%
• 10Y*: —

IASH.L

• 1D: 1.52%
• 1M: 3.76%
• YTD: 13.85%
• 6M: 14.90%
• 1Y: 40.77%
• 3Y*: 12.11%
• 5Y*: 0.74%
• 10Y*: 6.92%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MCHS.L vs. IASH.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MCHS.L Invesco MSCI China All Shares Stock Connect UCITS ETF Acc	-3.16%	19.38%	18.84%	-17.54%	-15.03%	5,855.28%
IASH.L iShares MSCI China A UCITS USD	13.85%	17.67%	12.92%	-18.83%	-17.27%	4.14%

Correlation

The correlation between MCHS.L and IASH.L is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 1, 2021	0.84

The correlation between MCHS.L and IASH.L has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

MCHS.L vs. IASH.L - Sectors Allocation Comparison

Sectors	MCHS.L	IASH.L
Technology	20.2%	31.8%
Financial Services	19.0%	17.5%
Consumer Cyclical	16.4%	5.2%
Communication Services	11.9%	1.3%
Industrials	9.2%	15.5%
Basic Materials	7.6%	11.2%
Consumer Defensive	4.4%	6.7%
Healthcare	4.4%	4.0%
Energy	3.4%	3.1%
Utilities	2.4%	3.3%
Real Estate	1.2%	0.5%

Return for Risk

MCHS.L vs. IASH.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MCHS.L

MCHS.L Risk / Return Rank: 20
MCHS.L Sharpe Ratio Rank: 21
MCHS.L Sortino Ratio Rank: 19
MCHS.L Omega Ratio Rank: 19
MCHS.L Calmar Ratio Rank: 21
MCHS.L Martin Ratio Rank: 19

IASH.L

IASH.L Risk / Return Rank: 87
IASH.L Sharpe Ratio Rank: 87
IASH.L Sortino Ratio Rank: 85
IASH.L Omega Ratio Rank: 84
IASH.L Calmar Ratio Rank: 94
IASH.L Martin Ratio Rank: 86

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MCHS.L vs. IASH.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 iShares MSCI China A UCITS USD (IASH.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.

	MCHS.L	IASH.L	Difference
Sharpe ratio: Return per unit of total volatility	0.68	2.48	-1.80
Sortino ratio: Return per unit of downside risk	1.04	3.31	-2.27
Omega ratio: Gain probability vs. loss probability	1.13	1.44	-0.31
Calmar ratio: Return relative to maximum drawdown	0.94	6.04	-5.10
Martin ratio: Return relative to average drawdown	2.06	15.62	-13.56

MCHS.L vs. IASH.L - Sharpe Ratio Comparison

The current MCHS.L Sharpe Ratio is 0.68, which is lower than the IASH.L Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of MCHS.L and IASH.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MCHS.L vs. IASH.L - Drawdown Comparison

The maximum MCHS.L drawdown since its inception was -47.34%, smaller than the maximum IASH.L drawdown of -59.37%. Use the drawdown chart below to compare losses from any high point for MCHS.L and IASH.L.

Drawdown Indicators

	MCHS.L	IASH.L	Difference
Max Drawdown Largest peak-to-trough decline	-47.34%	-59.37%	+12.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.03%	-6.72%	-5.31%
Max Drawdown (3Y) Largest decline over 3 years	-31.98%	-31.16%	-0.82%
Max Drawdown (5Y) Largest decline over 5 years	-45.71%	-42.23%	-3.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.67%	—
Current Drawdown Current decline from peak	-19.65%	-7.81%	-11.84%
Average Drawdown Average peak-to-trough decline	-25.98%	-33.16%	+7.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.50%	2.60%	+2.90%

Volatility

MCHS.L vs. IASH.L - Volatility Comparison

The current volatility for Invesco MSCI China All Shares Stock Connect UCITS ETF Acc (MCHS.L) is 5.63%, while iShares MSCI China A UCITS USD (IASH.L) has a volatility of 6.14%. This indicates that MCHS.L experiences smaller price fluctuations and is considered to be less risky than IASH.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCHS.L	IASH.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	6.14%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	11.47%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	16.52%	16.40%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.72%	24.98%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3,095.70%	23.78%	+3,071.92%

MCHS.L vs. IASH.L - Expense Ratio Comparison

MCHS.L has a 0.35% expense ratio, which is lower than IASH.L's 0.40% expense ratio.

Dividends

MCHS.L vs. IASH.L - Dividend Comparison

Neither MCHS.L nor IASH.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MCHS.L and IASH.L in my portfolio?

MCHS.L and IASH.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MCHS.L or IASH.L?

On fees, MCHS.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MCHS.L or IASH.L?

MCHS.L is cheaper with a 0.35% expense ratio, compared with 0.40% for IASH.L.

What is the main difference between MCHS.L and IASH.L?

MCHS.L tracks MSCI China NR USD, while IASH.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for MCHS.L and 0.40% for IASH.L.