MCHS.L vs. JRCE.L

Last updated Jun 5, 2026

MCHS.L (Invesco MSCI China All Shares Stock Connect UCITS ETF Acc) and JRCE.L (JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)) are both China Equities funds - MCHS.L tracks the MSCI China NR USD while JRCE.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 9.28%/yr for JRCE.L. Their correlation of 0.81 suggests significant overlap in exposure. MCHS.L charges 0.35%/yr vs 0.40%/yr for JRCE.L.

Performance

MCHS.L vs. JRCE.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 JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRCE.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 -1.18% return, which is significantly lower than JRCE.L's 10.74% 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*: —

JRCE.L

• 1D: -0.48%
• 1M: 2.66%
• YTD: 10.74%
• 6M: 14.07%
• 1Y: 41.49%
• 3Y*: 9.28%
• 5Y*: —
• 10Y*: —

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

MCHS.L vs. JRCE.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%	-9.95%
JRCE.L JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)	10.74%	19.75%	11.38%	-17.74%	-9.39%

Correlation

The correlation between MCHS.L and JRCE.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	0.81
Correlation (All Time) Calculated using the full available price history since Feb 22, 2022	0.81

The correlation between MCHS.L and JRCE.L has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

Return for Risk

MCHS.L vs. JRCE.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: 27
MCHS.L Sharpe Ratio Rank: 28
MCHS.L Sortino Ratio Rank: 27
MCHS.L Omega Ratio Rank: 27
MCHS.L Calmar Ratio Rank: 28
MCHS.L Martin Ratio Rank: 24

JRCE.L

JRCE.L Risk / Return Rank: 86
JRCE.L Sharpe Ratio Rank: 85
JRCE.L Sortino Ratio Rank: 83
JRCE.L Omega Ratio Rank: 83
JRCE.L Calmar Ratio Rank: 93
JRCE.L Martin Ratio Rank: 88

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. JRCE.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 JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRCE.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	JRCE.L	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.73	-1.76
Sortino ratio: Return per unit of downside risk	1.42	3.64	-2.22
Omega ratio: Gain probability vs. loss probability	1.18	1.49	-0.32
Calmar ratio: Return relative to maximum drawdown	1.29	6.45	-5.16
Martin ratio: Return relative to average drawdown	3.08	18.93	-15.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current MCHS.L Sharpe Ratio is 0.97, which is lower than the JRCE.L Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of MCHS.L and JRCE.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.

Sharpe Ratios by Period

	MCHS.L	JRCE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	2.73	-1.76
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	0.11	-0.22

Drawdowns

MCHS.L vs. JRCE.L - Drawdown Comparison

The maximum MCHS.L drawdown since its inception was -47.34%, which is greater than JRCE.L's maximum drawdown of -36.68%. Use the drawdown chart below to compare losses from any high point for MCHS.L and JRCE.L.

Drawdown Indicators

	MCHS.L	JRCE.L	Difference
Max Drawdown Largest peak-to-trough decline	-47.34%	-36.68%	-10.66%
Max Drawdown (1Y) Largest decline over 1 year	-12.03%	-6.40%	-5.63%
Max Drawdown (3Y) Largest decline over 3 years	-24.97%	-25.42%	+0.45%
Max Drawdown (5Y) Largest decline over 5 years	-45.71%	—	—
Current Drawdown Current decline from peak	-18.01%	-2.19%	-15.82%
Average Drawdown Average peak-to-trough decline	-26.06%	-17.58%	-8.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.06%	2.19%	+2.87%

Volatility

MCHS.L vs. JRCE.L - Volatility Comparison

Invesco MSCI China All Shares Stock Connect UCITS ETF Acc (MCHS.L) and JPMorgan China A Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRCE.L) have volatilities of 5.64% and 5.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCHS.L	JRCE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	5.57%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	10.93%	10.15%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	16.12%	15.11%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.74%	21.50%	+10.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.27%	21.50%	+9.77%

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

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

Dividends

MCHS.L vs. JRCE.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

MCHS.L and JRCE.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.

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

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

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

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