MCHS vs. ADVE

Last updated Jun 4, 2026

MCHS (Matthews China Discovery Active ETF) and ADVE (Matthews Asia Dividend Active ETF) are both exchange-traded funds - MCHS is a China Equities fund actively managed by Matthews, while ADVE is a Asia Pacific Equities fund actively managed by Matthews. Both are actively managed. Over the past year, MCHS returned 74.61% vs 41.86% for ADVE. A 0.58 correlation means they provide meaningful diversification when combined. MCHS charges 0.89%/yr vs 0.79%/yr for ADVE.

Performance

MCHS vs. ADVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews China Discovery Active ETF (MCHS) and Matthews Asia Dividend Active ETF (ADVE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCHS achieves a 44.10% return, which is significantly higher than ADVE's 21.50% return.

MCHS

• 1D: 0.03%
• 1M: 8.54%
• YTD: 44.10%
• 6M: 45.75%
• 1Y: 74.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ADVE

• 1D: -0.63%
• 1M: 5.23%
• YTD: 21.50%
• 6M: 23.40%
• 1Y: 41.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MCHS vs. ADVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MCHS Matthews China Discovery Active ETF	44.10%	31.19%	6.53%
ADVE Matthews Asia Dividend Active ETF	21.50%	26.12%	8.65%

Correlation

The correlation between MCHS and ADVE is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.58

The correlation between MCHS and ADVE has been stable across timeframes, ranging from 0.51 to 0.58 - a consistent structural relationship.

MCHS vs. ADVE - Sectors Allocation Comparison

Sectors	MCHS	ADVE
Industrials	32.9%	13.6%
Technology	31.5%	29.0%
Consumer Cyclical	12.5%	6.9%
Basic Materials	9.0%	3.4%
Healthcare	4.4%	1.1%
Energy	3.9%	1.2%
Real Estate	3.7%	4.0%
Utilities	2.1%	1.1%
Communication Services	1.2%	9.5%
Consumer Defensive	0.8%	2.9%
Financial Services	-	27.3%

Return for Risk

MCHS vs. ADVE — Risk / Return Rank

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

MCHS

MCHS Risk / Return Rank: 90
MCHS Sharpe Ratio Rank: 92
MCHS Sortino Ratio Rank: 89
MCHS Omega Ratio Rank: 88
MCHS Calmar Ratio Rank: 92
MCHS Martin Ratio Rank: 87

ADVE

ADVE Risk / Return Rank: 76
ADVE Sharpe Ratio Rank: 77
ADVE Sortino Ratio Rank: 77
ADVE Omega Ratio Rank: 79
ADVE Calmar Ratio Rank: 72
ADVE Martin Ratio Rank: 75

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 vs. ADVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews China Discovery Active ETF (MCHS) and Matthews Asia Dividend Active ETF (ADVE). 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	ADVE	Difference
Sharpe ratio Return per unit of total volatility	3.30	2.49	+0.81
Sortino ratio Return per unit of downside risk	4.11	3.47	+0.64
Omega ratio Gain probability vs. loss probability	1.55	1.47	+0.09
Calmar ratio Return relative to maximum drawdown	6.17	3.59	+2.59
Martin ratio Return relative to average drawdown	18.64	14.23	+4.41
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 vs. ADVE - Sharpe Ratio Comparison

The current MCHS Sharpe Ratio is 3.30, which is higher than the ADVE Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of MCHS and ADVE, 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	ADVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.30	2.49	+0.81
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	1.44	-0.23

Drawdowns

MCHS vs. ADVE - Drawdown Comparison

The maximum MCHS drawdown since its inception was -23.75%, which is greater than ADVE's maximum drawdown of -18.41%. Use the drawdown chart below to compare losses from any high point for MCHS and ADVE.

Drawdown Indicators

	MCHS	ADVE	Difference
Max Drawdown Largest peak-to-trough decline	-23.75%	-18.41%	-5.34%
Max Drawdown (1Y) Largest decline over 1 year	-12.15%	-11.73%	-0.42%
Current Drawdown Current decline from peak	-3.27%	-0.63%	-2.64%
Average Drawdown Average peak-to-trough decline	-7.61%	-3.15%	-4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	2.95%	+1.07%

Volatility

MCHS vs. ADVE - Volatility Comparison

Matthews China Discovery Active ETF (MCHS) has a higher volatility of 10.80% compared to Matthews Asia Dividend Active ETF (ADVE) at 5.98%. This indicates that MCHS's price experiences larger fluctuations and is considered to be riskier than ADVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCHS	ADVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.80%	5.98%	+4.82%
Volatility (6M) Calculated over the trailing 6-month period	18.20%	14.42%	+3.78%
Volatility (1Y) Calculated over the trailing 1-year period	22.74%	16.89%	+5.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.24%	15.68%	+12.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.24%	15.68%	+12.56%

MCHS vs. ADVE - Expense Ratio Comparison

MCHS has a 0.89% expense ratio, which is higher than ADVE's 0.79% expense ratio.

Dividends

MCHS vs. ADVE - Dividend Comparison

MCHS's dividend yield for the trailing twelve months is around 2.47%, which matches ADVE's 2.46% yield.

Position	TTM	2025	2024	2023
ADVE Matthews Asia Dividend Active ETF	2.46%	2.97%	6.00%	0.37%
MCHS Matthews China Discovery Active ETF	2.47%	3.56%	5.48%	0.00%

Frequently Asked Questions

Can I hold both MCHS and ADVE in my portfolio?

MCHS and ADVE have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCHS or ADVE?

MCHS has higher volatility (10.80%) compared to ADVE (5.98%). In terms of maximum drawdown, MCHS dropped -23.75% vs ADVE's -18.41%.

Which ETF is better, MCHS or ADVE?

On 1-year performance, MCHS leads with 74.61% vs 41.86% for ADVE. On fees, ADVE is cheaper at 0.79% per year. On volatility, ADVE has been the lower-risk option at 5.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MCHS or ADVE?

Over the 1-year period, MCHS has performed better with a 74.61% return vs 41.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MCHS or ADVE?

ADVE is cheaper with a 0.79% expense ratio, compared with 0.89% for MCHS.

Which ETF pays a higher dividend yield, MCHS or ADVE?

MCHS and ADVE have nearly identical dividend yields, around 2.47%.

What is the main difference between MCHS and ADVE?

MCHS is categorized as China Equities, while ADVE is Asia Pacific Equities. Their fees differ too: 0.89% for MCHS and 0.79% for ADVE.

Which has better risk-adjusted returns?

MCHS currently has the higher Sharpe Ratio (3.30 vs 2.49), 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.