MCHS vs. DIG

Last updated Jul 17, 2026

MCHS (Matthews China Discovery Active ETF) and DIG (ProShares Ultra Oil & Gas) are both exchange-traded funds - MCHS is a China Equities fund actively managed by Matthews, while DIG is a Leveraged Equities fund tracking the Dow Jones U.S. Oil & Gas Index (200%). MCHS is actively managed, while DIG is passively managed. Over the past year, MCHS returned 44.77% vs 68.08% for DIG. At a 0.05 correlation, their price movements are largely independent. MCHS charges 0.89%/yr vs 0.95%/yr for DIG.

Performance

MCHS vs. DIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews China Discovery Active ETF (MCHS) and ProShares Ultra Oil & Gas (DIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCHS achieves a 31.65% return, which is significantly lower than DIG's 57.02% return.

MCHS

• 1D: -5.71%
• 1M: -10.31%
• 6M: 24.60%
• YTD: 31.65%
• 1Y: 44.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DIG

• 1D: 1.92%
• 1M: 6.49%
• 6M: 39.50%
• YTD: 57.02%
• 1Y: 68.08%
• 3Y*: 19.43%
• 5Y*: 33.20%
• 10Y*: 3.82%

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

MCHS vs. DIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MCHS Matthews China Discovery Active ETF	31.65%	31.19%	6.53%
DIG ProShares Ultra Oil & Gas	57.02%	2.73%	6.95%

Correlation

The correlation between MCHS and DIG is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.05

The correlation between MCHS and DIG shifts across timeframes, from -0.12 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

MCHS vs. DIG - Sectors Allocation Comparison

Sectors	MCHS	DIG
Technology	49.7%	-
Industrials	27.8%	-
Basic Materials	8.1%	-
Energy	6.3%	54.3%
Consumer Cyclical	4.5%	-
Utilities	2.1%	-
Healthcare	2.1%	-
Real Estate	1.6%	-
Communication Services	1.2%	-
Consumer Defensive	0.8%	-
Financial Services	-	7.8%

Return for Risk

MCHS vs. DIG — Risk / Return Rank

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

MCHS

MCHS Risk / Return Rank: 59
MCHS Sharpe Ratio Rank: 58
MCHS Sortino Ratio Rank: 52
MCHS Omega Ratio Rank: 59
MCHS Calmar Ratio Rank: 60
MCHS Martin Ratio Rank: 66

DIG

DIG Risk / Return Rank: 53
DIG Sharpe Ratio Rank: 62
DIG Sortino Ratio Rank: 53
DIG Omega Ratio Rank: 50
DIG Calmar Ratio Rank: 57
DIG Martin Ratio Rank: 45

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. DIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews China Discovery Active ETF (MCHS) and ProShares Ultra Oil & Gas (DIG). 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	DIG	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.64	-0.07
Sortino ratio: Return per unit of downside risk	2.06	2.10	-0.04
Omega ratio: Gain probability vs. loss probability	1.29	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	2.40	2.30	+0.10
Martin ratio: Return relative to average drawdown	9.28	5.96	+3.32

MCHS vs. DIG - Sharpe Ratio Comparison

The current MCHS Sharpe Ratio is 1.56, which is comparable to the DIG Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of MCHS and DIG, 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 vs. DIG - Drawdown Comparison

The maximum MCHS drawdown since its inception was -23.75%, smaller than the maximum DIG drawdown of -97.04%. Use the drawdown chart below to compare losses from any high point for MCHS and DIG.

Drawdown Indicators

	MCHS	DIG	Difference
Max Drawdown Largest peak-to-trough decline	-23.75%	-97.04%	+73.29%
Max Drawdown (1Y) Largest decline over 1 year	-18.75%	-29.80%	+11.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-42.41%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.53%	—
Current Drawdown Current decline from peak	-18.75%	-54.00%	+35.25%
Average Drawdown Average peak-to-trough decline	-7.54%	-64.31%	+56.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.84%	11.46%	-6.62%

Volatility

MCHS vs. DIG - Volatility Comparison

Matthews China Discovery Active ETF (MCHS) has a higher volatility of 16.23% compared to ProShares Ultra Oil & Gas (DIG) at 12.34%. This indicates that MCHS's price experiences larger fluctuations and is considered to be riskier than DIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCHS	DIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.23%	12.34%	+3.89%
Volatility (6M) Calculated over the trailing 6-month period	25.92%	33.38%	-7.46%
Volatility (1Y) Calculated over the trailing 1-year period	28.77%	41.89%	-13.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.01%	51.35%	-21.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.01%	57.79%	-27.78%

MCHS vs. DIG - Expense Ratio Comparison

MCHS has a 0.89% expense ratio, which is lower than DIG's 0.95% expense ratio.

Dividends

MCHS vs. DIG - Dividend Comparison

MCHS's dividend yield for the trailing twelve months is around 2.71%, more than DIG's 1.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIG ProShares Ultra Oil & Gas	1.58%	2.62%	3.13%	0.61%	1.33%	2.24%	3.18%	2.72%	2.30%	1.76%	1.09%	1.56%
MCHS Matthews China Discovery Active ETF	2.71%	3.56%	5.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MCHS and DIG in my portfolio?

MCHS and DIG have a correlation of -0.12, 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 DIG?

MCHS has higher volatility (16.23%) compared to DIG (12.34%). In terms of maximum drawdown, MCHS dropped -23.75% vs DIG's -97.04%.

Which ETF is better, MCHS or DIG?

On 1-year performance, DIG leads with 68.08% vs 44.77% for MCHS. On fees, MCHS is cheaper at 0.89% per year. On volatility, DIG has been the lower-risk option at 12.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MCHS or DIG?

Over the 1-year period, DIG has performed better with a 68.08% return vs 44.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MCHS or DIG?

MCHS is cheaper with a 0.89% expense ratio, compared with 0.95% for DIG.

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

MCHS has the higher dividend yield at 2.71%, compared with 1.58% for DIG.

What is the main difference between MCHS and DIG?

MCHS is categorized as China Equities, while DIG is Leveraged Equities. They also come from different issuers: Matthews and ProShares. Their fees differ too: 0.89% for MCHS and 0.95% for DIG.

Which has better risk-adjusted returns?

DIG currently has the higher Sharpe Ratio (1.64 vs 1.56), 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.