MCHS vs. FXP

Last updated Apr 1, 2026

Compare and contrast key facts about Matthews China Discovery Active ETF (MCHS) and ProShares UltraShort FTSE China 50 (FXP).

MCHS and FXP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MCHS is an actively managed fund by Matthews. It was launched on Jan 10, 2024. FXP is a passively managed fund by ProShares that tracks the performance of the FTSE China 50 Net Tax USD (TR) (-200%). It was launched on Nov 8, 2007.

Performance

MCHS vs. FXP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews China Discovery Active ETF (MCHS) and ProShares UltraShort FTSE China 50 (FXP). The values are adjusted to include any dividend payments, if applicable.

MCHS vs. FXP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MCHS Matthews China Discovery Active ETF	10.80%	31.19%	6.53%
FXP ProShares UltraShort FTSE China 50	11.77%	-45.32%	-56.94%

Returns By Period

In the year-to-date period, MCHS achieves a 10.80% return, which is significantly lower than FXP's 11.77% return.

MCHS

• 1D: -0.59%
• 1M: -10.87%
• YTD: 10.80%
• 6M: 7.16%
• 1Y: 32.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FXP

• 1D: -5.19%
• 1M: 7.12%
• YTD: 11.77%
• 6M: 25.78%
• 1Y: -12.70%
• 3Y*: -27.68%
• 5Y*: -16.72%
• 10Y*: -23.48%

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

MCHS vs. FXP - Expense Ratio Comparison

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

FXP

ProShares UltraShort FTSE China 50

MCHS

Matthews China Discovery Active ETF

Return for Risk

MCHS vs. FXP — Risk / Return Rank

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

MCHS

MCHS Risk / Return Rank: 72
MCHS Sharpe Ratio Rank: 71
MCHS Sortino Ratio Rank: 72
MCHS Omega Ratio Rank: 72
MCHS Calmar Ratio Rank: 76
MCHS Martin Ratio Rank: 72

FXP

FXP Risk / Return Rank: 8
FXP Sharpe Ratio Rank: 7
FXP Sortino Ratio Rank: 9
FXP Omega Ratio Rank: 9
FXP Calmar Ratio Rank: 8
FXP Martin Ratio Rank: 10

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. FXP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews China Discovery Active ETF (MCHS) and ProShares UltraShort FTSE China 50 (FXP). 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	FXP	Difference
Sharpe ratio Return per unit of total volatility	1.27	-0.27	+1.54
Sortino ratio Return per unit of downside risk	1.83	-0.07	+1.90
Omega ratio Gain probability vs. loss probability	1.27	0.99	+0.28
Calmar ratio Return relative to maximum drawdown	2.03	-0.24	+2.28
Martin ratio Return relative to average drawdown	7.51	-0.30	+7.81
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. FXP - Sharpe Ratio Comparison

The current MCHS Sharpe Ratio is 1.27, which is higher than the FXP Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of MCHS and FXP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MCHS	FXP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	-0.27	+1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.27	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	-0.44	+1.23

Correlation

The correlation between MCHS and FXP is -0.69. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

MCHS vs. FXP - Dividend Comparison

MCHS's dividend yield for the trailing twelve months is around 3.22%, less than FXP's 4.18% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MCHS Matthews China Discovery Active ETF	3.22%	3.56%	5.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FXP ProShares UltraShort FTSE China 50	4.18%	9.57%	3.55%	2.20%	0.06%	0.00%	0.06%	1.20%	0.16%

Drawdowns

MCHS vs. FXP - Drawdown Comparison

The maximum MCHS drawdown since its inception was -23.75%, smaller than the maximum FXP drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for MCHS and FXP.

Drawdown Indicators

	MCHS	FXP	Difference
Max Drawdown Largest peak-to-trough decline	-23.75%	-99.94%	+76.19%
Max Drawdown (1Y) Largest decline over 1 year	-15.89%	-52.42%	+36.53%
Max Drawdown (5Y) Largest decline over 5 years	—	-87.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-95.29%	—
Current Drawdown Current decline from peak	-11.50%	-99.92%	+88.42%
Average Drawdown Average peak-to-trough decline	-7.98%	-94.10%	+86.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	42.47%	-38.17%

Volatility

MCHS vs. FXP - Volatility Comparison

The current volatility for Matthews China Discovery Active ETF (MCHS) is 8.20%, while ProShares UltraShort FTSE China 50 (FXP) has a volatility of 13.95%. This indicates that MCHS experiences smaller price fluctuations and is considered to be less risky than FXP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCHS	FXP	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.20%	13.95%	-5.75%
Volatility (6M) Calculated over the trailing 6-month period	15.15%	28.87%	-13.72%
Volatility (1Y) Calculated over the trailing 1-year period	25.64%	47.71%	-22.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.86%	63.04%	-35.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.86%	54.96%	-27.10%