MCHS vs. MEMX

Last updated Jun 24, 2026

MCHS (Matthews China Discovery Active ETF) and MEMX (Matthews Emerging Markets Ex China Active ETF) are both exchange-traded funds - MCHS is a China Equities fund actively managed by Matthews, while MEMX is a Emerging Markets Diversified fund actively managed by Matthews. Both are actively managed. Over the past year, MCHS returned 81.12% vs 62.81% for MEMX. At a 0.43 correlation, their price movements are largely independent. MCHS charges 0.89%/yr vs 0.79%/yr for MEMX.

Performance

MCHS vs. MEMX - Performance Comparison

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

Returns By Period

In the year-to-date period, MCHS achieves a 51.63% return, which is significantly higher than MEMX's 29.86% return.

MCHS

• 1D: -4.50%
• 1M: 6.46%
• YTD: 51.63%
• 6M: 50.45%
• 1Y: 81.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MEMX

• 1D: -5.58%
• 1M: 3.50%
• YTD: 29.86%
• 6M: 31.95%
• 1Y: 62.81%
• 3Y*: 25.58%
• 5Y*: —
• 10Y*: —

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

MCHS vs. MEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MCHS Matthews China Discovery Active ETF	51.63%	31.19%	6.53%
MEMX Matthews Emerging Markets Ex China Active ETF	29.86%	35.88%	7.98%

Correlation

The correlation between MCHS and MEMX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.43

Return for Risk

MCHS vs. MEMX — Risk / Return Rank

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

MCHS

MCHS Risk / Return Rank: 92
MCHS Sharpe Ratio Rank: 94
MCHS Sortino Ratio Rank: 91
MCHS Omega Ratio Rank: 91
MCHS Calmar Ratio Rank: 94
MCHS Martin Ratio Rank: 90

MEMX

MEMX Risk / Return Rank: 83
MEMX Sharpe Ratio Rank: 85
MEMX Sortino Ratio Rank: 77
MEMX Omega Ratio Rank: 84
MEMX Calmar Ratio Rank: 85
MEMX Martin Ratio Rank: 85

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. MEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews China Discovery Active ETF (MCHS) and Matthews Emerging Markets Ex China Active ETF (MEMX). 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	MEMX	Difference
Sharpe ratio: Return per unit of total volatility	3.25	2.57	+0.68
Sortino ratio: Return per unit of downside risk	3.94	3.17	+0.77
Omega ratio: Gain probability vs. loss probability	1.55	1.47	+0.08
Calmar ratio: Return relative to maximum drawdown	6.71	4.30	+2.42
Martin ratio: Return relative to average drawdown	19.57	16.40	+3.17

MCHS vs. MEMX - Sharpe Ratio Comparison

The current MCHS Sharpe Ratio is 3.25, which is comparable to the MEMX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of MCHS and MEMX, 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. MEMX - Drawdown Comparison

The maximum MCHS drawdown since its inception was -23.75%, which is greater than MEMX's maximum drawdown of -19.27%. Use the drawdown chart below to compare losses from any high point for MCHS and MEMX.

Drawdown Indicators

	MCHS	MEMX	Difference
Max Drawdown Largest peak-to-trough decline	-23.75%	-19.27%	-4.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.15%	-14.70%	+2.55%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.27%	—
Current Drawdown Current decline from peak	-4.50%	-5.58%	+1.08%
Average Drawdown Average peak-to-trough decline	-7.53%	-3.49%	-4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	3.84%	+0.32%

Volatility

MCHS vs. MEMX - Volatility Comparison

Matthews China Discovery Active ETF (MCHS) and Matthews Emerging Markets Ex China Active ETF (MEMX) have volatilities of 13.48% and 13.33%, 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	MEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.48%	13.33%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	21.61%	22.43%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	25.11%	24.53%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.95%	18.15%	+10.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.95%	18.15%	+10.80%

MCHS vs. MEMX - Expense Ratio Comparison

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

Dividends

MCHS vs. MEMX - Dividend Comparison

MCHS's dividend yield for the trailing twelve months is around 2.35%, less than MEMX's 3.76% yield.

Position	TTM	2025	2024	2023
MCHS Matthews China Discovery Active ETF	2.35%	3.56%	5.48%	0.00%
MEMX Matthews Emerging Markets Ex China Active ETF	3.76%	4.88%	0.99%	1.13%

Frequently Asked Questions

Can I hold both MCHS and MEMX in my portfolio?

MCHS and MEMX have a correlation of 0.47, 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 MEMX?

MCHS has higher volatility (13.48%) compared to MEMX (13.33%). In terms of maximum drawdown, MCHS dropped -23.75% vs MEMX's -19.27%.

Which ETF is better, MCHS or MEMX?

On 1-year performance, MCHS leads with 81.12% vs 62.81% for MEMX. On fees, MEMX is cheaper at 0.79% per year. On volatility, MEMX has been the lower-risk option at 13.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MCHS or MEMX?

Over the 1-year period, MCHS has performed better with a 81.12% return vs 62.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MCHS or MEMX?

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

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

MEMX has the higher dividend yield at 3.76%, compared with 2.35% for MCHS.

What is the main difference between MCHS and MEMX?

MCHS is categorized as China Equities, while MEMX is Emerging Markets Diversified. Their fees differ too: 0.89% for MCHS and 0.79% for MEMX.

Which has better risk-adjusted returns?

MCHS currently has the higher Sharpe Ratio (3.25 vs 2.57), 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.