MCSMX vs. KWEB
MCSMX (Matthews China Small Companies Fund) and KWEB (KraneShares CSI China Internet ETF) are both China Equities funds. Over the past 10 years, MCSMX returned 11.64%/yr vs 0.31%/yr for KWEB. Their 0.65 correlation means they have sometimes moved together and sometimes differently. MCSMX charges 1.41%/yr vs 0.70%/yr for KWEB.
Performance
MCSMX vs. KWEB - Performance Comparison
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Returns By Period
In the year-to-date period, MCSMX achieves a 20.37% return, which is significantly higher than KWEB's -16.33% return. Over the past 10 years, MCSMX has outperformed KWEB with an annualized return of 11.64%, while KWEB has yielded a comparatively lower 0.31% annualized return.
MCSMX
- 1D
- -0.15%
- 1M
- -17.35%
- 6M
- 8.68%
- YTD
- 20.37%
- 1Y
- 33.61%
- 3Y*
- 10.82%
- 5Y*
- -1.67%
- 10Y*
- 11.64%
- ALL TIME*
- 7.53%
KWEB
- 1D
- 1.53%
- 1M
- 14.01%
- 6M
- -19.47%
- YTD
- -16.33%
- 1Y
- -12.39%
- 3Y*
- 0.77%
- 5Y*
- -7.53%
- 10Y*
- 0.31%
- ALL TIME*
- 2.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $554.38M | $548.17M | $693.22M | |
| $0.00 | $0.00 | $0.00 |
MCSMX vs. KWEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCSMX Matthews China Small Companies Fund | 20.37% | 28.85% | 2.82% | -17.50% | -31.25% | 6.71% | 82.73% | 35.41% | -17.65% | 53.71% |
KWEB KraneShares CSI China Internet ETF | -16.33% | 23.55% | 12.01% | -9.06% | -17.24% | -49.01% | 58.23% | 29.92% | -33.80% | 69.73% |
Correlation
The correlation between MCSMX and KWEB is 0.36, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.36 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2013 | 0.65 |
Over the past year, the correlation between MCSMX and KWEB has dropped to 0.36 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.
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Return for Risk
MCSMX vs. KWEB — Risk / Return Rank
MCSMX
KWEB
MCSMX vs. KWEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews China Small Companies Fund (MCSMX) and KraneShares CSI China Internet ETF (KWEB). 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.
| MCSMX | KWEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.62 | ||
| Sortino ratioReturn per unit of downside risk | +2.20 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.93 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.29 | -0.35 | +1.64 |
| Martin ratioReturn relative to average drawdown | 4.79 | -0.67 | +5.46 |
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Drawdowns
MCSMX vs. KWEB - Drawdown Comparison
The maximum MCSMX drawdown since its inception was -55.77%, smaller than the maximum KWEB drawdown of -80.92%. Use the drawdown chart below to compare losses from any high point for MCSMX and KWEB.
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Drawdown Indicators
| MCSMX | KWEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.77% | -80.92% | +25.15% |
Max Drawdown (1Y)Largest decline over 1 year | -24.88% | -41.62% | +16.74% |
Max Drawdown (3Y)Largest decline over 3 years | -24.88% | -41.62% | +16.74% |
Max Drawdown (5Y)Largest decline over 5 years | -51.10% | -63.96% | +12.86% |
Max Drawdown (10Y)Largest decline over 10 years | -55.77% | -80.92% | +25.15% |
Current DrawdownCurrent decline from peak | -24.88% | -67.05% | +42.17% |
Average DrawdownAverage peak-to-trough decline | -20.10% | -35.65% | +15.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.59% | 21.98% | -15.39% |
Volatility
MCSMX vs. KWEB - Volatility Comparison
Matthews China Small Companies Fund (MCSMX) has a higher volatility of 14.27% compared to KraneShares CSI China Internet ETF (KWEB) at 7.76%. This indicates that MCSMX's price experiences larger fluctuations and is considered to be riskier than KWEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCSMX | KWEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.27% | 7.76% | +6.51% |
Volatility (6M)Calculated over the trailing 6-month period | 26.46% | 20.68% | +5.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.46% | 27.82% | +1.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.54% | 46.99% | -21.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.15% | 40.04% | -16.89% |
MCSMX vs. KWEB - Expense Ratio Comparison
MCSMX has a 1.41% expense ratio, which is higher than KWEB's 0.70% expense ratio.
Dividends
MCSMX vs. KWEB - Dividend Comparison
MCSMX's dividend yield for the trailing twelve months is around 1.85%, less than KWEB's 7.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KWEB KraneShares CSI China Internet ETF | 7.36% | 6.16% | 3.51% | 1.71% | 0.00% | 7.07% | 0.29% | 0.08% | 3.40% | 0.58% | 1.19% | 0.46% |
MCSMX Matthews China Small Companies Fund | 1.85% | 2.23% | 1.35% | 2.36% | 1.78% | 26.38% | 16.98% | 1.03% | 2.25% | 5.66% | 4.79% | 8.88% |
Frequently Asked Questions
MCSMX and KWEB have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MCSMX has higher volatility (14.27%) compared to KWEB (7.76%). In terms of maximum drawdown, MCSMX dropped -55.77% vs KWEB's -80.92%.
MCSMX currently has the higher Sharpe Ratio (1.09 vs -0.53), 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.
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