MCSMX vs. MSMLX
MCSMX (Matthews China Small Companies Fund) and MSMLX (Matthews Emerging Markets Small Companies Fund) are both mutual funds - MCSMX is a China Equities fund managed by Matthews, while MSMLX is a Emerging Markets Equities fund managed by Matthews. Over the past 10 years, MCSMX returned 11.64%/yr vs 10.21%/yr for MSMLX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. MCSMX charges 1.41%/yr vs 1.37%/yr for MSMLX.
Performance
MCSMX vs. MSMLX - 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 MSMLX's 13.53% return. Over the past 10 years, MCSMX has outperformed MSMLX with an annualized return of 11.64%, while MSMLX has yielded a comparatively lower 10.21% 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%
MSMLX
- 1D
- 2.45%
- 1M
- -8.98%
- 6M
- 6.28%
- YTD
- 13.53%
- 1Y
- 17.69%
- 3Y*
- 5.65%
- 5Y*
- 4.57%
- 10Y*
- 10.21%
- ALL TIME*
- 10.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MCSMX vs. MSMLX - 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% |
MSMLX Matthews Emerging Markets Small Companies Fund | 13.53% | 13.50% | -6.10% | 20.04% | -16.78% | 26.40% | 43.69% | 17.38% | -17.80% | 30.43% |
Correlation
The correlation between MCSMX and MSMLX is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2011 | 0.75 |
The correlation between MCSMX and MSMLX shifts across timeframes, from 0.55 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MCSMX vs. MSMLX — Risk / Return Rank
MCSMX
MSMLX
MCSMX vs. MSMLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews China Small Companies Fund (MCSMX) and Matthews Emerging Markets Small Companies Fund (MSMLX). 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 | MSMLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.16 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.29 | 1.23 | +0.06 |
| Martin ratioReturn relative to average drawdown | 4.79 | 3.66 | +1.13 |
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Drawdowns
MCSMX vs. MSMLX - Drawdown Comparison
The maximum MCSMX drawdown since its inception was -55.77%, which is greater than MSMLX's maximum drawdown of -36.40%. Use the drawdown chart below to compare losses from any high point for MCSMX and MSMLX.
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Drawdown Indicators
| MCSMX | MSMLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.77% | -36.40% | -19.37% |
Max Drawdown (1Y)Largest decline over 1 year | -24.88% | -13.68% | -11.20% |
Max Drawdown (3Y)Largest decline over 3 years | -24.88% | -22.62% | -2.26% |
Max Drawdown (5Y)Largest decline over 5 years | -51.10% | -28.00% | -23.10% |
Max Drawdown (10Y)Largest decline over 10 years | -55.77% | -34.33% | -21.44% |
Current DrawdownCurrent decline from peak | -24.88% | -11.56% | -13.32% |
Average DrawdownAverage peak-to-trough decline | -20.10% | -9.20% | -10.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.59% | 4.58% | +2.01% |
Volatility
MCSMX vs. MSMLX - Volatility Comparison
Matthews China Small Companies Fund (MCSMX) has a higher volatility of 14.27% compared to Matthews Emerging Markets Small Companies Fund (MSMLX) at 6.80%. This indicates that MCSMX's price experiences larger fluctuations and is considered to be riskier than MSMLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCSMX | MSMLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.27% | 6.80% | +7.47% |
Volatility (6M)Calculated over the trailing 6-month period | 26.46% | 18.65% | +7.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.46% | 20.86% | +8.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.54% | 18.09% | +7.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.15% | 17.45% | +5.70% |
MCSMX vs. MSMLX - Expense Ratio Comparison
MCSMX has a 1.41% expense ratio, which is higher than MSMLX's 1.37% expense ratio.
Dividends
MCSMX vs. MSMLX - Dividend Comparison
MCSMX's dividend yield for the trailing twelve months is around 1.85%, more than MSMLX's 1.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MSMLX Matthews Emerging Markets Small Companies Fund | 1.32% | 1.50% | 3.95% | 8.36% | 8.04% | 9.18% | 0.28% | 0.51% | 21.31% | 8.12% | 0.43% | 0.13% |
Frequently Asked Questions
MCSMX and MSMLX have a correlation of 0.55, 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 MSMLX (6.80%). In terms of maximum drawdown, MCSMX dropped -55.77% vs MSMLX's -36.40%.
MCSMX currently has the higher Sharpe Ratio (1.09 vs 0.81), 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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