MEMS vs. MCH

Last updated Jun 23, 2026

MEMS (Matthews Emerging Markets Discovery Active ETF) and MCH (Matthews China Active ETF) are both exchange-traded funds - MEMS is a Emerging Markets Diversified fund actively managed by Matthews, while MCH is a China Equities fund actively managed by Matthews. Both are actively managed. Over the past year, MEMS returned 34.10% vs 28.39% for MCH. A 0.58 correlation means they provide meaningful diversification when combined. MEMS charges 0.89%/yr vs 0.79%/yr for MCH.

Performance

MEMS vs. MCH - Performance Comparison

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

Returns By Period

In the year-to-date period, MEMS achieves a 27.41% return, which is significantly higher than MCH's 6.57% return.

MEMS

• 1D: 0.56%
• 1M: 4.44%
• YTD: 27.41%
• 6M: 27.66%
• 1Y: 34.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MCH

• 1D: 1.78%
• 1M: 3.34%
• YTD: 6.57%
• 6M: 5.27%
• 1Y: 28.39%
• 3Y*: 14.88%
• 5Y*: —
• 10Y*: —

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

MEMS vs. MCH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MEMS Matthews Emerging Markets Discovery Active ETF	27.41%	11.12%	-5.32%
MCH Matthews China Active ETF	6.57%	30.20%	24.47%

Correlation

The correlation between MEMS and MCH is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.58

The correlation between MEMS and MCH has been stable across timeframes, ranging from 0.56 to 0.58 - a consistent structural relationship.

MEMS vs. MCH - Sectors Allocation Comparison

Sectors	MEMS	MCH
Technology	31.8%	17.5%
Financial Services	16.8%	20.7%
Industrials	16.3%	17.0%
Consumer Cyclical	13.8%	13.3%
Healthcare	8.3%	4.4%
Consumer Defensive	3.6%	0.6%
Energy	2.9%	0.8%
Communication Services	2.8%	12.2%
Real Estate	2.1%	2.9%
Basic Materials	1.7%	7.0%
Utilities	1.0%	-

Return for Risk

MEMS vs. MCH — Risk / Return Rank

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

MEMS

MEMS Risk / Return Rank: 49
MEMS Sharpe Ratio Rank: 47
MEMS Sortino Ratio Rank: 46
MEMS Omega Ratio Rank: 46
MEMS Calmar Ratio Rank: 55
MEMS Martin Ratio Rank: 51

MCH

MCH Risk / Return Rank: 38
MCH Sharpe Ratio Rank: 40
MCH Sortino Ratio Rank: 39
MCH Omega Ratio Rank: 38
MCH Calmar Ratio Rank: 39
MCH Martin Ratio Rank: 35

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.

MEMS vs. MCH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Discovery Active ETF (MEMS) and Matthews China Active ETF (MCH). 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.

	MEMS	MCH	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.38	+0.21
Sortino ratio: Return per unit of downside risk	2.23	1.98	+0.26
Omega ratio: Gain probability vs. loss probability	1.29	1.24	+0.04
Calmar ratio: Return relative to maximum drawdown	2.63	1.90	+0.73
Martin ratio: Return relative to average drawdown	8.37	5.01	+3.36

MEMS vs. MCH - Sharpe Ratio Comparison

The current MEMS Sharpe Ratio is 1.59, which is comparable to the MCH Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of MEMS and MCH, 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

MEMS vs. MCH - Drawdown Comparison

The maximum MEMS drawdown since its inception was -22.24%, smaller than the maximum MCH drawdown of -40.53%. Use the drawdown chart below to compare losses from any high point for MEMS and MCH.

Drawdown Indicators

	MEMS	MCH	Difference
Max Drawdown Largest peak-to-trough decline	-22.24%	-40.53%	+18.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-15.05%	+2.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.57%	—
Current Drawdown Current decline from peak	-0.02%	-1.00%	+0.98%
Average Drawdown Average peak-to-trough decline	-5.17%	-18.32%	+13.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	5.68%	-1.60%

Volatility

MEMS vs. MCH - Volatility Comparison

Matthews Emerging Markets Discovery Active ETF (MEMS) has a higher volatility of 8.16% compared to Matthews China Active ETF (MCH) at 7.54%. This indicates that MEMS's price experiences larger fluctuations and is considered to be riskier than MCH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMS	MCH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.16%	7.54%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	18.86%	15.40%	+3.46%
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	20.72%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.78%	29.49%	-9.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.78%	29.49%	-9.71%

MEMS vs. MCH - Expense Ratio Comparison

MEMS has a 0.89% expense ratio, which is higher than MCH's 0.79% expense ratio.

Dividends

MEMS vs. MCH - Dividend Comparison

MEMS's dividend yield for the trailing twelve months is around 2.21%, more than MCH's 1.65% yield.

Position	TTM	2025	2024	2023
MCH Matthews China Active ETF	1.65%	1.76%	1.31%	1.62%
MEMS Matthews Emerging Markets Discovery Active ETF	2.21%	2.81%	1.42%	0.00%

Frequently Asked Questions

Can I hold both MEMS and MCH in my portfolio?

MEMS and MCH have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMS or MCH?

MEMS has higher volatility (8.16%) compared to MCH (7.54%). In terms of maximum drawdown, MEMS dropped -22.24% vs MCH's -40.53%.

Which ETF is better, MEMS or MCH?

On 1-year performance, MEMS leads with 34.10% vs 28.39% for MCH. On fees, MCH is cheaper at 0.79% per year. On volatility, MCH has been the lower-risk option at 7.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEMS or MCH?

Over the 1-year period, MEMS has performed better with a 34.10% return vs 28.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMS or MCH?

MCH is cheaper with a 0.79% expense ratio, compared with 0.89% for MEMS.

Which ETF pays a higher dividend yield, MEMS or MCH?

MEMS has the higher dividend yield at 2.21%, compared with 1.65% for MCH.

What is the main difference between MEMS and MCH?

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

Which has better risk-adjusted returns?

MEMS currently has the higher Sharpe Ratio (1.59 vs 1.38), 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.