MEMX vs. MCHS

Last updated Jun 3, 2026

MEMX (Matthews Emerging Markets Ex China Active ETF) and MCHS (Matthews China Discovery Active ETF) are both exchange-traded funds - MEMX is a Emerging Markets Diversified fund actively managed by Matthews, while MCHS is a China Equities fund actively managed by Matthews. Both are actively managed. Over the past year, MEMX returned 72.52% vs 75.68% for MCHS. At a 0.43 correlation, their price movements are largely independent. MEMX charges 0.79%/yr vs 0.89%/yr for MCHS.

Performance

MEMX vs. MCHS - Performance Comparison

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

Returns By Period

In the year-to-date period, MEMX achieves a 34.37% return, which is significantly lower than MCHS's 44.06% return.

MEMX

• 1D: 0.27%
• 1M: 11.98%
• YTD: 34.37%
• 6M: 44.33%
• 1Y: 72.52%
• 3Y*: 27.36%
• 5Y*: —
• 10Y*: —

MCHS

• 1D: 1.99%
• 1M: 8.90%
• YTD: 44.06%
• 6M: 45.71%
• 1Y: 75.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MEMX vs. MCHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MEMX Matthews Emerging Markets Ex China Active ETF	34.37%	35.88%	7.59%
MCHS Matthews China Discovery Active ETF	44.06%	31.19%	6.53%

Correlation

The correlation between MEMX and MCHS is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.43

MEMX vs. MCHS - Sectors Allocation Comparison

Sectors	MEMX	MCHS
Technology	39.5%	31.5%
Financial Services	25.1%	-
Industrials	9.6%	32.9%
Consumer Cyclical	7.8%	12.5%
Healthcare	4.5%	4.4%
Communication Services	3.4%	1.2%
Energy	2.8%	3.9%
Basic Materials	2.6%	9.0%
Consumer Defensive	2.1%	0.8%
Real Estate	1.5%	3.7%
Utilities	1.1%	2.1%

Return for Risk

MEMX vs. MCHS — Risk / Return Rank

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

MEMX

MEMX Risk / Return Rank: 90
MEMX Sharpe Ratio Rank: 92
MEMX Sortino Ratio Rank: 90
MEMX Omega Ratio Rank: 90
MEMX Calmar Ratio Rank: 87
MEMX Martin Ratio Rank: 89

MCHS

MCHS Risk / Return Rank: 89
MCHS Sharpe Ratio Rank: 92
MCHS Sortino Ratio Rank: 89
MCHS Omega Ratio Rank: 88
MCHS Calmar Ratio Rank: 92
MCHS Martin Ratio Rank: 87

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.

MEMX vs. MCHS - Risk-Adjusted Trends Comparison

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

	MEMX	MCHS	Difference
Sharpe ratio Return per unit of total volatility	3.39	3.35	+0.05
Sortino ratio Return per unit of downside risk	4.20	4.16	+0.05
Omega ratio Gain probability vs. loss probability	1.60	1.56	+0.04
Calmar ratio Return relative to maximum drawdown	5.01	6.28	-1.27
Martin ratio Return relative to average drawdown	20.00	19.01	+0.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEMX vs. MCHS - Sharpe Ratio Comparison

The current MEMX Sharpe Ratio is 3.39, which is comparable to the MCHS Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of MEMX and MCHS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MEMX	MCHS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.39	3.35	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.47	1.21	+0.26

Drawdowns

MEMX vs. MCHS - Drawdown Comparison

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

Drawdown Indicators

	MEMX	MCHS	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-23.75%	+4.48%
Max Drawdown (1Y) Largest decline over 1 year	-14.70%	-12.15%	-2.55%
Max Drawdown (3Y) Largest decline over 3 years	-19.27%	—	—
Current Drawdown Current decline from peak	0.00%	-3.29%	+3.29%
Average Drawdown Average peak-to-trough decline	-3.49%	-7.62%	+4.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	4.01%	-0.33%

Volatility

MEMX vs. MCHS - Volatility Comparison

The current volatility for Matthews Emerging Markets Ex China Active ETF (MEMX) is 9.32%, while Matthews China Discovery Active ETF (MCHS) has a volatility of 10.79%. This indicates that MEMX experiences smaller price fluctuations and is considered to be less risky than MCHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMX	MCHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.32%	10.79%	-1.47%
Volatility (6M) Calculated over the trailing 6-month period	19.01%	18.21%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	21.50%	22.74%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	28.26%	-11.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	28.26%	-11.17%

MEMX vs. MCHS - Expense Ratio Comparison

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

Dividends

MEMX vs. MCHS - Dividend Comparison

MEMX's dividend yield for the trailing twelve months is around 3.63%, more than MCHS's 2.47% yield.

Position	TTM	2025	2024	2023
MCHS Matthews China Discovery Active ETF	2.47%	3.56%	5.48%	0.00%
MEMX Matthews Emerging Markets Ex China Active ETF	3.63%	4.88%	0.99%	1.13%

Frequently Asked Questions

Can I hold both MEMX and MCHS in my portfolio?

MEMX and MCHS have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMX or MCHS?

MCHS has higher volatility (10.79%) compared to MEMX (9.32%). In terms of maximum drawdown, MEMX dropped -19.27% vs MCHS's -23.75%.

Which ETF is better, MEMX or MCHS?

On 1-year performance, MCHS leads with 75.68% vs 72.52% for MEMX. On fees, MEMX is cheaper at 0.79% per year. On volatility, MEMX has been the lower-risk option at 9.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEMX or MCHS?

Over the 1-year period, MCHS has performed better with a 75.68% return vs 72.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMX or MCHS?

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

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

MEMX has the higher dividend yield at 3.63%, compared with 2.47% for MCHS.

What is the main difference between MEMX and MCHS?

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

Which has better risk-adjusted returns?

MEMX currently has the higher Sharpe Ratio (3.39 vs 3.35), 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.