MGSEX vs. MCSMX

Last updated Jul 14, 2026

MGSEX (AMG Veritas Asia Pacific Fund) and MCSMX (Matthews China Small Companies Fund) are both mutual funds - MGSEX is a Asia Pacific Equities fund managed by AMG, while MCSMX is a China Equities fund managed by Matthews. Over the past 10 years, MGSEX returned 16.19%/yr vs 13.87%/yr for MCSMX. A 0.58 correlation means they provide meaningful diversification when combined. MGSEX charges 1.18%/yr vs 1.41%/yr for MCSMX.

Performance

MGSEX vs. MCSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG Veritas Asia Pacific Fund (MGSEX) and Matthews China Small Companies Fund (MCSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGSEX achieves a 36.24% return, which is significantly lower than MCSMX's 43.09% return. Over the past 10 years, MGSEX has outperformed MCSMX with an annualized return of 16.19%, while MCSMX has yielded a comparatively lower 13.87% annualized return.

MGSEX

• 1D: -0.06%
• 1M: -4.76%
• 6M: 26.39%
• YTD: 36.24%
• 1Y: 66.38%
• 3Y*: 26.14%
• 5Y*: 5.97%
• 10Y*: 16.19%

MCSMX

• 1D: -2.62%
• 1M: 4.67%
• 6M: 34.51%
• YTD: 43.09%
• 1Y: 62.06%
• 3Y*: 19.86%
• 5Y*: 0.63%
• 10Y*: 13.87%

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

MGSEX vs. MCSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGSEX AMG Veritas Asia Pacific Fund	36.24%	41.56%	7.23%	-4.82%	-27.91%	0.83%	38.74%	80.58%	-3.77%	20.26%
MCSMX Matthews China Small Companies Fund	43.09%	28.85%	2.82%	-17.50%	-31.25%	6.71%	82.73%	35.41%	-17.65%	53.71%

Correlation

The correlation between MGSEX and MCSMX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 2, 2011	0.58

The correlation between MGSEX and MCSMX shifts across timeframes, from 0.58 (all time) to 0.68 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MGSEX vs. MCSMX — Risk / Return Rank

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

MGSEX

MGSEX Risk / Return Rank: 82
MGSEX Sharpe Ratio Rank: 83
MGSEX Sortino Ratio Rank: 64
MGSEX Omega Ratio Rank: 80
MGSEX Calmar Ratio Rank: 95
MGSEX Martin Ratio Rank: 88

MCSMX

MCSMX Risk / Return Rank: 87
MCSMX Sharpe Ratio Rank: 88
MCSMX Sortino Ratio Rank: 80
MCSMX Omega Ratio Rank: 81
MCSMX Calmar Ratio Rank: 96
MCSMX Martin Ratio Rank: 91

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.

MGSEX vs. MCSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG Veritas Asia Pacific Fund (MGSEX) and Matthews China Small Companies Fund (MCSMX). 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.

	MGSEX	MCSMX	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.35	-0.18
Sortino ratio: Return per unit of downside risk	2.51	2.97	-0.47
Omega ratio: Gain probability vs. loss probability	1.40	1.41	-0.02
Calmar ratio: Return relative to maximum drawdown	4.57	5.15	-0.59
Martin ratio: Return relative to average drawdown	13.04	13.84	-0.79

MGSEX vs. MCSMX - Sharpe Ratio Comparison

The current MGSEX Sharpe Ratio is 2.18, which is comparable to the MCSMX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of MGSEX and MCSMX, 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

MGSEX vs. MCSMX - Drawdown Comparison

The maximum MGSEX drawdown since its inception was -62.06%, which is greater than MCSMX's maximum drawdown of -55.77%. Use the drawdown chart below to compare losses from any high point for MGSEX and MCSMX.

Drawdown Indicators

	MGSEX	MCSMX	Difference
Max Drawdown Largest peak-to-trough decline	-62.06%	-55.77%	-6.29%
Max Drawdown (1Y) Largest decline over 1 year	-14.34%	-12.32%	-2.02%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	-26.50%	+7.20%
Max Drawdown (5Y) Largest decline over 5 years	-42.34%	-53.76%	+11.42%
Max Drawdown (10Y) Largest decline over 10 years	-45.32%	-55.77%	+10.45%
Current Drawdown Current decline from peak	-12.28%	-10.69%	-1.59%
Average Drawdown Average peak-to-trough decline	-13.86%	-20.10%	+6.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.00%	4.52%	+0.48%

Volatility

MGSEX vs. MCSMX - Volatility Comparison

AMG Veritas Asia Pacific Fund (MGSEX) and Matthews China Small Companies Fund (MCSMX) have volatilities of 15.83% and 15.08%, 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

	MGSEX	MCSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.83%	15.08%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	27.06%	23.77%	+3.29%
Volatility (1Y) Calculated over the trailing 1-year period	30.09%	26.98%	+3.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.42%	25.35%	-3.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.49%	22.85%	+3.64%

MGSEX vs. MCSMX - Expense Ratio Comparison

MGSEX has a 1.18% expense ratio, which is lower than MCSMX's 1.41% expense ratio.

Dividends

MGSEX vs. MCSMX - Dividend Comparison

MGSEX's dividend yield for the trailing twelve months is around 0.10%, less than MCSMX's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCSMX Matthews China Small Companies Fund	1.56%	2.23%	1.35%	2.36%	1.78%	26.38%	16.98%	1.03%	2.25%	5.66%	4.79%	8.88%
MGSEX AMG Veritas Asia Pacific Fund	0.10%	0.14%	0.47%	0.11%	0.00%	83.77%	4.35%	59.30%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MGSEX and MCSMX in my portfolio?

MGSEX and MCSMX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGSEX or MCSMX?

MGSEX has higher volatility (15.83%) compared to MCSMX (15.08%). In terms of maximum drawdown, MGSEX dropped -62.06% vs MCSMX's -55.77%.

Which has better risk-adjusted returns?

MCSMX currently has the higher Sharpe Ratio (2.35 vs 2.18), 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.