MGSEX vs. MCSMX

Last updated Aug 4, 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 15.16%/yr vs 11.81%/yr for MCSMX. Their 0.58 correlation means they have sometimes moved together and sometimes differently. 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 24.78% return, which is significantly higher than MCSMX's 21.68% return. Over the past 10 years, MGSEX has outperformed MCSMX with an annualized return of 15.16%, while MCSMX has yielded a comparatively lower 11.81% annualized return.

MGSEX

• 1D: 2.49%
• 1M: -9.54%
• 6M: 13.39%
• YTD: 24.78%
• 1Y: 48.70%
• 3Y*: 21.18%
• 5Y*: 4.64%
• 10Y*: 15.16%
• ALL TIME*: 10.68%

MCSMX

• 1D: 1.09%
• 1M: -16.45%
• 6M: 11.00%
• YTD: 21.68%
• 1Y: 35.06%
• 3Y*: 11.88%
• 5Y*: -1.46%
• 10Y*: 11.81%
• ALL TIME*: 7.61%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MCSMX Matthews China Small Companies Fund	$0.00	$0.00	$0.00
MGSEX AMG Veritas Asia Pacific Fund	$0.00	$0.00	$0.00

MGSEX vs. MCSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGSEX AMG Veritas Asia Pacific Fund	24.78%	41.56%	7.23%	-4.82%	-27.91%	0.83%	38.74%	80.58%	-3.77%	20.26%
MCSMX Matthews China Small Companies Fund	21.68%	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 0.65, 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.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.60
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 0.69 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MGSEX vs. MCSMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MGSEX

MGSEX Risk / Return Rank: 44
MGSEX Sharpe Ratio Rank: 47
MGSEX Sortino Ratio Rank: 38
MGSEX Omega Ratio Rank: 50
MGSEX Calmar Ratio Rank: 42
MGSEX Martin Ratio Rank: 44

MCSMX

MCSMX Risk / Return Rank: 32
MCSMX Sharpe Ratio Rank: 34
MCSMX Sortino Ratio Rank: 33
MCSMX Omega Ratio Rank: 35
MCSMX Calmar Ratio Rank: 29
MCSMX Martin Ratio Rank: 32

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	1.43	1.16	+0.27
Sortino ratio: Return per unit of downside risk	1.84	1.67	+0.17
Omega ratio: Gain probability vs. loss probability	1.27	1.22	+0.05
Calmar ratio: Return relative to maximum drawdown	1.82	1.38	+0.44
Martin ratio: Return relative to average drawdown	6.71	5.00	+1.71

MGSEX vs. MCSMX - Sharpe Ratio Comparison

The current MGSEX Sharpe Ratio is 1.43, which is comparable to the MCSMX Sharpe Ratio of 1.16. 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	-25.18%	-24.88%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-25.18%	-24.88%	-0.30%
Max Drawdown (5Y) Largest decline over 5 years	-42.34%	-51.10%	+8.76%
Max Drawdown (10Y) Largest decline over 10 years	-45.32%	-55.77%	+10.45%
Current Drawdown Current decline from peak	-19.66%	-24.06%	+4.40%
Average Drawdown Average peak-to-trough decline	-13.87%	-20.10%	+6.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.82%	6.76%	+0.06%

Volatility

MGSEX vs. MCSMX - Volatility Comparison

The current volatility for AMG Veritas Asia Pacific Fund (MGSEX) is 12.88%, while Matthews China Small Companies Fund (MCSMX) has a volatility of 14.47%. This indicates that MGSEX experiences smaller price fluctuations and is considered to be less risky than MCSMX based on this measure. 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	12.88%	14.47%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	29.09%	26.47%	+2.62%
Volatility (1Y) Calculated over the trailing 1-year period	32.00%	29.45%	+2.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.83%	25.54%	-3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.72%	23.15%	+3.57%

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 0.11%, less than MCSMX's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCSMX Matthews China Small Companies Fund	1.83%	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	0.11%	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 0.65, 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?

MCSMX has higher volatility (14.47%) compared to MGSEX (12.88%). In terms of maximum drawdown, MGSEX dropped -62.06% vs MCSMX's -55.77%.

Which has better risk-adjusted returns?

MGSEX currently has the higher Sharpe Ratio (1.43 vs 1.16), 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.