MMCFX vs. CAF
MMCFX (AMG Veritas China Fund) and CAF (Morgan Stanley China A Share Fund) are both China Equities funds. Over the past 10 years, MMCFX returned 4.04%/yr vs 4.77%/yr for CAF. Their 0.51 correlation means they have sometimes moved together and sometimes differently. MMCFX charges 1.14%/yr vs 1.67%/yr for CAF.
Performance
MMCFX vs. CAF - Performance Comparison
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Returns By Period
In the year-to-date period, MMCFX achieves a -0.70% return, which is significantly lower than CAF's 8.47% return. Over the past 10 years, MMCFX has underperformed CAF with an annualized return of 4.04%, while CAF has yielded a comparatively higher 4.77% annualized return.
MMCFX
- 1D
- 1.48%
- 1M
- -3.61%
- 6M
- -3.93%
- YTD
- -0.70%
- 1Y
- 10.83%
- 3Y*
- 1.21%
- 5Y*
- -7.55%
- 10Y*
- 4.04%
- ALL TIME*
- 7.47%
CAF
- 1D
- -1.67%
- 1M
- -8.59%
- 6M
- 3.80%
- YTD
- 8.47%
- 1Y
- 37.10%
- 3Y*
- 14.27%
- 5Y*
- -0.15%
- 10Y*
- 4.77%
- ALL TIME*
- 8.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $536.29K | $436.86K | $582.49K | |
| $0.00 | $0.00 | $0.00 |
MMCFX vs. CAF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MMCFX AMG Veritas China Fund | -0.70% | 27.88% | -0.59% | -18.35% | -26.33% | -0.49% | 17.79% | 27.49% | -5.22% | 24.07% |
CAF Morgan Stanley China A Share Fund | 8.47% | 41.51% | 0.34% | -9.39% | -30.41% | -1.77% | 12.74% | 23.50% | -14.26% | 44.94% |
Correlation
The correlation between MMCFX and CAF is 0.68, 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. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.56 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2006 | 0.51 |
The correlation between MMCFX and CAF shifts across timeframes, from 0.51 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MMCFX vs. CAF — Risk / Return Rank
MMCFX
CAF
MMCFX vs. CAF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AMG Veritas China Fund (MMCFX) and Morgan Stanley China A Share Fund (CAF). 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.
| MMCFX | CAF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.32 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | 3.18 | -2.73 |
| Martin ratioReturn relative to average drawdown | 0.89 | 9.22 | -8.33 |
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Drawdowns
MMCFX vs. CAF - Drawdown Comparison
The maximum MMCFX drawdown since its inception was -70.40%, which is greater than CAF's maximum drawdown of -65.88%. Use the drawdown chart below to compare losses from any high point for MMCFX and CAF.
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Drawdown Indicators
| MMCFX | CAF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -65.88% | -4.52% |
Max Drawdown (1Y)Largest decline over 1 year | -18.42% | -11.72% | -6.70% |
Max Drawdown (3Y)Largest decline over 3 years | -26.79% | -26.27% | -0.52% |
Max Drawdown (5Y)Largest decline over 5 years | -54.07% | -45.26% | -8.81% |
Max Drawdown (10Y)Largest decline over 10 years | -57.48% | -49.01% | -8.47% |
Current DrawdownCurrent decline from peak | -38.92% | -11.72% | -27.20% |
Average DrawdownAverage peak-to-trough decline | -26.72% | -25.75% | -0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.17% | 4.03% | +5.14% |
Volatility
MMCFX vs. CAF - Volatility Comparison
AMG Veritas China Fund (MMCFX) has a higher volatility of 10.36% compared to Morgan Stanley China A Share Fund (CAF) at 8.03%. This indicates that MMCFX's price experiences larger fluctuations and is considered to be riskier than CAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMCFX | CAF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.36% | 8.03% | +2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 20.59% | 15.35% | +5.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.47% | 20.86% | +4.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.57% | 21.70% | +3.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.05% | 21.98% | +3.07% |
MMCFX vs. CAF - Expense Ratio Comparison
MMCFX has a 1.14% expense ratio, which is lower than CAF's 1.67% expense ratio.
Dividends
MMCFX vs. CAF - Dividend Comparison
MMCFX's dividend yield for the trailing twelve months is around 0.33%, less than CAF's 1.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAF Morgan Stanley China A Share Fund | 1.40% | 1.51% | 2.63% | 0.96% | 0.02% | 6.57% | 10.40% | 3.78% | 9.48% | 5.20% | 4.69% | 67.03% |
MMCFX AMG Veritas China Fund | 0.33% | 0.32% | 1.34% | 0.83% | 0.00% | 114.57% | 4.66% | 9.14% | 25.03% | 12.44% | 0.35% | 12.74% |
Frequently Asked Questions
MMCFX and CAF have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMCFX has higher volatility (10.36%) compared to CAF (8.03%). In terms of maximum drawdown, MMCFX dropped -70.40% vs CAF's -65.88%.
CAF currently has the higher Sharpe Ratio (1.79 vs 0.32), 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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