MMCFX vs. ICHKX

Last updated Aug 1, 2026

MMCFX (AMG Veritas China Fund) and ICHKX (Guinness Atkinson China And Hong Kong Fund) are both China Equities funds. Over the past 10 years, MMCFX returned 3.79%/yr vs 3.39%/yr for ICHKX. Their 0.47 correlation means their historical movements had little consistent relationship. MMCFX charges 1.14%/yr vs 1.71%/yr for ICHKX.

Performance

MMCFX vs. ICHKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG Veritas China Fund (MMCFX) and Guinness Atkinson China And Hong Kong Fund (ICHKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMCFX achieves a -2.15% return, which is significantly lower than ICHKX's -0.49% return. Over the past 10 years, MMCFX has outperformed ICHKX with an annualized return of 3.79%, while ICHKX has yielded a comparatively lower 3.39% annualized return.

MMCFX

• 1D: 0.96%
• 1M: -5.02%
• 6M: -6.13%
• YTD: -2.15%
• 1Y: 9.21%
• 3Y*: 0.17%
• 5Y*: -7.82%
• 10Y*: 3.79%
• ALL TIME*: 7.42%

ICHKX

• 1D: 2.02%
• 1M: 10.14%
• 6M: -5.32%
• YTD: -0.49%
• 1Y: 11.84%
• 3Y*: 3.04%
• 5Y*: -4.27%
• 10Y*: 3.39%
• ALL TIME*: 4.97%

*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)
ICHKX Guinness Atkinson China And Hong Kong Fund	$0.00	$0.00	$0.00
MMCFX AMG Veritas China Fund	$0.00	$0.00	$0.00

MMCFX vs. ICHKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMCFX AMG Veritas China Fund	-2.15%	27.88%	-0.59%	-18.35%	-26.33%	-0.49%	17.79%	27.49%	-5.22%	24.07%
ICHKX Guinness Atkinson China And Hong Kong Fund	-0.49%	28.97%	0.05%	-14.52%	-23.67%	-6.90%	14.58%	30.08%	-20.50%	49.07%

Correlation

The correlation between MMCFX and ICHKX is 0.66, 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.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.65
Correlation (All Time) Calculated using the full available price history since Nov 20, 1995	0.47

The correlation between MMCFX and ICHKX shifts across timeframes, from 0.47 (all time) to 0.78 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MMCFX vs. ICHKX — Risk / Return Rank

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

MMCFX

MMCFX Risk / Return Rank: 7
MMCFX Sharpe Ratio Rank: 7
MMCFX Sortino Ratio Rank: 8
MMCFX Omega Ratio Rank: 8
MMCFX Calmar Ratio Rank: 8
MMCFX Martin Ratio Rank: 7

ICHKX

ICHKX Risk / Return Rank: 12
ICHKX Sharpe Ratio Rank: 13
ICHKX Sortino Ratio Rank: 14
ICHKX Omega Ratio Rank: 13
ICHKX Calmar Ratio Rank: 10
ICHKX Martin Ratio Rank: 11

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.

MMCFX vs. ICHKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG Veritas China Fund (MMCFX) and Guinness Atkinson China And Hong Kong Fund (ICHKX). 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	ICHKX	Difference
Sharpe ratio: Return per unit of total volatility	0.24	0.50	-0.27
Sortino ratio: Return per unit of downside risk	0.49	0.84	-0.35
Omega ratio: Gain probability vs. loss probability	1.06	1.10	-0.04
Calmar ratio: Return relative to maximum drawdown	0.33	0.47	-0.14
Martin ratio: Return relative to average drawdown	0.66	1.37	-0.71

MMCFX vs. ICHKX - Sharpe Ratio Comparison

The current MMCFX Sharpe Ratio is 0.24, which is lower than the ICHKX Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of MMCFX and ICHKX, 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

MMCFX vs. ICHKX - Drawdown Comparison

The maximum MMCFX drawdown since its inception was -70.40%, roughly equal to the maximum ICHKX drawdown of -70.67%. Use the drawdown chart below to compare losses from any high point for MMCFX and ICHKX.

Drawdown Indicators

	MMCFX	ICHKX	Difference
Max Drawdown Largest peak-to-trough decline	-70.40%	-70.67%	+0.27%
Max Drawdown (1Y) Largest decline over 1 year	-18.42%	-18.33%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-26.79%	-26.21%	-0.58%
Max Drawdown (5Y) Largest decline over 5 years	-54.40%	-48.88%	-5.52%
Max Drawdown (10Y) Largest decline over 10 years	-57.48%	-58.39%	+0.91%
Current Drawdown Current decline from peak	-39.81%	-36.68%	-3.13%
Average Drawdown Average peak-to-trough decline	-26.72%	-27.27%	+0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.14%	6.31%	+2.83%

Volatility

MMCFX vs. ICHKX - Volatility Comparison

AMG Veritas China Fund (MMCFX) has a higher volatility of 10.29% compared to Guinness Atkinson China And Hong Kong Fund (ICHKX) at 5.60%. This indicates that MMCFX's price experiences larger fluctuations and is considered to be riskier than ICHKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMCFX	ICHKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.29%	5.60%	+4.69%
Volatility (6M) Calculated over the trailing 6-month period	20.54%	12.88%	+7.66%
Volatility (1Y) Calculated over the trailing 1-year period	25.48%	17.22%	+8.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.57%	23.61%	+1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.05%	22.45%	+2.60%

MMCFX vs. ICHKX - Expense Ratio Comparison

MMCFX has a 1.14% expense ratio, which is lower than ICHKX's 1.71% expense ratio.

Dividends

MMCFX vs. ICHKX - Dividend Comparison

MMCFX's dividend yield for the trailing twelve months is around 0.33%, less than ICHKX's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICHKX Guinness Atkinson China And Hong Kong Fund	1.06%	1.06%	1.11%	0.74%	0.86%	20.44%	3.57%	4.37%	12.53%	6.76%	5.31%	12.25%
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

Can I hold both MMCFX and ICHKX in my portfolio?

MMCFX and ICHKX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMCFX or ICHKX?

MMCFX has higher volatility (10.29%) compared to ICHKX (5.60%). In terms of maximum drawdown, MMCFX dropped -70.40% vs ICHKX's -70.67%.

Which has better risk-adjusted returns?

ICHKX currently has the higher Sharpe Ratio (0.50 vs 0.24), 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.