PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
MVE.AX vs. CNEW.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MVE.AX vs. CNEW.AX

Last updated Jul 16, 2026
Documentation

MVE.AX (VanEck S&P/ASX MidCap ETF) and CNEW.AX (VanEck China New Economy ETF) are both exchange-traded funds - MVE.AX is a Mid Cap Blend Equities fund tracking the VanEck S&P/ASX MidCap Index, while CNEW.AX is a China Equities fund tracking the MarketGrader China New Economy Index. Both are passively managed. Over the past 5 years, MVE.AX returned 5.96%/yr vs -1.69%/yr for CNEW.AX. At a 0.13 correlation, their price movements are largely independent.

Performance

MVE.AX vs. CNEW.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in VanEck S&P/ASX MidCap ETF (MVE.AX) and VanEck China New Economy ETF (CNEW.AX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, MVE.AX achieves a -5.02% return, which is significantly lower than CNEW.AX's 1.87% return.

MVE.AX

1D
0.33%
1M
-1.58%
6M
-6.77%
YTD
-5.02%
1Y
1.82%
3Y*
7.22%
5Y*
5.96%
10Y*
8.88%

CNEW.AX

1D
-1.71%
1M
2.64%
6M
-3.46%
YTD
1.87%
1Y
13.85%
3Y*
6.54%
5Y*
-1.69%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MVE.AX vs. CNEW.AX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
MVE.AX
VanEck S&P/ASX MidCap ETF		-5.02%17.59%10.85%5.45%-6.79%20.90%19.05%22.94%-5.11%
CNEW.AX
VanEck China New Economy ETF		1.87%15.14%11.63%-7.15%-26.85%14.22%26.35%40.10%1.63%

Correlation

The correlation between MVE.AX and CNEW.AX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.13

Correlation (3Y)
Calculated over the trailing 3-year period

0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (All Time)
Calculated using the full available price history since Nov 8, 2018

0.13

The correlation between MVE.AX and CNEW.AX shifts across timeframes, from 0.01 (3 years) to 0.13 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck S&P/ASX MidCap ETF

VanEck China New Economy ETF

Return for Risk

MVE.AX vs. CNEW.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MVE.AX
MVE.AX Risk / Return Rank: 1111
Overall Rank
MVE.AX Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
MVE.AX Sortino Ratio Rank: 1111
Sortino Ratio Rank
MVE.AX Omega Ratio Rank: 1111
Omega Ratio Rank
MVE.AX Calmar Ratio Rank: 1111
Calmar Ratio Rank
MVE.AX Martin Ratio Rank: 1111
Martin Ratio Rank
CNEW.AX
CNEW.AX Risk / Return Rank: 2121
Overall Rank
CNEW.AX Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
CNEW.AX Sortino Ratio Rank: 2121
Sortino Ratio Rank
CNEW.AX Omega Ratio Rank: 2121
Omega Ratio Rank
CNEW.AX Calmar Ratio Rank: 2222
Calmar Ratio Rank
CNEW.AX Martin Ratio Rank: 2121
Martin Ratio Rank
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.

MVE.AX vs. CNEW.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck S&P/ASX MidCap ETF (MVE.AX) and VanEck China New Economy ETF (CNEW.AX). 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.

MVE.AXCNEW.AXDifference
Sharpe ratioReturn per unit of total volatility
0.14
0.61

-0.47

Sortino ratioReturn per unit of downside risk
0.32
1.00

-0.68

Omega ratioGain probability vs. loss probability

1.04

1.13

-0.09

Calmar ratioReturn relative to maximum drawdown

0.15

0.87

-0.72

Martin ratioReturn relative to average drawdown

0.37

2.09

-1.73

MVE.AX vs. CNEW.AX - Sharpe Ratio Comparison

The current MVE.AX Sharpe Ratio is 0.14, which is lower than the CNEW.AX Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of MVE.AX and CNEW.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

MVE.AX vs. CNEW.AX - Drawdown Comparison

The maximum MVE.AX drawdown since its inception was -53.11%, which is greater than CNEW.AX's maximum drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for MVE.AX and CNEW.AX.

Loading charts...

Drawdown Indicators

MVE.AXCNEW.AXDifference

Max Drawdown

Largest peak-to-trough decline

-53.11%

-46.20%

-6.91%

Max Drawdown (1Y)

Largest decline over 1 year

-15.88%

-13.25%

-2.63%

Max Drawdown (3Y)

Largest decline over 3 years

-17.45%

-27.71%

+10.26%

Max Drawdown (5Y)

Largest decline over 5 years

-20.77%

-46.20%

+25.43%

Max Drawdown (10Y)

Largest decline over 10 years

-40.47%

—

—

Current Drawdown

Current decline from peak

-7.95%

-13.40%

+5.45%

Average Drawdown

Average peak-to-trough decline

-12.59%

-17.27%

+4.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.67%

5.61%

+1.06%

Volatility

MVE.AX vs. CNEW.AX - Volatility Comparison

The current volatility for VanEck S&P/ASX MidCap ETF (MVE.AX) is 3.41%, while VanEck China New Economy ETF (CNEW.AX) has a volatility of 5.62%. This indicates that MVE.AX experiences smaller price fluctuations and is considered to be less risky than CNEW.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

MVE.AXCNEW.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.41%

5.62%

-2.21%

Volatility (6M)

Calculated over the trailing 6-month period

13.96%

15.27%

-1.31%

Volatility (1Y)

Calculated over the trailing 1-year period

16.84%

18.99%

-2.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.44%

24.49%

-8.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.77%

24.61%

-7.84%

Dividends

MVE.AX vs. CNEW.AX - Dividend Comparison

MVE.AX's dividend yield for the trailing twelve months is around 1.47%, more than CNEW.AX's 0.74% yield.

PositionTTM20252024202320222021202020192018201720162015
CNEW.AX
VanEck China New Economy ETF		0.74%0.88%1.71%1.72%1.86%1.03%1.40%1.01%0.00%0.00%0.00%0.00%
MVE.AX
VanEck S&P/ASX MidCap ETF		1.47%2.92%1.78%1.84%2.35%2.45%3.99%5.06%1.22%3.11%0.46%0.71%

Frequently Asked Questions

MVE.AX and CNEW.AX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MVE.AX is categorized as Mid Cap Blend Equities, while CNEW.AX is China Equities. MVE.AX tracks VanEck S&P/ASX MidCap Index, while CNEW.AX tracks MarketGrader China New Economy Index.

Portfolio Optimizer

Find the right allocation for MVE.AX and CNEW.AX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer