PMIF-U.TO vs. MCHI

Last updated Jul 18, 2026

PMIF-U.TO (PIMCO Monthly Income Fund (Canada)) and MCHI (iShares MSCI China ETF) are both exchange-traded funds - PMIF-U.TO is a Multisector Bonds fund actively managed by PIMCO, while MCHI is a China Equities fund tracking the MSCI China Index. PMIF-U.TO is actively managed, while MCHI is passively managed. Over the past year, PMIF-U.TO returned 7.33% vs -5.21% for MCHI. At a 0.11 correlation, their price movements are largely independent. PMIF-U.TO charges 0.84%/yr vs 0.59%/yr for MCHI.

Performance

PMIF-U.TO vs. MCHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Monthly Income Fund (Canada) (PMIF-U.TO) and iShares MSCI China ETF (MCHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMIF-U.TO achieves a 1.37% return, which is significantly higher than MCHI's -11.27% return.

PMIF-U.TO

• 1D: 0.00%
• 1M: -0.03%
• 6M: 0.76%
• YTD: 1.37%
• 1Y: 7.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MCHI

• 1D: -2.20%
• 1M: -0.09%
• 6M: -14.75%
• YTD: -11.27%
• 1Y: -5.21%
• 3Y*: 7.95%
• 5Y*: -5.54%
• 10Y*: 3.74%

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

PMIF-U.TO vs. MCHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PMIF-U.TO PIMCO Monthly Income Fund (Canada)	1.37%	10.75%	5.77%	0.26%
MCHI iShares MSCI China ETF	-11.27%	31.04%	17.73%	3.06%

Correlation

The correlation between PMIF-U.TO and MCHI is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023	0.11

Return for Risk

PMIF-U.TO vs. MCHI — Risk / Return Rank

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

PMIF-U.TO

PMIF-U.TO Risk / Return Rank: 78
PMIF-U.TO Sharpe Ratio Rank: 86
PMIF-U.TO Sortino Ratio Rank: 88
PMIF-U.TO Omega Ratio Rank: 86
PMIF-U.TO Calmar Ratio Rank: 62
PMIF-U.TO Martin Ratio Rank: 69

MCHI

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

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.

PMIF-U.TO vs. MCHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Monthly Income Fund (Canada) (PMIF-U.TO) and iShares MSCI China ETF (MCHI). 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.

	PMIF-U.TO	MCHI	Difference
Sharpe ratio: Return per unit of total volatility	2.16	-0.26	+2.41
Sortino ratio: Return per unit of downside risk	3.19	-0.22	+3.41
Omega ratio: Gain probability vs. loss probability	1.40	0.97	+0.43
Calmar ratio: Return relative to maximum drawdown	2.37	-0.23	+2.60
Martin ratio: Return relative to average drawdown	9.43	-0.49	+9.92

PMIF-U.TO vs. MCHI - Sharpe Ratio Comparison

The current PMIF-U.TO Sharpe Ratio is 2.16, which is higher than the MCHI Sharpe Ratio of -0.26. The chart below compares the historical Sharpe Ratios of PMIF-U.TO and MCHI, 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

PMIF-U.TO vs. MCHI - Drawdown Comparison

The maximum PMIF-U.TO drawdown since its inception was -3.11%, smaller than the maximum MCHI drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for PMIF-U.TO and MCHI.

Drawdown Indicators

	PMIF-U.TO	MCHI	Difference
Max Drawdown Largest peak-to-trough decline	-3.11%	-62.95%	+59.84%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-23.22%	+20.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-25.85%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-53.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-62.95%	—
Current Drawdown Current decline from peak	-0.75%	-39.49%	+38.74%
Average Drawdown Average peak-to-trough decline	-0.54%	-24.63%	+24.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	10.73%	-9.95%

Volatility

PMIF-U.TO vs. MCHI - Volatility Comparison

The current volatility for PIMCO Monthly Income Fund (Canada) (PMIF-U.TO) is 0.89%, while iShares MSCI China ETF (MCHI) has a volatility of 6.01%. This indicates that PMIF-U.TO experiences smaller price fluctuations and is considered to be less risky than MCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMIF-U.TO	MCHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	6.01%	-5.12%
Volatility (6M) Calculated over the trailing 6-month period	2.67%	14.64%	-11.97%
Volatility (1Y) Calculated over the trailing 1-year period	3.41%	20.52%	-17.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	30.70%	-26.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.86%	27.34%	-23.48%

PMIF-U.TO vs. MCHI - Expense Ratio Comparison

PMIF-U.TO has a 0.84% expense ratio, which is higher than MCHI's 0.59% expense ratio.

Dividends

PMIF-U.TO vs. MCHI - Dividend Comparison

PMIF-U.TO's dividend yield for the trailing twelve months is around 5.53%, more than MCHI's 2.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCHI iShares MSCI China ETF	2.07%	2.12%	2.31%	2.66%	1.78%	1.04%	1.04%	1.45%	1.60%	1.56%	1.66%	2.76%
PMIF-U.TO PIMCO Monthly Income Fund (Canada)	5.53%	5.50%	6.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMIF-U.TO and MCHI in my portfolio?

PMIF-U.TO and MCHI have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMIF-U.TO or MCHI?

On fees, MCHI is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMIF-U.TO or MCHI?

MCHI is cheaper with a 0.59% expense ratio, compared with 0.84% for PMIF-U.TO.

What is the main difference between PMIF-U.TO and MCHI?

PMIF-U.TO is categorized as Multisector Bonds, while MCHI is China Equities. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.84% for PMIF-U.TO and 0.59% for MCHI.