PMIF-U.TO vs. MCHI

Last updated Jun 5, 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 5 years, PMIF-U.TO returned 2.62%/yr vs -5.76%/yr for MCHI. At a 0.06 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 0.55% return, which is significantly higher than MCHI's -7.22% return.

PMIF-U.TO

• 1D: 0.10%
• 1M: 0.45%
• YTD: 0.55%
• 6M: 0.71%
• 1Y: 6.69%
• 3Y*: 6.15%
• 5Y*: 2.62%
• 10Y*: —

MCHI

• 1D: -0.45%
• 1M: -2.60%
• YTD: -7.22%
• 6M: -8.98%
• 1Y: 3.98%
• 3Y*: 9.73%
• 5Y*: -5.76%
• 10Y*: 4.49%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PMIF-U.TO PIMCO Monthly Income Fund (Canada)	0.55%	9.02%	3.83%	7.22%	-6.89%	0.89%	3.42%	7.02%	0.69%
MCHI iShares MSCI China ETF	-7.22%	31.04%	17.73%	-11.94%	-23.01%	-21.74%	27.78%	23.72%	-8.77%

Correlation

The correlation between PMIF-U.TO and MCHI is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Oct 4, 2018	0.06

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: 56
PMIF-U.TO Sharpe Ratio Rank: 60
PMIF-U.TO Sortino Ratio Rank: 65
PMIF-U.TO Omega Ratio Rank: 62
PMIF-U.TO Calmar Ratio Rank: 43
PMIF-U.TO Martin Ratio Rank: 49

MCHI

MCHI Risk / Return Rank: 12
MCHI Sharpe Ratio Rank: 12
MCHI Sortino Ratio Rank: 12
MCHI Omega Ratio Rank: 12
MCHI Calmar Ratio Rank: 12
MCHI Martin Ratio Rank: 11

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.

	PMIF-U.TO	MCHI	Difference
Sharpe ratio: Return per unit of total volatility	2.00	0.20	+1.80
Sortino ratio: Return per unit of downside risk	2.94	0.42	+2.52
Omega ratio: Gain probability vs. loss probability	1.37	1.05	+0.32
Calmar ratio: Return relative to maximum drawdown	2.09	0.23	+1.86
Martin ratio: Return relative to average drawdown	8.08	0.48	+7.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current PMIF-U.TO Sharpe Ratio is 2.00, which is higher than the MCHI Sharpe Ratio of 0.20. 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.

Sharpe Ratios by Period

	PMIF-U.TO	MCHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	0.20	+1.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	-0.19	+0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.09	+0.50

Drawdowns

PMIF-U.TO vs. MCHI - Drawdown Comparison

The maximum PMIF-U.TO drawdown since its inception was -17.24%, 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	-17.24%	-62.95%	+45.71%
Max Drawdown (1Y) Largest decline over 1 year	-3.22%	-17.17%	+13.95%
Max Drawdown (3Y) Largest decline over 3 years	-4.15%	-25.85%	+21.70%
Max Drawdown (5Y) Largest decline over 5 years	-11.03%	-56.98%	+45.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-62.95%	—
Current Drawdown Current decline from peak	-1.06%	-36.74%	+35.68%
Average Drawdown Average peak-to-trough decline	-2.32%	-24.53%	+22.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	8.36%	-7.53%

Volatility

PMIF-U.TO vs. MCHI - Volatility Comparison

The current volatility for PIMCO Monthly Income Fund (Canada) (PMIF-U.TO) is 1.25%, while iShares MSCI China ETF (MCHI) has a volatility of 7.27%. 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	1.25%	7.27%	-6.02%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	14.51%	-12.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	20.16%	-16.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.05%	30.71%	-25.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.71%	27.39%	-20.68%

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 3.93%, more than MCHI's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCHI iShares MSCI China ETF	2.28%	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)	3.93%	3.96%	4.91%	4.53%	2.82%	2.40%	2.68%	2.38%	0.59%	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 0.14, 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.