WICGX vs. MCSMX

Last updated Jun 23, 2026

WICGX (William Blair China Growth Fund) and MCSMX (Matthews China Small Companies Fund) are both China Equities funds. Over the past 3 years, WICGX returned 9.09%/yr vs 22.20%/yr for MCSMX. A 0.74 correlation means they provide meaningful diversification when combined. WICGX charges 1.01%/yr vs 1.41%/yr for MCSMX.

Performance

WICGX vs. MCSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in William Blair China Growth Fund (WICGX) and Matthews China Small Companies Fund (MCSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WICGX achieves a 14.40% return, which is significantly lower than MCSMX's 53.58% return.

WICGX

• 1D: 4.18%
• 1M: 7.17%
• YTD: 14.40%
• 6M: 13.01%
• 1Y: 31.92%
• 3Y*: 9.09%
• 5Y*: —
• 10Y*: —

MCSMX

• 1D: 3.72%
• 1M: 9.06%
• YTD: 53.58%
• 6M: 52.25%
• 1Y: 85.81%
• 3Y*: 22.20%
• 5Y*: 3.08%
• 10Y*: 15.01%

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

WICGX vs. MCSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
WICGX William Blair China Growth Fund	14.40%	24.24%	10.36%	-24.29%	-26.26%
MCSMX Matthews China Small Companies Fund	53.58%	28.85%	2.82%	-17.50%	-24.45%

Correlation

The correlation between WICGX and MCSMX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 2, 2022	0.74

The correlation between WICGX and MCSMX has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

Return for Risk

WICGX vs. MCSMX — Risk / Return Rank

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

WICGX

WICGX Risk / Return Rank: 28
WICGX Sharpe Ratio Rank: 24
WICGX Sortino Ratio Rank: 23
WICGX Omega Ratio Rank: 25
WICGX Calmar Ratio Rank: 38
WICGX Martin Ratio Rank: 28

MCSMX

MCSMX Risk / Return Rank: 94
MCSMX Sharpe Ratio Rank: 98
MCSMX Sortino Ratio Rank: 93
MCSMX Omega Ratio Rank: 89
MCSMX Calmar Ratio Rank: 97
MCSMX Martin Ratio Rank: 95

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.

WICGX vs. MCSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for William Blair China Growth Fund (WICGX) and Matthews China Small Companies Fund (MCSMX). 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.

	WICGX	MCSMX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	3.50	-2.18
Sortino ratio: Return per unit of downside risk	1.88	4.36	-2.48
Omega ratio: Gain probability vs. loss probability	1.24	1.60	-0.36
Calmar ratio: Return relative to maximum drawdown	2.24	6.95	-4.71
Martin ratio: Return relative to average drawdown	6.20	19.94	-13.74

WICGX vs. MCSMX - Sharpe Ratio Comparison

The current WICGX Sharpe Ratio is 1.33, which is lower than the MCSMX Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of WICGX and MCSMX, 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

WICGX vs. MCSMX - Drawdown Comparison

The maximum WICGX drawdown since its inception was -50.35%, smaller than the maximum MCSMX drawdown of -55.77%. Use the drawdown chart below to compare losses from any high point for WICGX and MCSMX.

Drawdown Indicators

	WICGX	MCSMX	Difference
Max Drawdown Largest peak-to-trough decline	-50.35%	-55.77%	+5.42%
Max Drawdown (1Y) Largest decline over 1 year	-13.55%	-12.32%	-1.23%
Max Drawdown (3Y) Largest decline over 3 years	-24.72%	-26.50%	+1.78%
Max Drawdown (5Y) Largest decline over 5 years	—	-53.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-55.77%	—
Current Drawdown Current decline from peak	-13.80%	0.00%	-13.80%
Average Drawdown Average peak-to-trough decline	-32.16%	-20.16%	-12.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.88%	4.26%	+0.62%

Volatility

WICGX vs. MCSMX - Volatility Comparison

The current volatility for William Blair China Growth Fund (WICGX) is 10.36%, while Matthews China Small Companies Fund (MCSMX) has a volatility of 13.03%. This indicates that WICGX experiences smaller price fluctuations and is considered to be less risky than MCSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WICGX	MCSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.36%	13.03%	-2.67%
Volatility (6M) Calculated over the trailing 6-month period	17.29%	20.76%	-3.47%
Volatility (1Y) Calculated over the trailing 1-year period	22.91%	24.46%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.00%	24.88%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.00%	22.57%	+2.43%

WICGX vs. MCSMX - Expense Ratio Comparison

WICGX has a 1.01% expense ratio, which is lower than MCSMX's 1.41% expense ratio.

Dividends

WICGX vs. MCSMX - Dividend Comparison

WICGX's dividend yield for the trailing twelve months is around 0.73%, less than MCSMX's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCSMX Matthews China Small Companies Fund	1.45%	2.23%	1.35%	2.36%	1.78%	26.38%	16.98%	1.03%	2.25%	5.66%	4.79%	8.88%
WICGX William Blair China Growth Fund	0.73%	0.84%	1.38%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WICGX and MCSMX in my portfolio?

WICGX and MCSMX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WICGX or MCSMX?

MCSMX has higher volatility (13.03%) compared to WICGX (10.36%). In terms of maximum drawdown, WICGX dropped -50.35% vs MCSMX's -55.77%.

Which has better risk-adjusted returns?

MCSMX currently has the higher Sharpe Ratio (3.50 vs 1.33), 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.