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XCH.TO vs. MCHI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XCH.TO vs. MCHI

Last updated Jun 25, 2026

XCH.TO (iShares China Index ETF) and MCHI (iShares MSCI China ETF) are both China Equities funds from iShares - XCH.TO tracks the Morningstar China GR CAD while MCHI tracks the MSCI China Index. Both are passively managed. Over the past 10 years, XCH.TO returned 2.93%/yr vs 5.30%/yr for MCHI. Their correlation of 0.82 suggests significant overlap in exposure. XCH.TO charges 0.87%/yr vs 0.59%/yr for MCHI.

Performance

XCH.TO vs. MCHI - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares China Index ETF (XCH.TO) and iShares MSCI China ETF (MCHI). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XCH.TO is traded in CAD, while MCHI is traded in USD. To make them comparable, the MCHI values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XCH.TO achieves a -11.82% return, which is significantly lower than MCHI's -10.57% return. Over the past 10 years, XCH.TO has underperformed MCHI with an annualized return of 2.93%, while MCHI has yielded a comparatively higher 5.30% annualized return.

XCH.TO

1D
-1.43%
1M
-6.42%
YTD
-11.82%
6M
-12.04%
1Y
-8.27%
3Y*
11.42%
5Y*
-2.59%
10Y*
2.93%

MCHI

1D
-0.37%
1M
-3.85%
YTD
-10.57%
6M
-11.31%
1Y
-2.39%
3Y*
10.74%
5Y*
-4.57%
10Y*
5.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XCH.TO vs. MCHI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XCH.TO
iShares China Index ETF		-11.82%22.48%39.50%-14.76%-15.40%-20.56%7.17%8.11%-6.28%27.28%
MCHI
iShares MSCI China ETF		-10.57%25.06%27.70%-14.04%-18.13%-21.78%24.75%18.62%-13.04%44.20%

Correlation

The correlation between XCH.TO and MCHI is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.88

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

0.90

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

0.89

Correlation (10Y)
Calculated over the trailing 10-year period

0.85

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2011

0.82

The correlation between XCH.TO and MCHI has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

XCH.TO vs. MCHI - Sectors Allocation Comparison

Sectors
XCH.TO
MCHI

Financial Services

34.7%
18.8%

Consumer Cyclical

26.5%
24.9%

Communication Services

16.2%
18.1%

Technology

5.5%
12.1%

Energy

5.3%
3.7%

Basic Materials

4.0%
5.5%

Industrials

3.2%
5.3%

Healthcare

2.3%
5.1%

Real Estate

1.1%
1.6%

Consumer Defensive

0.9%
3.0%

Utilities

0.3%
1.8%

Financial Services

XCH.TO
34.7%
MCHI
18.8%

Consumer Cyclical

XCH.TO
26.5%
MCHI
24.9%

Communication Services

XCH.TO
16.2%
MCHI
18.1%

Technology

XCH.TO
5.5%
MCHI
12.1%

Energy

XCH.TO
5.3%
MCHI
3.7%

Basic Materials

XCH.TO
4.0%
MCHI
5.5%

Industrials

XCH.TO
3.2%
MCHI
5.3%

Healthcare

XCH.TO
2.3%
MCHI
5.1%

Real Estate

XCH.TO
1.1%
MCHI
1.6%

Consumer Defensive

XCH.TO
0.9%
MCHI
3.0%

Utilities

XCH.TO
0.3%
MCHI
1.8%

Compare stocks, funds, or ETFs

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

iShares China Index ETF

iShares MSCI China ETF

Often compared with XCH.TO:
XCH.TO vs. VEE.TOXCH.TO vs. XEC.TOXCH.TO vs. XAW.TOXCH.TO vs. ZCH.TOXCH.TO vs. VFV.TOXCH.TO vs. XIC.TOXCH.TO vs. FBRT
Often compared with MCHI:
MCHI vs. FXIMCHI vs. KWEBMCHI vs. CQQQMCHI vs. GXCMCHI vs. ASHRMCHI vs. FLCHMCHI vs. CNYA

Return for Risk

XCH.TO vs. MCHI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XCH.TO
XCH.TO Risk / Return Rank: 55
Overall Rank
XCH.TO Sharpe Ratio Rank: 55
Sharpe Ratio Rank
XCH.TO Sortino Ratio Rank: 55
Sortino Ratio Rank
XCH.TO Omega Ratio Rank: 55
Omega Ratio Rank
XCH.TO Calmar Ratio Rank: 66
Calmar Ratio Rank
XCH.TO Martin Ratio Rank: 55
Martin Ratio Rank
MCHI
MCHI Risk / Return Rank: 66
Overall Rank
MCHI Sharpe Ratio Rank: 66
Sharpe Ratio Rank
MCHI Sortino Ratio Rank: 66
Sortino Ratio Rank
MCHI Omega Ratio Rank: 66
Omega Ratio Rank
MCHI Calmar Ratio Rank: 77
Calmar Ratio Rank
MCHI Martin Ratio Rank: 66
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.

XCH.TO vs. MCHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Index ETF (XCH.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.

XCH.TOMCHIDifference
Sharpe ratioReturn per unit of total volatility
-0.44
-0.12

-0.32

Sortino ratioReturn per unit of downside risk
-0.52
-0.03

-0.49

Omega ratioGain probability vs. loss probability

0.94

1.00

-0.06

Calmar ratioReturn relative to maximum drawdown

-0.42

-0.12

-0.30

Martin ratioReturn relative to average drawdown

-0.91

-0.24

-0.67

XCH.TO vs. MCHI - Sharpe Ratio Comparison

The current XCH.TO Sharpe Ratio is -0.44, which is lower than the MCHI Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of XCH.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.

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Drawdowns

XCH.TO vs. MCHI - Drawdown Comparison

The maximum XCH.TO drawdown since its inception was -58.02%, roughly equal to the maximum MCHI drawdown of -60.33%. Use the drawdown chart below to compare losses from any high point for XCH.TO and MCHI.

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Drawdown Indicators

XCH.TOMCHIDifference

Max Drawdown

Largest peak-to-trough decline

-58.02%

-60.33%

+2.31%

Max Drawdown (1Y)

Largest decline over 1 year

-19.72%

-20.26%

+0.54%

Max Drawdown (3Y)

Largest decline over 3 years

-27.28%

-25.11%

-2.17%

Max Drawdown (5Y)

Largest decline over 5 years

-50.32%

-52.43%

+2.11%

Max Drawdown (10Y)

Largest decline over 10 years

-58.02%

-60.33%

+2.31%

Current Drawdown

Current decline from peak

-26.38%

-34.29%

+7.91%

Average Drawdown

Average peak-to-trough decline

-20.41%

-20.97%

+0.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.09%

10.03%

-0.94%

Volatility

XCH.TO vs. MCHI - Volatility Comparison

The current volatility for iShares China Index ETF (XCH.TO) is 5.52%, while iShares MSCI China ETF (MCHI) has a volatility of 6.37%. This indicates that XCH.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.

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Volatility by Period

XCH.TOMCHIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.52%

6.37%

-0.85%

Volatility (6M)

Calculated over the trailing 6-month period

13.62%

15.12%

-1.50%

Volatility (1Y)

Calculated over the trailing 1-year period

19.01%

20.31%

-1.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.80%

31.32%

-1.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.68%

28.20%

-2.52%

XCH.TO vs. MCHI - Expense Ratio Comparison

XCH.TO has a 0.87% expense ratio, which is higher than MCHI's 0.59% expense ratio.

Dividends

XCH.TO vs. MCHI - Dividend Comparison

XCH.TO's dividend yield for the trailing twelve months is around 2.40%, more than MCHI's 2.13% yield.

PositionTTM20252024202320222021202020192018201720162015
MCHI
iShares MSCI China ETF		2.13%2.12%2.31%2.66%1.78%1.04%1.04%1.45%1.60%1.56%1.66%2.76%
XCH.TO
iShares China Index ETF		2.40%2.11%1.54%2.86%2.35%1.51%2.17%2.50%2.45%2.41%2.21%2.58%

Frequently Asked Questions

XCH.TO and MCHI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

MCHI is cheaper with a 0.59% expense ratio, compared with 0.87% for XCH.TO.

XCH.TO tracks Morningstar China GR CAD, while MCHI tracks MSCI China Index. Their fees differ too: 0.87% for XCH.TO and 0.59% for MCHI.

Portfolio Optimizer

Find the right allocation for XCH.TO and MCHI

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