YXI vs. MCHS

Last updated Jul 16, 2026

YXI (ProShares Short FTSE China 50) and MCHS (Matthews China Discovery Active ETF) are both China Equities funds. YXI is passively managed, while MCHS is actively managed. Over the past year, YXI returned 9.77% vs 53.82% for MCHS. At a correlation of -0.60, they often move in opposite directions. YXI charges 0.95%/yr vs 0.89%/yr for MCHS.

Performance

YXI vs. MCHS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short FTSE China 50 (YXI) and Matthews China Discovery Active ETF (MCHS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YXI achieves a 12.29% return, which is significantly lower than MCHS's 39.63% return.

YXI

• 1D: -0.91%
• 1M: 3.13%
• 6M: 17.42%
• YTD: 12.29%
• 1Y: 9.77%
• 3Y*: -9.43%
• 5Y*: -2.73%
• 10Y*: -7.29%

MCHS

• 1D: -2.39%
• 1M: -4.40%
• 6M: 32.59%
• YTD: 39.63%
• 1Y: 53.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YXI vs. MCHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YXI ProShares Short FTSE China 50	12.29%	-22.87%	-30.08%
MCHS Matthews China Discovery Active ETF	39.63%	31.19%	6.53%

Correlation

The correlation between YXI and MCHS is -0.40, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.40
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	-0.60

Over the past year, the inverse relationship between YXI and MCHS has weakened: their correlation has moved from -0.60 to -0.40, meaning they move in opposite directions less often than they have historically.

Return for Risk

YXI vs. MCHS — Risk / Return Rank

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

YXI

YXI Risk / Return Rank: 19
YXI Sharpe Ratio Rank: 18
YXI Sortino Ratio Rank: 18
YXI Omega Ratio Rank: 17
YXI Calmar Ratio Rank: 22
YXI Martin Ratio Rank: 19

MCHS

MCHS Risk / Return Rank: 75
MCHS Sharpe Ratio Rank: 75
MCHS Sortino Ratio Rank: 65
MCHS Omega Ratio Rank: 74
MCHS Calmar Ratio Rank: 85
MCHS Martin Ratio Rank: 77

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.

YXI vs. MCHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short FTSE China 50 (YXI) and Matthews China Discovery Active ETF (MCHS). 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.

	YXI	MCHS	Difference
Sharpe ratio: Return per unit of total volatility	0.48	1.92	-1.44
Sortino ratio: Return per unit of downside risk	0.81	2.46	-1.65
Omega ratio: Gain probability vs. loss probability	1.10	1.35	-0.25
Calmar ratio: Return relative to maximum drawdown	0.86	3.78	-2.92
Martin ratio: Return relative to average drawdown	1.73	11.50	-9.77

YXI vs. MCHS - Sharpe Ratio Comparison

The current YXI Sharpe Ratio is 0.48, which is lower than the MCHS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of YXI and MCHS, 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

YXI vs. MCHS - Drawdown Comparison

The maximum YXI drawdown since its inception was -81.15%, which is greater than MCHS's maximum drawdown of -23.75%. Use the drawdown chart below to compare losses from any high point for YXI and MCHS.

Drawdown Indicators

	YXI	MCHS	Difference
Max Drawdown Largest peak-to-trough decline	-81.15%	-23.75%	-57.40%
Max Drawdown (1Y) Largest decline over 1 year	-11.39%	-14.32%	+2.93%
Max Drawdown (3Y) Largest decline over 3 years	-53.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-57.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-61.79%	—	—
Current Drawdown Current decline from peak	-77.07%	-13.83%	-63.24%
Average Drawdown Average peak-to-trough decline	-54.45%	-7.52%	-46.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.66%	4.69%	+0.97%

Volatility

YXI vs. MCHS - Volatility Comparison

The current volatility for ProShares Short FTSE China 50 (YXI) is 7.44%, while Matthews China Discovery Active ETF (MCHS) has a volatility of 16.56%. This indicates that YXI experiences smaller price fluctuations and is considered to be less risky than MCHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YXI	MCHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.44%	16.56%	-9.12%
Volatility (6M) Calculated over the trailing 6-month period	15.44%	25.23%	-9.79%
Volatility (1Y) Calculated over the trailing 1-year period	20.65%	28.16%	-7.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.47%	29.80%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.44%	29.80%	-2.36%

YXI vs. MCHS - Expense Ratio Comparison

YXI has a 0.95% expense ratio, which is higher than MCHS's 0.89% expense ratio.

Dividends

YXI vs. MCHS - Dividend Comparison

YXI's dividend yield for the trailing twelve months is around 2.53%, which matches MCHS's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MCHS Matthews China Discovery Active ETF	2.55%	3.56%	5.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
YXI ProShares Short FTSE China 50	2.53%	3.60%	4.35%	2.66%	0.27%	0.00%	0.08%	1.01%	0.25%

Frequently Asked Questions

Can I hold both YXI and MCHS in my portfolio?

YXI and MCHS have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YXI or MCHS?

MCHS has higher volatility (16.56%) compared to YXI (7.44%). In terms of maximum drawdown, YXI dropped -81.15% vs MCHS's -23.75%.

Which ETF is better, YXI or MCHS?

On 1-year performance, MCHS leads with 53.82% vs 9.77% for YXI. On fees, MCHS is cheaper at 0.89% per year. On volatility, YXI has been the lower-risk option at 7.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YXI or MCHS?

Over the 1-year period, MCHS has performed better with a 53.82% return vs 9.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YXI or MCHS?

MCHS is cheaper with a 0.89% expense ratio, compared with 0.95% for YXI.

Which ETF pays a higher dividend yield, YXI or MCHS?

MCHS has the higher dividend yield at 2.55%, compared with 2.53% for YXI.

What is the main difference between YXI and MCHS?

They also come from different issuers: ProShares and Matthews. Their fees differ too: 0.95% for YXI and 0.89% for MCHS.

Which has better risk-adjusted returns?

MCHS currently has the higher Sharpe Ratio (1.92 vs 0.48), 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.