MCH vs SPY
Matthews China Active ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | MCH | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.79% | 0.09% | |
| AUM | $23M | $789.1B | |
| Dividend Yield | 1.72% | 1.01% | |
| Holdings | 65 | 505 | |
| YTD Return | -2.16% | +13.39% | |
| 1Y Return | +11.77% | +22.52% | |
| 3Y Return (annualized) | +11.35% | +21.36% | |
| 5Y Return (annualized) | - | +13.19% | |
| Volatility (annualized) | 30.6% | 15.3% | |
| Max Drawdown | -40.5% | -56.5% | |
| Fund Family | Matthews Asia Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 13, 2022 | Jan 22, 1993 |
MCH vs SPY Performance
Matthews China Active ETF (MCH) is a ETF from Matthews Asia Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MCH returned +11.77% while SPY returned +22.52%. Year to date, MCH is down 2.16% versus a gain of 13.39% for SPY.
Over three years, MCH compounded at +11.35% per year against +21.36% for SPY. Across the full 4-year window we track, SPY has the edge at +8.84% annualized vs +4.60%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MCH has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -40.5% for MCH and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.36. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MCH charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, MCH currently yields 1.72% against 1.01% for SPY.
Holdings Overlap
MCH and SPY share 0 holdings out of 558 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, MCH or SPY?
MCH has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, MCH or SPY?
Over the past year MCH returned +11.77% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), MCH annualized +4.60% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, MCH or SPY?
MCH has been the more volatile fund at 30.6% annualized versus 15.3% for SPY. Worst drawdown: MCH -40.5% vs SPY -56.5%.
Should I hold both MCH and SPY?
MCH and SPY have a monthly-return correlation of 0.36, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MCH and SPY?
MCH and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 558 unique securities.
Which pays a higher dividend, MCH or SPY?
MCH yields 1.72% while SPY yields 1.01%, so MCH currently pays the higher dividend yield.
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