MCHS vs SPY
Matthews China Discovery Active ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. MCHS delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | MCHS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.89% | 0.09% | |
| AUM | $20M | $789.1B | |
| Dividend Yield | 1.56% | 1.01% | |
| Holdings | 55 | 505 | |
| YTD Return | +28.01% | +13.68% | |
| 1Y Return | +37.93% | +21.53% | |
| 3Y Return (annualized) | - | +21.44% | |
| 5Y Return (annualized) | - | +13.18% | |
| Volatility (annualized) | 29.8% | 15.3% | |
| Max Drawdown | -24.8% | -56.5% | |
| Fund Family | Matthews Asia Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 10, 2024 | Jan 22, 1993 |
MCHS vs SPY Performance
Matthews China Discovery Active ETF (MCHS) 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 MCHS returned +37.93% while SPY returned +21.53%. Year to date, MCHS is up 28.01% versus a gain of 13.68% for SPY.
Risk: Volatility and Drawdowns
MCHS has been the more volatile fund, with annualized monthly volatility of 29.8% 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 -24.8% for MCHS 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 0.33. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MCHS charges 0.89% per year while SPY charges 0.09%. On a $10,000 position that is $89 vs $9 annually, a gap of $80 per year that compounds over a long holding period. On income, MCHS currently yields 1.56% against 1.01% for SPY.
Holdings Overlap
MCHS and SPY share 0 holdings out of 554 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, MCHS or SPY?
MCHS has an expense ratio of 0.89% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $80 per year of difference.
Which performed better, MCHS or SPY?
Over the past year MCHS returned +37.93% vs +21.53% for SPY, so MCHS leads on 1-year performance. Over the longest common window we track (3 years), MCHS annualized +28.47% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, MCHS or SPY?
MCHS has been the more volatile fund at 29.8% annualized versus 15.3% for SPY. Worst drawdown: MCHS -24.8% vs SPY -56.5%.
Should I hold both MCHS and SPY?
MCHS and SPY have a monthly-return correlation of 0.33, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MCHS and SPY?
MCHS and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 554 unique securities.
Which pays a higher dividend, MCHS or SPY?
MCHS yields 1.56% while SPY yields 1.01%, so MCHS currently pays the higher dividend yield.
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