Matthews International Funds (JPAN) Performance
JPAN total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +16.8% since Dec 31, 2025
- 1 year
- +18.9% total return
- 3 years
- +24.7% a year
- Since first price
- +20.9% a year since 2023
JPAN trailing returns vs SPY, QQQ, AGG
| Period | JPAN total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.7% | −1.7% | −1.0% | −5.0% | +0.9% |
| 3 months | +2.2% | +2.2% | +3.2% | +1.9% | −0.4% |
| 6 months | +8.8% | +8.8% | +7.8% | +8.4% | −1.5% |
| YTD | +16.8% | +16.8% | +12.3% | +15.1% | −1.0% |
| 1 year | +18.9% | +13.2% | +14.4% | +15.9% | −1.1% |
| 3 years | +93.7%+24.7%/yr | +80.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionSep 22, 2023 | +79.5%+20.9%/yr | +67.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: JPAN vs SPY
From Sep 22, 2023: JPAN grew to $17,953, SPY to $18,308.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
JPAN returns by calendar year
2 of 2 full years positive. Best 2025 (+23.0%), worst 2024 (+18.2%). 2026 is year to date.
JPAN annual returns table
| Year | JPAN | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +16.8% | −14.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +23.0% | −14.0% | +17.7% | +20.8% | +7.2% |
| 2024 | +18.2% | −12.5% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
JPAN largest drawdowns
Now 5.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 26, 2024 | −15.2% | Apr 7, 2025 | Apr 28, 2025 | 6 months | 7 months |
| Feb 11, 2026 | −14.6% | Mar 30, 2026 | May 8, 2026 | 47 days | 3 months |
| Jul 16, 2024 | −12.5% | Aug 5, 2024 | Aug 23, 2024 | 20 days | 38 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
JPAN risk statistics
| Statistic | 3 years |
|---|---|
| Annualized return | +23.6% |
| Volatility (annualized) | 14.6% |
| Sharpe ratio | 1.24 |
| Sortino ratio | 2.08 |
| Best month | +8.9% |
| Worst month | −10.6% |
| Best 12 months | +40.1% |
| Worst 12 months | +1.9% |
| Positive months | 69% |
| Beta vs S&P 500 | 0.81 |
| Correlation with S&P 500 | 0.69 |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
JPAN rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 26 | +1.9% | +24.0% | +40.1% | 100% |
| 3-year (a year) | 2 | +23.6% | +23.7% | +23.7% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
JPAN performance overview
Matthews International Funds (JPAN) returned +18.9% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +20.9% a year, turning $10,000 into about $17,953. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −15.2%, from Sep 26, 2024 to Apr 7, 2025, and it took 21 days to get back to the old high. Volatility has been 14.6% a year.
Related: JPAN chart, JPAN holdings, JPAN dividends. See the JPAN overview for the latest quote and fund facts.
JPAN performance FAQ
What is the JPAN return over the past year?
JPAN returned +18.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.2%.
How much would $10,000 invested in JPAN be worth?
$10,000 invested in JPAN at its first recorded close on September 22, 2023 would be worth about $17,953 on October 23, 2026 with distributions reinvested.
What was the worst year for JPAN?
The worst calendar year was 2024, with a total return of +18.2%. The best was 2025 at +23.0%.
What is the biggest drawdown of JPAN?
The largest peak-to-trough decline was −15.2% between September 26, 2024 and April 7, 2025. It recovered to the old high on April 28, 2025, 21 days after the bottom.
How volatile is JPAN?
Over the past 3 years JPAN had an annualized volatility of 14.6% and a Sharpe ratio of 1.24 (excess return over 1–3 month T-bills per unit of risk).