Matthews Emerging Markets Ex China Active ETF (MEMX) Performance
MEMX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +18.1% since Dec 31, 2025
- 1 year
- +28.6% total return
- 3 years
- +24.1% a year
- Since first price
- +18.0% a year since 2023
MEMX trailing returns vs SPY, QQQ, AGG
| Period | MEMX total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −9.2% | −9.2% | −1.0% | −5.0% | +0.9% |
| 3 months | −3.8% | −3.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +1.0% | +1.0% | +7.8% | +8.4% | −1.5% |
| YTD | +18.1% | +18.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +28.6% | +22.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +91.3%+24.1%/yr | +78.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionJan 11, 2023 | +87.1%+18.0%/yr | +74.0% | — | — | — |
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: MEMX vs SPY
From Jan 11, 2023: MEMX grew to $18,709, SPY to $20,145.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MEMX returns by calendar year
2 of 2 full years positive. Best 2025 (+35.9%), worst 2024 (+5.5%). 2026 is year to date.
MEMX annual returns table
| Year | MEMX | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +18.1% | −16.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +35.9% | −15.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +5.5% | −9.9% | +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.
MEMX largest drawdowns
Now 14.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 26, 2024 | −19.3% | Apr 8, 2025 | Jun 9, 2025 | 6 months | 8 months |
| Jun 22, 2026 | −16.8% | Jul 29, 2026 | not yet | 37 days | 4 months so far |
| Feb 25, 2026 | −14.7% | Mar 30, 2026 | May 5, 2026 | 33 days | 2 months |
| Jul 31, 2023 | −12.2% | Oct 27, 2023 | Dec 14, 2023 | 3 months | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MEMX risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +26.5% | +20.3% |
| Volatility (annualized) | 18.3% | 17.5% |
| Sharpe ratio | 1.14 | 0.89 |
| Sortino ratio | 2.07 | 1.56 |
| Best month | +12.6% | +12.6% |
| Worst month | −11.0% | −11.0% |
| Best 12 months | +69.0% | +69.0% |
| Worst 12 months | −2.9% | −2.9% |
| Positive months | 61% | 61% |
| Beta vs S&P 500 | 0.94 | — |
| Correlation with S&P 500 | 0.64 | — |
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.
MEMX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 34 | −2.9% | +16.1% | +69.0% | 94% |
| 3-year (a year) | 10 | +19.0% | +24.6% | +27.2% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
MEMX performance overview
Matthews Emerging Markets Ex China Active ETF (MEMX) returned +28.6% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +18.0% a year, turning $10,000 into about $18,709. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −19.3%, from Sep 26, 2024 to Apr 8, 2025, and it took 2 months to get back to the old high. Volatility has been 17.5% a year.
Related: MEMX chart, MEMX holdings, MEMX dividends. See the MEMX overview for the latest quote and fund facts.
MEMX performance FAQ
What is the MEMX return over the past year?
MEMX returned +28.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 22.1%.
How much would $10,000 invested in MEMX be worth?
$10,000 invested in MEMX at its first recorded close on January 11, 2023 would be worth about $18,709 on October 23, 2026 with distributions reinvested.
What was the worst year for MEMX?
The worst calendar year was 2024, with a total return of +5.5%. The best was 2025 at +35.9%.
What is the biggest drawdown of MEMX?
The largest peak-to-trough decline was −19.3% between September 26, 2024 and April 8, 2025. It recovered to the old high on June 9, 2025, 2 months after the bottom.
How volatile is MEMX?
Over the past 3 years MEMX had an annualized volatility of 18.3% and a Sharpe ratio of 1.14 (excess return over 1–3 month T-bills per unit of risk).