The MSCI China index returned -10.1% year to date through Jan. 23 vs. -3.5% for the MSCI Emerging Markets ex-China index. Quarterly returns for Chinese equities have lagged emerging markets in nine out of the last 13 quarters.
China equities lag emerging markets
Chinese equities' annual returns haven't outperformed emerging markets since 2020. Last year, the MSCI China index returned -11.2% vs. 20% for the MSCI Emerging Markets ex-China index.
Chinese equities had a lower return and higher standard deviation for the last decade through 2023. They returned 0.9% with a 24.1% standard deviation compared with 3.9% and 16.6%, respectively, for emerging markets.
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