Mutual Fund Trend Comparison

Compare Three-Year Performance at a Glance

Want to know which of two mutual funds had higher cumulative returns and lower volatility over the past three years? Open our Mutual Fund Trend Comparison tool: enter 110011 (E Fund Small and Mid Cap Mixed) and 110022 (E Fund Consumer Industry Stock) into the "Fund Code" input boxes on the left; select "Last 3 Years" for the time range; and click "Query". The trend chart on the right will immediately display two Net Asset Value (NAV) curves side-by-side—allowing you to see at a glance which fund had a smaller drawdown in 2022 and which rebounded stronger in 2023.

Principles and Formulas

The core of mutual fund trend comparison relies on two metrics: Cumulative Return and Annualized Return.

Cumulative Return = (Ending NAV − Beginning NAV + Dividends During Period) ÷ Beginning NAV × 100%
This measures the total percentage increase of an asset from start to finish, regardless of the holding period.

Annualized Return = (1 + Cumulative Return) ^ (1 / Number of Years) − 1
This standardizes returns over different timeframes into an "average annual growth" metric for easy comparison.

Why use these two formulas? Because cumulative return shows "how much you earned," while annualized return shows "how much you earned per year"—the latter eliminates the magnifying effect of time on return figures. Our tool automatically extracts dividend-adjusted NAV data to calculate these two values and displays them in the upper right corner of the chart.

Complete Example / Step-by-Step Guide

Let's use two funds as an example. After opening the tool:

1. Enter 510050 (ChinaAMC SSE 50 ETF) in the first "Fund Code" input box; enter 159915 (E Fund ChiNext ETF) in the second.
2. Select "Last 3 Years" from the time range dropdown menu.
3. Click "Add Fund" to include another one (we will only compare two in this example).
4. Click the "Query" button.

Results display: In the right-hand trend chart, the orange line represents the SSE 50 ETF, and the blue line represents the ChiNext ETF. The table below the chart lists the data for both funds: SSE 50 has a cumulative return of -2.3% and an annualized return of -0.8%; ChiNext has a cumulative return of +15.6% and an annualized return of +4.9%. Interpretation: Over the past three years, ChiNext outperformed SSE 50 by about 18 percentage points overall. However, observing the curve reveals that ChiNext had a maximum drawdown of -35% in 2022, compared to just -20% for SSE 50. Making decisions based solely on high returns may cause you to overlook risks.

More Examples / Multi-Scenario Comparisons

Let's change the time range and look again: change the time to "Last 1 Year". Now, the SSE 50 cumulative return is +8.1%, and ChiNext is -12.4%. This indicates that during short-term style rotations, large-cap value significantly outperforms growth. Let's try an extreme comparison: replace one of the funds with a money market fund (e.g., 000198 Tianhong Yu'ebao). Its 3-year cumulative return is about +6%, with an annualized return of about +2%. Although the return is low, the NAV curve is almost a slightly upward straight line—meaning extremely low volatility. This comparison tells you: returns and risks must be viewed comprehensively. The tool not only displays return figures but also visually demonstrates volatility on the chart.

How to Interpret Results / Meaning of Values

The tool outputs three sets of key data. We recommend evaluating them using the following framework:

Metric	Value Range	Meaning
Cumulative Return	> 0%	Overall profit during the holding period
Cumulative Return	= 0%	Break-even (ignoring fees)
Cumulative Return	< 0%	Overall loss during the holding period
Annualized Return	> 5%	Outperforms most wealth management products (but check volatility)
Maximum Drawdown	< -20%	High historical risk, potentially unsuitable for conservative investors

Special note: If a fund with a 5% annualized return has a maximum drawdown of -30%, it means you could lose 30% at the worst possible time—the shaded area under the curve on the right side of the tool indicates the drawdown magnitude.

Common Mistakes / Pitfalls to Avoid

• Directly comparing cumulative returns of funds with different timeframes: Fund A held for 5 years has a cumulative +50%, while Fund B held for 3 years has a cumulative +40%. You cannot simply say Fund A is better. You should look at the annualized return (Fund A is approx. +8.4%, Fund B is approx. +11.9%).
• Ignoring dividend reinvestment: Our tool defaults to using adjusted NAV (including dividend reinvestment), but if you select "unit NAV" data, the cumulative return will appear lower. Please ensure you use the "Adjusted NAV" mode when comparing.
• Selecting a time range that is too short: Data from the last month or week is highly random and does not represent a fund's long-term characteristics. We recommend using at least the last 1 year or 3 years.
• Equating historical returns with future performance: Even funds with high annualized returns may experience future style shifts. This tool does not predict the future.

Frequently Asked Questions (FAQ)

Why do the trend starting points of two funds not match?

Our tool normalizes all fund NAVs to Start Date = 1 (or 100%) to align the starting points. If you see that the curve starting points do not overlap, it may be because one of the funds lacked NAV data on the first day of your selected time range (e.g., a newly listed ETF). The table below will indicate the "Effective Start Date".

How is the maximum drawdown calculated?

It is the maximum percentage drop from any peak to a subsequent trough. The tool automatically calculates and displays this in each fund's detail row; the redder the color, the larger the drawdown.

How many funds can I compare?

This tool supports comparing up to 5 funds simultaneously. There is an "Add Fund" button below the input boxes; you will be prompted if you exceed the limit.

Does the annualized return include management fees?

No. The NAV data already deducts fund operation expenses (management fees, custodian fees, etc.), but it does not deduct your personal subscription or redemption fees. Your actual realized return will be slightly lower than the NAV return, so you must consider transaction costs when making decisions.

Does the tool support index funds?

Yes. Simply enter the index fund code (e.g., 510050). Index funds follow the same comparison rules as actively managed funds.

Where does the data come from?

Data is sourced from the Wind Financial Terminal and the Asset Management Association of China's public mutual fund NAV database, updated daily. If NAV data is missing for a specific day (e.g., non-trading days), the tool automatically skips it.

Limitations and Boundaries

The historical trend comparison results provided by this tool are for reference only and do not constitute investment, financial, or tax advice. Before making an actual purchase, please comprehensively evaluate factors such as the fund prospectus, fund manager, and fee structure. Data may be delayed by 1-2 trading days and does not represent real-time NAV. Under extreme market conditions (e.g., suspended subscriptions/redemptions, special dividend handling), the NAV may deviate from actual values. For precise performance attribution, please use professional financial terminals (e.g., Bloomberg, Wind). Now you can enter your own fund portfolio in the calculator above, change the time range, or add funds to observe the curve changes.

Calculation Basis / Methodology

• Administrative Measures for Information Disclosure of Publicly Offered Securities Investment Funds — CSRC regulations standardizing fund NAV calculation and information disclosure rules
• Wind Financial Terminal Fund NAV Data API — One of the NAV data sources used by the tool

Last updated June 3, 2026 · Maintained by Toolkk