Top China ETF and Mutual Fund

Davis believes that Wong succeeded in a tough economy because he "de-emphasized consumer-discretionary and export-oriented industries, which were hurt most by the global economic slowdown, and turned to more-defensive (domestically driven) areas like telecom." It remains to be seen whether Wong can best the experience of Richard Gao, who has managed Matthews China since 1999, but his two-year record is impressive.

In the end, Claymore/AlphaShares China Small Cap should deliver the best return in bull rallies and bull markets because of the outperformance of small cap stocks and the fund's larger exposure to private companies, rather than state-owned ones.

HAO did underperform during the market's slide, however, leaving an opening for the active management offered by Fidelity and Matthews. Even with their higher fees, these funds are delivering returns equal to or better than ETFs.

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