Everyone is tipping Real Madrid to the quarter-finals of the Champions League. But it would not be right to underestimate the Chelsea team. Because the Champions League platform is completely different. Chelsea reached the quarter-finals on their merits. So it is not right to underestimate any team.
We cannot underestimate Chelsea in the UCL and you're right, but if you are talking about the statistic based on the real time data for now and chelsea is still underperforming compared with real madrid. You will not able to deny this caused by this is based on the real-time data that already got from performance of chelsea in the domestic league. This gonna be another big match against real madrid. Chelsea shall not perform so badly like the last time in the EPL.
Madrid can be called as king of UCL. That being said that if madrid has won most of UCL compared with another team. That's why anyone has been picking real madrid over chelsea in the upcoming match.

If you are also aware about how they are taking their choice based on their analyzation. Anyone who puts their choice in madrid sees madrid has more opportunity compared with chelsea to go to the semi final.
It's likely that if real madrid is fully prepared against chelsea at this moment. This is another huge clash in UCL will happen very soon. This is very good thing to be taken as consideration.
Im not feeling so good with chelsea.