- Issuer
- Matthews
- Inception Date
- Sep 21, 2023
- Region
- Emerging Asia Pacific (India)
- Category
- Asia Pacific Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Growth
- Assets Under Management
- $13M
Share Price Chart
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Performance
INDE Performance Chart
Matthews India Active ETF (INDE) is down 7.8% since the beginning of the year. INDE is currently trading at $28 per share.
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Returns By Period
Matthews India Active ETF (INDE) has returned -7.83% so far this year and -4.59% over the past 12 months.
Matthews India Active ETF
- 1D
- 1.28%
- 1M
- 1.71%
- YTD
- -7.83%
- 6M
- -7.82%
- 1Y
- -4.59%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.13%
- 1M
- 5.25%
- YTD
- 11.16%
- 6M
- 11.43%
- 1Y
- 28.20%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
INDE Monthly Returns History
Based on dividend-adjusted daily data since Sep 22, 2023, INDE's average daily return is +0.02%, while the average monthly return is +0.44%. At this rate, an investment would double in approximately 13.2 years.
Historically, 62% of months were positive and 38% were negative. The best month was Jun 2024 with a return of +7.0%, while the worst month was Mar 2026 at -10.1%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 3 months.
On a daily basis, INDE closed higher 54% of trading days. The best single day was Apr 8, 2026 with a return of +4.9%, while the worst single day was Jun 4, 2024 at -6.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -5.66% | 1.59% | -10.08% | 5.79% | 1.58% | -0.48% | -7.83% | ||||||
| 2025 | -6.99% | -6.15% | 6.09% | 4.18% | 2.07% | 2.69% | -3.47% | -0.23% | 1.24% | 3.60% | 2.25% | -1.96% | 2.39% |
| 2024 | 3.26% | 1.57% | -0.52% | 2.36% | -0.67% | 7.03% | 2.32% | 2.46% | 1.32% | -6.05% | 0.04% | -2.12% | 10.95% |
| 2023 | -1.09% | 2.68% | 3.51% | 2.91% | 8.18% |
Benchmark Metrics
Matthews India Active ETF has an annualized alpha of -3.60%, beta of 0.43, and R2 of 0.16 versus S&P 500 Index. Calculated based on daily prices since September 25, 2023.
- This ETF participated in 50.85% of S&P 500 Index downside but only 25.50% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.43 may look defensive, but with R2 of 0.16 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.16 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -3.60%
- Beta
- 0.43
- R²
- 0.16
- Upside Capture
- 25.50%
- Downside Capture
- 50.85%
Expense Ratio
INDE has an expense ratio of 0.79%, placing it in the medium range.
Return for Risk
Risk / Return Rank
INDE ranks 6 for risk / return — in the bottom 6% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Matthews India Active ETF (INDE) and compare them to S&P 500 Index.
| INDE | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.28 | 2.39 | -2.67 |
Sortino ratioReturn per unit of downside risk | -0.29 | 3.25 | -3.55 |
Omega ratioGain probability vs. loss probability | 0.97 | 1.43 | -0.47 |
Calmar ratioReturn relative to maximum drawdown | -0.24 | 3.11 | -3.35 |
Martin ratioReturn relative to average drawdown | -0.65 | 14.38 | -15.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Matthews India Active ETF provided a 1.90% dividend yield over the last twelve months, with an annual payout of $0.53 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $0.53 | $0.53 | $0.17 |
Dividend yield | 1.90% | 1.75% | 0.56% |
Monthly Dividends
The table displays the monthly dividend distributions for Matthews India Active ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.53 | $0.53 |
| 2024 | $0.17 | $0.17 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Matthews India Active ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Matthews India Active ETF was 22.89%, occurring on Mar 30, 2026. The portfolio has not yet recovered.
The current Matthews India Active ETF drawdown is 14.65%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -22.89%Mar 2026 | 1y 6mo | — | 1y 8moSep 2024 - now |
2024 pullback2024 | -6.26%Jun 2024 | 0s | 8d | 8dJun 2024 - Jun 2024 |
2024 pullback2024 | -5.21%Mar 2024 | 15d | 1mo 11d | 1mo 26dMar 2024 - Apr 2024 |
2023 pullback2023 | -4.94%Oct 2023 | 8d | 5d | 13dOct 2023 - Oct 2023 |
2024 pullback2024 | -4.15%Aug 2024 | 20d | 15d | 1mo 5dJul 2024 - Aug 2024 |
Drawdown Indicators
| INDE | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.89% | -56.78% | +33.89% |
Max Drawdown (1Y)Largest decline over 1 year | -19.10% | -9.10% | -10.00% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -14.65% | 0.00% | -14.65% |
Average DrawdownAverage peak-to-trough decline | -7.51% | -10.72% | +3.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.09% | 1.97% | +5.12% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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