ASIA vs. INDE

Last updated Jun 25, 2026

ASIA (Matthews Pacific Tiger Active ETF) and INDE (Matthews India Active ETF) are both Asia Pacific Equities funds from Matthews. Both are actively managed. Over the past year, ASIA returned 53.60% vs -0.11% for INDE. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

ASIA vs. INDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Pacific Tiger Active ETF (ASIA) and Matthews India Active ETF (INDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASIA achieves a 29.60% return, which is significantly higher than INDE's -3.01% return.

ASIA

• 1D: 0.10%
• 1M: 3.18%
• YTD: 29.60%
• 6M: 30.73%
• 1Y: 53.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

INDE

• 1D: 1.08%
• 1M: 8.09%
• YTD: -3.01%
• 6M: -3.36%
• 1Y: -0.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ASIA vs. INDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ASIA Matthews Pacific Tiger Active ETF	29.60%	32.06%	3.41%	0.01%
INDE Matthews India Active ETF	-3.01%	2.39%	10.95%	7.84%

Correlation

The correlation between ASIA and INDE is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.42

ASIA vs. INDE - Sectors Allocation Comparison

Sectors	ASIA	INDE
Technology	55.9%	9.6%
Financial Services	14.6%	33.4%
Industrials	9.2%	7.1%
Consumer Cyclical	6.6%	23.6%
Communication Services	3.9%	3.3%
Energy	3.0%	3.7%
Healthcare	2.9%	8.1%
Real Estate	2.5%	-
Basic Materials	1.4%	2.9%
Consumer Defensive	1.1%	8.3%
Utilities	-	-

Return for Risk

ASIA vs. INDE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ASIA

ASIA Risk / Return Rank: 75
ASIA Sharpe Ratio Rank: 76
ASIA Sortino Ratio Rank: 64
ASIA Omega Ratio Rank: 79
ASIA Calmar Ratio Rank: 80
ASIA Martin Ratio Rank: 77

INDE

INDE Risk / Return Rank: 9
INDE Sharpe Ratio Rank: 9
INDE Sortino Ratio Rank: 9
INDE Omega Ratio Rank: 8
INDE Calmar Ratio Rank: 9
INDE Martin Ratio Rank: 9

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ASIA vs. INDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Pacific Tiger Active ETF (ASIA) and Matthews India Active ETF (INDE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ASIA	INDE	Difference
Sharpe ratio: Return per unit of total volatility	2.14	-0.01	+2.15
Sortino ratio: Return per unit of downside risk	2.63	0.12	+2.52
Omega ratio: Gain probability vs. loss probability	1.41	1.01	+0.40
Calmar ratio: Return relative to maximum drawdown	3.72	-0.01	+3.73
Martin ratio: Return relative to average drawdown	13.11	-0.02	+13.12

ASIA vs. INDE - Sharpe Ratio Comparison

The current ASIA Sharpe Ratio is 2.14, which is higher than the INDE Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of ASIA and INDE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ASIA vs. INDE - Drawdown Comparison

The maximum ASIA drawdown since its inception was -23.95%, roughly equal to the maximum INDE drawdown of -22.89%. Use the drawdown chart below to compare losses from any high point for ASIA and INDE.

Drawdown Indicators

	ASIA	INDE	Difference
Max Drawdown Largest peak-to-trough decline	-23.95%	-22.89%	-1.06%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-19.10%	+4.63%
Current Drawdown Current decline from peak	-6.51%	-10.18%	+3.67%
Average Drawdown Average peak-to-trough decline	-4.85%	-7.62%	+2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	7.41%	-3.31%

Volatility

ASIA vs. INDE - Volatility Comparison

Matthews Pacific Tiger Active ETF (ASIA) has a higher volatility of 15.17% compared to Matthews India Active ETF (INDE) at 6.02%. This indicates that ASIA's price experiences larger fluctuations and is considered to be riskier than INDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASIA	INDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.17%	6.02%	+9.15%
Volatility (6M) Calculated over the trailing 6-month period	22.93%	14.73%	+8.20%
Volatility (1Y) Calculated over the trailing 1-year period	25.29%	17.17%	+8.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.62%	16.62%	+5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.62%	16.62%	+5.00%

ASIA vs. INDE - Expense Ratio Comparison

Both ASIA and INDE have an expense ratio of 0.79%.

Dividends

ASIA vs. INDE - Dividend Comparison

ASIA's dividend yield for the trailing twelve months is around 0.81%, less than INDE's 1.81% yield.

Position	TTM	2025	2024	2023
ASIA Matthews Pacific Tiger Active ETF	0.81%	1.05%	0.58%	0.12%
INDE Matthews India Active ETF	1.81%	1.75%	0.56%	0.00%

Frequently Asked Questions

Can I hold both ASIA and INDE in my portfolio?

ASIA and INDE have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASIA or INDE?

ASIA has higher volatility (15.17%) compared to INDE (6.02%). In terms of maximum drawdown, ASIA dropped -23.95% vs INDE's -22.89%.

Which ETF is better, ASIA or INDE?

On 1-year performance, ASIA leads with 53.60% vs -0.11% for INDE. Both ETFs have the same 0.79% expense ratio. On volatility, INDE has been the lower-risk option at 6.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASIA or INDE?

Over the 1-year period, ASIA has performed better with a 53.60% return vs -0.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASIA or INDE?

ASIA and INDE have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, ASIA or INDE?

INDE has the higher dividend yield at 1.81%, compared with 0.81% for ASIA.

Which has better risk-adjusted returns?

ASIA currently has the higher Sharpe Ratio (2.14 vs -0.01), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.