ASIAX vs. MINDX

Last updated Jul 14, 2026

ASIAX (Invesco EQV Asia Pacific Equity Fund) and MINDX (Matthews India Fund) are both mutual funds - ASIAX is a Asia Pacific Equities fund managed by Invesco, while MINDX is a India Equities fund managed by Matthews. Over the past 10 years, ASIAX returned 7.91%/yr vs 5.89%/yr for MINDX. A 0.54 correlation means they provide meaningful diversification when combined. ASIAX charges 1.45%/yr vs 1.15%/yr for MINDX.

Performance

ASIAX vs. MINDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco EQV Asia Pacific Equity Fund (ASIAX) and Matthews India Fund (MINDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASIAX achieves a 13.12% return, which is significantly higher than MINDX's -6.98% return. Over the past 10 years, ASIAX has outperformed MINDX with an annualized return of 7.91%, while MINDX has yielded a comparatively lower 5.89% annualized return.

ASIAX

• 1D: 0.45%
• 1M: -1.59%
• 6M: 8.08%
• YTD: 13.12%
• 1Y: 31.35%
• 3Y*: 15.05%
• 5Y*: 5.88%
• 10Y*: 7.91%

MINDX

• 1D: 0.18%
• 1M: 5.27%
• 6M: -5.25%
• YTD: -6.98%
• 1Y: -5.75%
• 3Y*: 4.81%
• 5Y*: 4.01%
• 10Y*: 5.89%

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

ASIAX vs. MINDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASIAX Invesco EQV Asia Pacific Equity Fund	13.12%	24.56%	9.59%	0.87%	-10.82%	-6.10%	25.76%	17.78%	-11.50%	29.13%
MINDX Matthews India Fund	-6.98%	1.61%	9.99%	23.14%	-9.87%	17.87%	16.46%	-0.79%	-9.80%	33.76%

Correlation

The correlation between ASIAX and MINDX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Oct 31, 2005	0.54

Over the past year, the correlation between ASIAX and MINDX has dropped to 0.31 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

Return for Risk

ASIAX vs. MINDX — Risk / Return Rank

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

ASIAX

ASIAX Risk / Return Rank: 63
ASIAX Sharpe Ratio Rank: 63
ASIAX Sortino Ratio Rank: 54
ASIAX Omega Ratio Rank: 67
ASIAX Calmar Ratio Rank: 75
ASIAX Martin Ratio Rank: 57

MINDX

MINDX Risk / Return Rank: 2
MINDX Sharpe Ratio Rank: 2
MINDX Sortino Ratio Rank: 2
MINDX Omega Ratio Rank: 2
MINDX Calmar Ratio Rank: 2
MINDX Martin Ratio Rank: 2

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.

ASIAX vs. MINDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco EQV Asia Pacific Equity Fund (ASIAX) and Matthews India Fund (MINDX). 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.

	ASIAX	MINDX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	-0.40	+2.16
Sortino ratio: Return per unit of downside risk	2.35	-0.47	+2.82
Omega ratio: Gain probability vs. loss probability	1.34	0.95	+0.39
Calmar ratio: Return relative to maximum drawdown	2.71	-0.29	+3.00
Martin ratio: Return relative to average drawdown	8.94	-0.66	+9.60

ASIAX vs. MINDX - Sharpe Ratio Comparison

The current ASIAX Sharpe Ratio is 1.76, which is higher than the MINDX Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of ASIAX and MINDX, 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

ASIAX vs. MINDX - Drawdown Comparison

The maximum ASIAX drawdown since its inception was -63.78%, smaller than the maximum MINDX drawdown of -72.18%. Use the drawdown chart below to compare losses from any high point for ASIAX and MINDX.

Drawdown Indicators

	ASIAX	MINDX	Difference
Max Drawdown Largest peak-to-trough decline	-63.78%	-72.18%	+8.40%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-21.96%	+10.23%
Max Drawdown (3Y) Largest decline over 3 years	-20.36%	-26.51%	+6.15%
Max Drawdown (5Y) Largest decline over 5 years	-28.66%	-26.51%	-2.15%
Max Drawdown (10Y) Largest decline over 10 years	-36.32%	-48.46%	+12.14%
Current Drawdown Current decline from peak	-5.91%	-15.05%	+9.14%
Average Drawdown Average peak-to-trough decline	-15.06%	-14.96%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	9.45%	-5.91%

Volatility

ASIAX vs. MINDX - Volatility Comparison

Invesco EQV Asia Pacific Equity Fund (ASIAX) has a higher volatility of 7.88% compared to Matthews India Fund (MINDX) at 4.66%. This indicates that ASIAX's price experiences larger fluctuations and is considered to be riskier than MINDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASIAX	MINDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.88%	4.66%	+3.22%
Volatility (6M) Calculated over the trailing 6-month period	15.58%	13.60%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	18.04%	16.02%	+2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.57%	16.02%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.46%	17.47%	-2.01%

ASIAX vs. MINDX - Expense Ratio Comparison

ASIAX has a 1.45% expense ratio, which is higher than MINDX's 1.15% expense ratio.

Dividends

ASIAX vs. MINDX - Dividend Comparison

ASIAX's dividend yield for the trailing twelve months is around 18.93%, more than MINDX's 7.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASIAX Invesco EQV Asia Pacific Equity Fund	18.93%	21.41%	8.68%	2.84%	7.25%	7.71%	7.37%	5.67%	7.17%	7.91%	1.09%	3.15%
MINDX Matthews India Fund	7.27%	6.76%	15.03%	3.07%	15.30%	9.87%	3.03%	12.04%	16.50%	0.00%	0.00%	0.99%

Frequently Asked Questions

Can I hold both ASIAX and MINDX in my portfolio?

ASIAX and MINDX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASIAX or MINDX?

ASIAX has higher volatility (7.88%) compared to MINDX (4.66%). In terms of maximum drawdown, ASIAX dropped -63.78% vs MINDX's -72.18%.

Which has better risk-adjusted returns?

ASIAX currently has the higher Sharpe Ratio (1.76 vs -0.40), 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.