EELV vs. MINDX

Last updated Jun 4, 2026

EELV (Invesco S&P Emerging Markets Low Volatility ETF) and MINDX (Matthews India Fund) are both funds - EELV is a Volatility Hedged Equity fund tracking the S&P BMI Emerging Markets Low Volatility Index, while MINDX is a Asia Pacific Equities fund managed by Matthews. Over the past 10 years, EELV returned 6.56%/yr vs 5.53%/yr for MINDX. At a 0.44 correlation, their price movements are largely independent. EELV charges 0.30%/yr vs 1.15%/yr for MINDX.

Performance

EELV vs. MINDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P Emerging Markets Low Volatility ETF (EELV) 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, EELV achieves a 3.97% return, which is significantly higher than MINDX's -12.84% return. Over the past 10 years, EELV has outperformed MINDX with an annualized return of 6.56%, while MINDX has yielded a comparatively lower 5.53% annualized return.

EELV

• 1D: -0.84%
• 1M: -1.65%
• YTD: 3.97%
• 6M: 5.13%
• 1Y: 14.46%
• 3Y*: 10.69%
• 5Y*: 6.82%
• 10Y*: 6.56%

MINDX

• 1D: 0.24%
• 1M: -0.57%
• YTD: -12.84%
• 6M: -12.27%
• 1Y: -9.91%
• 3Y*: 3.98%
• 5Y*: 3.02%
• 10Y*: 5.53%

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

EELV vs. MINDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EELV Invesco S&P Emerging Markets Low Volatility ETF	3.97%	21.97%	1.90%	8.85%	-3.98%	16.15%	-3.89%	8.89%	-5.40%	24.89%
MINDX Matthews India Fund	-12.84%	1.61%	9.99%	23.14%	-9.87%	17.87%	16.46%	-0.79%	-9.80%	33.76%

Correlation

The correlation between EELV and MINDX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 17, 2012	0.44

The correlation between EELV and MINDX shifts across timeframes, from 0.29 (1 year) to 0.45 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

EELV vs. MINDX — Risk / Return Rank

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

EELV

EELV Risk / Return Rank: 36
EELV Sharpe Ratio Rank: 37
EELV Sortino Ratio Rank: 36
EELV Omega Ratio Rank: 36
EELV Calmar Ratio Rank: 35
EELV Martin Ratio Rank: 38

MINDX

MINDX Risk / Return Rank: 1
MINDX Sharpe Ratio Rank: 1
MINDX Sortino Ratio Rank: 1
MINDX Omega Ratio Rank: 1
MINDX Calmar Ratio Rank: 1
MINDX Martin Ratio Rank: 1

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.

EELV vs. MINDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Emerging Markets Low Volatility ETF (EELV) 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.

	EELV	MINDX	Difference
Sharpe ratio: Return per unit of total volatility	1.34	-0.70	+2.04
Sortino ratio: Return per unit of downside risk	1.91	-0.93	+2.84
Omega ratio: Gain probability vs. loss probability	1.24	0.89	+0.35
Calmar ratio: Return relative to maximum drawdown	1.77	-0.50	+2.27
Martin ratio: Return relative to average drawdown	5.99	-1.27	+7.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EELV vs. MINDX - Sharpe Ratio Comparison

The current EELV Sharpe Ratio is 1.34, which is higher than the MINDX Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of EELV 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.

Sharpe Ratios by Period

	EELV	MINDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	-0.70	+2.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.19	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.32	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.40	-0.10

Drawdowns

EELV vs. MINDX - Drawdown Comparison

The maximum EELV drawdown since its inception was -36.35%, smaller than the maximum MINDX drawdown of -72.18%. Use the drawdown chart below to compare losses from any high point for EELV and MINDX.

Drawdown Indicators

	EELV	MINDX	Difference
Max Drawdown Largest peak-to-trough decline	-36.35%	-72.18%	+35.83%
Max Drawdown (1Y) Largest decline over 1 year	-8.22%	-21.96%	+13.74%
Max Drawdown (3Y) Largest decline over 3 years	-11.79%	-26.51%	+14.72%
Max Drawdown (5Y) Largest decline over 5 years	-19.04%	-26.51%	+7.47%
Max Drawdown (10Y) Largest decline over 10 years	-36.35%	-48.46%	+12.11%
Current Drawdown Current decline from peak	-4.71%	-20.40%	+15.69%
Average Drawdown Average peak-to-trough decline	-8.93%	-14.95%	+6.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	8.53%	-6.11%

Volatility

EELV vs. MINDX - Volatility Comparison

The current volatility for Invesco S&P Emerging Markets Low Volatility ETF (EELV) is 3.40%, while Matthews India Fund (MINDX) has a volatility of 5.24%. This indicates that EELV experiences smaller price fluctuations and is considered to be less risky than MINDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EELV	MINDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	5.24%	-1.84%
Volatility (6M) Calculated over the trailing 6-month period	9.03%	13.09%	-4.06%
Volatility (1Y) Calculated over the trailing 1-year period	10.87%	15.73%	-4.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.36%	15.90%	-4.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.64%	17.43%	-3.79%

EELV vs. MINDX - Expense Ratio Comparison

EELV has a 0.30% expense ratio, which is lower than MINDX's 1.15% expense ratio.

Dividends

EELV vs. MINDX - Dividend Comparison

EELV's dividend yield for the trailing twelve months is around 3.60%, less than MINDX's 7.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EELV Invesco S&P Emerging Markets Low Volatility ETF	3.60%	3.75%	4.70%	4.00%	3.45%	4.35%	2.82%	3.14%	5.50%	2.92%	2.29%	2.53%
MINDX Matthews India Fund	7.76%	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 EELV and MINDX in my portfolio?

EELV and MINDX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EELV or MINDX?

MINDX has higher volatility (5.24%) compared to EELV (3.40%). In terms of maximum drawdown, EELV dropped -36.35% vs MINDX's -72.18%.

Which has better risk-adjusted returns?

EELV currently has the higher Sharpe Ratio (1.34 vs -0.70), 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.