GIND vs. INDE

Last updated Aug 5, 2026

GIND (Goldman Sachs India Equity ETF) and INDE (Matthews India Active ETF) are both India Equities funds. Both are actively managed. Over the past year, GIND returned -4.06% vs 5.71% for INDE. Their correlation of 0.88 means they have usually moved in the same direction. GIND charges 0.75%/yr vs 0.79%/yr for INDE.

Performance

GIND vs. INDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs India Equity ETF (GIND) 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, GIND achieves a -4.76% return, which is significantly lower than INDE's 0.69% return.

GIND

• 1D: 1.00%
• 1M: 2.45%
• 6M: -1.35%
• YTD: -4.76%
• 1Y: -4.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.22%

INDE

• 1D: 1.41%
• 1M: 2.15%
• 6M: 4.18%
• YTD: 0.69%
• 1Y: 5.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.59%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GIND Goldman Sachs India Equity ETF	$322.48K	$247.32K	$253.29K
INDE Matthews India Active ETF	$29.14K	$137.80K	$131.88K

GIND vs. INDE - Yearly Performance Comparison

	2026 (YTD)	2025
GIND Goldman Sachs India Equity ETF	-4.76%	4.70%
INDE Matthews India Active ETF	0.69%	10.50%

Correlation

The correlation between GIND and INDE is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.88

The correlation between GIND and INDE has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

GIND vs. INDE - Sectors Allocation Comparison

Sectors	GIND	INDE
Financial Services	30.9%	30.8%
Consumer Cyclical	16.4%	8.9%
Industrials	11.8%	8.5%
Healthcare	9.1%	7.5%
Basic Materials	8.5%	3.5%
Technology	7.7%	5.0%
Consumer Defensive	5.4%	7.9%
Energy	3.1%	3.0%
Utilities	2.7%	-
Communication Services	2.3%	11.3%
Real Estate	2.3%	-

Return for Risk

GIND vs. INDE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GIND

GIND Risk / Return Rank: 7
GIND Sharpe Ratio Rank: 7
GIND Sortino Ratio Rank: 7
GIND Omega Ratio Rank: 7
GIND Calmar Ratio Rank: 8
GIND Martin Ratio Rank: 8

INDE

INDE Risk / Return Rank: 16
INDE Sharpe Ratio Rank: 17
INDE Sortino Ratio Rank: 17
INDE Omega Ratio Rank: 16
INDE Calmar Ratio Rank: 15
INDE Martin Ratio Rank: 15

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GIND vs. INDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs India Equity ETF (GIND) 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.

	GIND	INDE	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	0.33	-0.57
Sortino ratio: Return per unit of downside risk	-0.23	0.61	-0.84
Omega ratio: Gain probability vs. loss probability	0.97	1.07	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.19	0.30	-0.49
Martin ratio: Return relative to average drawdown	-0.42	0.76	-1.18

GIND vs. INDE - Sharpe Ratio Comparison

The current GIND Sharpe Ratio is -0.24, which is lower than the INDE Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of GIND 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

GIND vs. INDE - Drawdown Comparison

The maximum GIND drawdown since its inception was -22.97%, roughly equal to the maximum INDE drawdown of -22.89%. Use the drawdown chart below to compare losses from any high point for GIND and INDE.

Drawdown Indicators

	GIND	INDE	Difference
Max Drawdown Largest peak-to-trough decline	-22.97%	-22.89%	-0.08%
Max Drawdown (1Y) Largest decline over 1 year	-21.90%	-19.10%	-2.80%
Current Drawdown Current decline from peak	-9.71%	-6.76%	-2.95%
Average Drawdown Average peak-to-trough decline	-7.64%	-7.69%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.75%	7.53%	+2.22%

Volatility

GIND vs. INDE - Volatility Comparison

Goldman Sachs India Equity ETF (GIND) and Matthews India Active ETF (INDE) have volatilities of 5.04% and 4.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIND	INDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	4.86%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	14.43%	14.69%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	16.95%	17.49%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	16.55%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	16.55%	+0.52%

GIND vs. INDE - Expense Ratio Comparison

GIND has a 0.75% expense ratio, which is lower than INDE's 0.79% expense ratio.

Dividends

GIND vs. INDE - Dividend Comparison

GIND has not paid dividends to shareholders, while INDE's dividend yield for the trailing twelve months is around 1.74%.

Position	TTM	2025	2024
GIND Goldman Sachs India Equity ETF	0.00%	0.00%	0.00%
INDE Matthews India Active ETF	1.74%	1.75%	0.56%

Frequently Asked Questions

Can I hold both GIND and INDE in my portfolio?

GIND and INDE have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIND or INDE?

GIND has higher volatility (5.04%) compared to INDE (4.86%). In terms of maximum drawdown, GIND dropped -22.97% vs INDE's -22.89%.

Which ETF is better, GIND or INDE?

On 1-year performance, INDE leads with 5.71% vs -4.06% for GIND. On fees, GIND is cheaper at 0.75% per year. On volatility, INDE has been the lower-risk option at 4.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIND or INDE?

Over the 1-year period, INDE has performed better with a 5.71% return vs -4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIND or INDE?

GIND is cheaper with a 0.75% expense ratio, compared with 0.79% for INDE.

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

INDE has the higher dividend yield at 1.74%, compared with 0.00% for GIND.

What is the main difference between GIND and INDE?

They also come from different issuers: Goldman Sachs and Matthews. Their fees differ too: 0.75% for GIND and 0.79% for INDE.

Which has better risk-adjusted returns?

INDE currently has the higher Sharpe Ratio (0.33 vs -0.24), 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.