INDA vs. INDE

Last updated Jul 14, 2026

INDA (iShares MSCI India ETF) and INDE (Matthews India Active ETF) are both India Equities funds. INDA is passively managed, while INDE is actively managed. Over the past year, INDA returned -11.10% vs -0.81% for INDE. Their correlation of 0.88 suggests significant overlap in exposure. INDA charges 0.69%/yr vs 0.79%/yr for INDE.

Performance

INDA vs. INDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India ETF (INDA) 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, INDA achieves a -9.73% return, which is significantly lower than INDE's -2.65% return.

INDA

• 1D: -1.03%
• 1M: 0.95%
• 6M: -8.63%
• YTD: -9.73%
• 1Y: -11.10%
• 3Y*: 3.55%
• 5Y*: 3.34%
• 10Y*: 6.55%

INDE

• 1D: -1.35%
• 1M: 4.23%
• 6M: -1.11%
• YTD: -2.65%
• 1Y: -0.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INDA vs. INDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INDA iShares MSCI India ETF	-9.73%	2.68%	8.63%	9.81%
INDE Matthews India Active ETF	-2.65%	2.39%	10.95%	7.84%

Correlation

The correlation between INDA and INDE is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.88

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

INDA vs. INDE - Sectors Allocation Comparison

Sectors	INDA	INDE
Financial Services	28.9%	33.4%
Consumer Cyclical	12.0%	23.6%
Industrials	10.6%	7.1%
Energy	9.1%	3.7%
Basic Materials	8.6%	2.9%
Technology	8.0%	9.6%
Healthcare	6.1%	8.1%
Consumer Defensive	5.8%	8.3%
Communication Services	5.1%	3.3%
Utilities	4.4%	-
Real Estate	1.3%	-

Return for Risk

INDA vs. INDE — Risk / Return Rank

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

INDA

INDA Risk / Return Rank: 3
INDA Sharpe Ratio Rank: 3
INDA Sortino Ratio Rank: 3
INDA Omega Ratio Rank: 3
INDA Calmar Ratio Rank: 4
INDA Martin Ratio Rank: 2

INDE

INDE Risk / Return Rank: 9
INDE Sharpe Ratio Rank: 9
INDE Sortino Ratio Rank: 8
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.

INDA vs. INDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) 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.

	INDA	INDE	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	-0.05	-0.70
Sortino ratio: Return per unit of downside risk	-1.00	0.06	-1.06
Omega ratio: Gain probability vs. loss probability	0.89	1.01	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.62	-0.04	-0.58
Martin ratio: Return relative to average drawdown	-1.40	-0.11	-1.30

INDA vs. INDE - Sharpe Ratio Comparison

The current INDA Sharpe Ratio is -0.74, which is lower than the INDE Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of INDA 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

INDA vs. INDE - Drawdown Comparison

The maximum INDA drawdown since its inception was -45.07%, which is greater than INDE's maximum drawdown of -22.89%. Use the drawdown chart below to compare losses from any high point for INDA and INDE.

Drawdown Indicators

	INDA	INDE	Difference
Max Drawdown Largest peak-to-trough decline	-45.07%	-22.89%	-22.18%
Max Drawdown (1Y) Largest decline over 1 year	-17.85%	-19.10%	+1.25%
Max Drawdown (3Y) Largest decline over 3 years	-22.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.07%	—	—
Current Drawdown Current decline from peak	-16.99%	-9.85%	-7.14%
Average Drawdown Average peak-to-trough decline	-9.62%	-7.65%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.92%	7.48%	+0.44%

Volatility

INDA vs. INDE - Volatility Comparison

iShares MSCI India ETF (INDA) and Matthews India Active ETF (INDE) have volatilities of 4.48% and 4.60%, 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

	INDA	INDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	4.60%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	13.12%	14.82%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	17.25%	-2.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.47%	16.55%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	16.55%	+4.51%

INDA vs. INDE - Expense Ratio Comparison

INDA has a 0.69% expense ratio, which is lower than INDE's 0.79% expense ratio.

Dividends

INDA vs. INDE - Dividend Comparison

INDA has not paid dividends to shareholders, while INDE's dividend yield for the trailing twelve months is around 1.80%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDA iShares MSCI India ETF	0.00%	0.00%	0.76%	0.16%	0.00%	6.44%	0.27%	0.99%	0.94%	1.09%	0.90%	1.19%
INDE Matthews India Active ETF	1.80%	1.75%	0.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INDA and INDE in my portfolio?

INDA 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, INDA or INDE?

INDE has higher volatility (4.60%) compared to INDA (4.48%). In terms of maximum drawdown, INDA dropped -45.07% vs INDE's -22.89%.

Which ETF is better, INDA or INDE?

On 1-year performance, INDE leads with -0.81% vs -11.10% for INDA. On fees, INDA is cheaper at 0.69% per year. On volatility, INDA has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDA or INDE?

Over the 1-year period, INDE has performed better with a -0.81% return vs -11.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDA or INDE?

INDA is cheaper with a 0.69% expense ratio, compared with 0.79% for INDE.

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

INDE has the higher dividend yield at 1.80%, compared with 0.00% for INDA.

What is the main difference between INDA and INDE?

They also come from different issuers: iShares and Matthews. Their fees differ too: 0.69% for INDA and 0.79% for INDE.

Which has better risk-adjusted returns?

INDE currently has the higher Sharpe Ratio (-0.05 vs -0.74), 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.