INDA vs. MINDX
INDA (iShares MSCI India ETF) and MINDX (Matthews India Fund) are both Asia Pacific Equities funds. Over the past 10 years, INDA returned 6.56%/yr vs 5.53%/yr for MINDX. A 0.78 correlation means they provide meaningful diversification when combined. INDA charges 0.69%/yr vs 1.15%/yr for MINDX.
Performance
INDA vs. MINDX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with INDA having a -12.38% return and MINDX slightly lower at -12.84%. Over the past 10 years, INDA has outperformed MINDX with an annualized return of 6.56%, while MINDX has yielded a comparatively lower 5.53% annualized return.
INDA
- 1D
- -1.39%
- 1M
- -2.61%
- YTD
- -12.38%
- 6M
- -11.33%
- 1Y
- -12.23%
- 3Y*
- 4.17%
- 5Y*
- 2.32%
- 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%
INDA vs. MINDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | -12.38% | 2.68% | 8.63% | 17.16% | -8.94% | 21.36% | 14.83% | 6.49% | -6.67% | 36.08% |
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 INDA and MINDX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2012 | 0.78 |
The correlation between INDA and MINDX has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.
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Return for Risk
INDA vs. MINDX — Risk / Return Rank
INDA
MINDX
INDA vs. MINDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) 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.
| INDA | MINDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.89 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | -0.50 | -0.16 |
| Martin ratioReturn relative to average drawdown | -1.59 | -1.27 | -0.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| INDA | MINDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.84 | -0.70 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.19 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | 0.32 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.40 | -0.17 |
Drawdowns
INDA vs. MINDX - Drawdown Comparison
The maximum INDA drawdown since its inception was -45.07%, smaller than the maximum MINDX drawdown of -72.18%. Use the drawdown chart below to compare losses from any high point for INDA and MINDX.
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Drawdown Indicators
| INDA | MINDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.07% | -72.18% | +27.11% |
Max Drawdown (1Y)Largest decline over 1 year | -18.69% | -21.96% | +3.27% |
Max Drawdown (3Y)Largest decline over 3 years | -22.72% | -26.51% | +3.79% |
Max Drawdown (5Y)Largest decline over 5 years | -22.72% | -26.51% | +3.79% |
Max Drawdown (10Y)Largest decline over 10 years | -45.07% | -48.46% | +3.39% |
Current DrawdownCurrent decline from peak | -19.42% | -20.40% | +0.98% |
Average DrawdownAverage peak-to-trough decline | -9.57% | -14.95% | +5.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.71% | 8.53% | -0.82% |
Volatility
INDA vs. MINDX - Volatility Comparison
iShares MSCI India ETF (INDA) and Matthews India Fund (MINDX) have volatilities of 5.26% and 5.24%, 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.
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Volatility by Period
| INDA | MINDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 5.24% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 12.66% | 13.09% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.67% | 15.73% | -1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.37% | 15.90% | -0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.12% | 17.43% | +3.69% |
INDA vs. MINDX - Expense Ratio Comparison
INDA has a 0.69% expense ratio, which is lower than MINDX's 1.15% expense ratio.
Dividends
INDA vs. MINDX - Dividend Comparison
INDA has not paid dividends to shareholders, while MINDX's dividend yield for the trailing twelve months is around 7.76%.
| 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% |
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
INDA and MINDX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INDA has higher volatility (5.26%) compared to MINDX (5.24%). In terms of maximum drawdown, INDA dropped -45.07% vs MINDX's -72.18%.
MINDX currently has the higher Sharpe Ratio (-0.70 vs -0.84), 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.
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