INDE vs. EMSF

Last updated Jun 4, 2026

INDE (Matthews India Active ETF) and EMSF (Matthews Emerging Markets Sustainable Future Active ETF) are both exchange-traded funds - INDE is a Asia Pacific Equities fund actively managed by Matthews, while EMSF is a Emerging Markets Diversified fund actively managed by Matthews. Both are actively managed. Over the past year, INDE returned -5.01% vs 63.33% for EMSF. At a 0.45 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

INDE vs. EMSF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews India Active ETF (INDE) and Matthews Emerging Markets Sustainable Future Active ETF (EMSF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INDE achieves a -8.87% return, which is significantly lower than EMSF's 45.34% return.

INDE

• 1D: -1.13%
• 1M: 1.10%
• YTD: -8.87%
• 6M: -8.36%
• 1Y: -5.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMSF

• 1D: -1.10%
• 1M: 8.61%
• YTD: 45.34%
• 6M: 40.08%
• 1Y: 63.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INDE vs. EMSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INDE Matthews India Active ETF	-8.87%	2.39%	10.95%	8.18%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	45.34%	19.20%	-3.09%	1.88%

Correlation

The correlation between INDE and EMSF is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023	0.45

INDE vs. EMSF - Sectors Allocation Comparison

Sectors	INDE	EMSF
Financial Services	30.6%	16.6%
Consumer Cyclical	17.8%	7.7%
Consumer Defensive	8.2%	3.9%
Healthcare	7.2%	6.8%
Industrials	7.1%	15.0%
Technology	6.9%	43.6%
Communication Services	3.4%	2.0%
Energy	3.4%	-
Basic Materials	3.0%	-
Real Estate	-	1.6%
Utilities	-	2.8%

Return for Risk

INDE vs. EMSF — Risk / Return Rank

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

INDE

INDE Risk / Return Rank: 6
INDE Sharpe Ratio Rank: 6
INDE Sortino Ratio Rank: 5
INDE Omega Ratio Rank: 5
INDE Calmar Ratio Rank: 6
INDE Martin Ratio Rank: 6

EMSF

EMSF Risk / Return Rank: 76
EMSF Sharpe Ratio Rank: 77
EMSF Sortino Ratio Rank: 69
EMSF Omega Ratio Rank: 72
EMSF Calmar Ratio Rank: 83
EMSF Martin Ratio Rank: 76

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.

INDE vs. EMSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews India Active ETF (INDE) and Matthews Emerging Markets Sustainable Future Active ETF (EMSF). 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.

	INDE	EMSF	Difference
Sharpe ratio Return per unit of total volatility	-0.30	2.51	-2.81
Sortino ratio Return per unit of downside risk	-0.33	3.14	-3.47
Omega ratio Gain probability vs. loss probability	0.96	1.43	-0.47
Calmar ratio Return relative to maximum drawdown	-0.26	4.37	-4.63
Martin ratio Return relative to average drawdown	-0.71	14.61	-15.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDE vs. EMSF - Sharpe Ratio Comparison

The current INDE Sharpe Ratio is -0.30, which is lower than the EMSF Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of INDE and EMSF, 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

	INDE	EMSF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.30	2.51	-2.81
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.98	-0.71

Drawdowns

INDE vs. EMSF - Drawdown Comparison

The maximum INDE drawdown since its inception was -22.89%, smaller than the maximum EMSF drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for INDE and EMSF.

Drawdown Indicators

	INDE	EMSF	Difference
Max Drawdown Largest peak-to-trough decline	-22.89%	-24.75%	+1.86%
Max Drawdown (1Y) Largest decline over 1 year	-19.10%	-14.57%	-4.53%
Current Drawdown Current decline from peak	-15.61%	-1.10%	-14.51%
Average Drawdown Average peak-to-trough decline	-7.52%	-5.72%	-1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.13%	4.35%	+2.78%

Volatility

INDE vs. EMSF - Volatility Comparison

The current volatility for Matthews India Active ETF (INDE) is 6.75%, while Matthews Emerging Markets Sustainable Future Active ETF (EMSF) has a volatility of 9.96%. This indicates that INDE experiences smaller price fluctuations and is considered to be less risky than EMSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDE	EMSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.75%	9.96%	-3.21%
Volatility (6M) Calculated over the trailing 6-month period	14.33%	21.98%	-7.65%
Volatility (1Y) Calculated over the trailing 1-year period	16.62%	25.35%	-8.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.51%	22.75%	-6.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.51%	22.75%	-6.24%

INDE vs. EMSF - Expense Ratio Comparison

Both INDE and EMSF have an expense ratio of 0.79%.

Dividends

INDE vs. EMSF - Dividend Comparison

INDE's dividend yield for the trailing twelve months is around 1.93%, more than EMSF's 1.30% yield.

Position	TTM	2025	2024	2023
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.30%	1.88%	3.29%	0.02%
INDE Matthews India Active ETF	1.93%	1.75%	0.56%	0.00%

Frequently Asked Questions

Can I hold both INDE and EMSF in my portfolio?

INDE and EMSF have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDE or EMSF?

EMSF has higher volatility (9.96%) compared to INDE (6.75%). In terms of maximum drawdown, INDE dropped -22.89% vs EMSF's -24.75%.

Which ETF is better, INDE or EMSF?

On 1-year performance, EMSF leads with 63.33% vs -5.01% for INDE. Both ETFs have the same 0.79% expense ratio. On volatility, INDE has been the lower-risk option at 6.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDE or EMSF?

Over the 1-year period, EMSF has performed better with a 63.33% return vs -5.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDE or EMSF?

INDE and EMSF have the same expense ratio: 0.79% per year.

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

INDE has the higher dividend yield at 1.93%, compared with 1.30% for EMSF.

What is the main difference between INDE and EMSF?

INDE is categorized as Asia Pacific Equities, while EMSF is Emerging Markets Diversified.

Which has better risk-adjusted returns?

EMSF currently has the higher Sharpe Ratio (2.51 vs -0.30), 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.