INDE vs. IPAC

Last updated Apr 1, 2026

Compare and contrast key facts about Matthews India Active ETF (INDE) and iShares Core MSCI Pacific ETF (IPAC).

INDE and IPAC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. INDE is an actively managed fund by Matthews. It was launched on Sep 21, 2023. IPAC is a passively managed fund by iShares that tracks the performance of the MSCI Pacific Investable Market Index. It was launched on Jun 10, 2014.

Performance

INDE vs. IPAC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews India Active ETF (INDE) and iShares Core MSCI Pacific ETF (IPAC). The values are adjusted to include any dividend payments, if applicable.

INDE vs. IPAC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INDE Matthews India Active ETF	-13.82%	2.39%	10.95%	8.18%
IPAC iShares Core MSCI Pacific ETF	4.51%	25.16%	6.18%	6.99%

Returns By Period

In the year-to-date period, INDE achieves a -13.82% return, which is significantly lower than IPAC's 4.51% return.

INDE

• 1D: 3.49%
• 1M: -10.08%
• YTD: -13.82%
• 6M: -10.51%
• 1Y: -4.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IPAC

• 1D: 3.03%
• 1M: -8.21%
• YTD: 4.51%
• 6M: 7.48%
• 1Y: 28.41%
• 3Y*: 14.70%
• 5Y*: 6.30%
• 10Y*: 8.70%

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

INDE vs. IPAC - Expense Ratio Comparison

INDE has a 0.79% expense ratio, which is higher than IPAC's 0.09% expense ratio.

INDE

Matthews India Active ETF

IPAC

iShares Core MSCI Pacific ETF

Return for Risk

INDE vs. IPAC — 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: 7
INDE Sortino Ratio Rank: 6
INDE Omega Ratio Rank: 6
INDE Calmar Ratio Rank: 8
INDE Martin Ratio Rank: 5

IPAC

IPAC Risk / Return Rank: 82
IPAC Sharpe Ratio Rank: 80
IPAC Sortino Ratio Rank: 82
IPAC Omega Ratio Rank: 80
IPAC Calmar Ratio Rank: 84
IPAC Martin Ratio Rank: 83

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. IPAC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews India Active ETF (INDE) and iShares Core MSCI Pacific ETF (IPAC). 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	IPAC	Difference
Sharpe ratio Return per unit of total volatility	-0.29	1.47	-1.76
Sortino ratio Return per unit of downside risk	-0.30	2.07	-2.37
Omega ratio Gain probability vs. loss probability	0.96	1.30	-0.34
Calmar ratio Return relative to maximum drawdown	-0.22	2.39	-2.61
Martin ratio Return relative to average drawdown	-0.83	9.08	-9.91
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. IPAC - Sharpe Ratio Comparison

The current INDE Sharpe Ratio is -0.29, which is lower than the IPAC Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of INDE and IPAC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	INDE	IPAC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.29	1.47	-1.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.38	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.41	-0.26

Correlation

The correlation between INDE and IPAC is 0.40, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

INDE vs. IPAC - Dividend Comparison

INDE's dividend yield for the trailing twelve months is around 2.04%, less than IPAC's 4.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDE Matthews India Active ETF	2.04%	1.75%	0.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IPAC iShares Core MSCI Pacific ETF	4.14%	4.32%	3.43%	3.16%	2.76%	4.03%	1.68%	3.37%	2.95%	2.98%	2.66%	2.60%

Drawdowns

INDE vs. IPAC - Drawdown Comparison

The maximum INDE drawdown since its inception was -22.89%, smaller than the maximum IPAC drawdown of -30.99%. Use the drawdown chart below to compare losses from any high point for INDE and IPAC.

Drawdown Indicators

	INDE	IPAC	Difference
Max Drawdown Largest peak-to-trough decline	-22.89%	-30.99%	+8.10%
Max Drawdown (1Y) Largest decline over 1 year	-19.10%	-11.49%	-7.61%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.99%	—
Current Drawdown Current decline from peak	-20.20%	-8.62%	-11.58%
Average Drawdown Average peak-to-trough decline	-6.94%	-7.55%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	3.02%	+2.11%

Volatility

INDE vs. IPAC - Volatility Comparison

The current volatility for Matthews India Active ETF (INDE) is 7.85%, while iShares Core MSCI Pacific ETF (IPAC) has a volatility of 8.46%. This indicates that INDE experiences smaller price fluctuations and is considered to be less risky than IPAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDE	IPAC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.85%	8.46%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	12.20%	12.68%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	16.61%	19.43%	-2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	16.50%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.06%	16.58%	-0.52%