INDE vs. JPAN

Last updated Jun 26, 2026

INDE (Matthews India Active ETF) and JPAN (Matthews Japan Active ETF) are both exchange-traded funds - INDE is a Asia Pacific Equities fund actively managed by Matthews, while JPAN is a Japan Equities fund actively managed by Matthews. Both are actively managed. Over the past year, INDE returned -0.40% vs 31.86% for JPAN. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

INDE vs. JPAN - Performance Comparison

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

Returns By Period

In the year-to-date period, INDE achieves a -2.89% return, which is significantly lower than JPAN's 17.82% return.

INDE

• 1D: 0.12%
• 1M: 7.05%
• YTD: -2.89%
• 6M: -3.24%
• 1Y: -0.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JPAN

• 1D: 0.63%
• 1M: 0.47%
• YTD: 17.82%
• 6M: 17.04%
• 1Y: 31.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INDE vs. JPAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INDE Matthews India Active ETF	-2.89%	2.39%	10.95%	7.84%
JPAN Matthews Japan Active ETF	17.82%	22.96%	18.16%	5.17%

Correlation

The correlation between INDE and JPAN is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.39

INDE vs. JPAN - Sectors Allocation Comparison

Sectors	INDE	JPAN
Financial Services	33.4%	17.4%
Consumer Cyclical	23.6%	14.9%
Technology	9.6%	22.4%
Consumer Defensive	8.3%	3.3%
Healthcare	8.1%	2.7%
Industrials	7.1%	24.2%
Energy	3.7%	0.7%
Communication Services	3.3%	7.0%
Basic Materials	2.9%	5.3%
Real Estate	-	2.2%
Utilities	-	-

Return for Risk

INDE vs. JPAN — Risk / Return Rank

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

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

JPAN

JPAN Risk / Return Rank: 51
JPAN Sharpe Ratio Rank: 51
JPAN Sortino Ratio Rank: 51
JPAN Omega Ratio Rank: 51
JPAN Calmar Ratio Rank: 50
JPAN Martin Ratio Rank: 51

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. JPAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews India Active ETF (INDE) and Matthews Japan Active ETF (JPAN). 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.

	INDE	JPAN	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	1.55	-1.58
Sortino ratio: Return per unit of downside risk	0.09	2.22	-2.13
Omega ratio: Gain probability vs. loss probability	1.01	1.29	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.02	2.19	-2.21
Martin ratio: Return relative to average drawdown	-0.05	7.73	-7.79

INDE vs. JPAN - Sharpe Ratio Comparison

The current INDE Sharpe Ratio is -0.02, which is lower than the JPAN Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of INDE and JPAN, 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

INDE vs. JPAN - Drawdown Comparison

The maximum INDE drawdown since its inception was -22.89%, which is greater than JPAN's maximum drawdown of -15.24%. Use the drawdown chart below to compare losses from any high point for INDE and JPAN.

Drawdown Indicators

	INDE	JPAN	Difference
Max Drawdown Largest peak-to-trough decline	-22.89%	-15.24%	-7.65%
Max Drawdown (1Y) Largest decline over 1 year	-19.10%	-14.59%	-4.51%
Current Drawdown Current decline from peak	-10.07%	-3.48%	-6.59%
Average Drawdown Average peak-to-trough decline	-7.63%	-3.09%	-4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.42%	4.13%	+3.29%

Volatility

INDE vs. JPAN - Volatility Comparison

The current volatility for Matthews India Active ETF (INDE) is 5.97%, while Matthews Japan Active ETF (JPAN) has a volatility of 7.46%. This indicates that INDE experiences smaller price fluctuations and is considered to be less risky than JPAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDE	JPAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.97%	7.46%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	17.05%	-2.33%
Volatility (1Y) Calculated over the trailing 1-year period	17.15%	20.59%	-3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.61%	19.51%	-2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.61%	19.51%	-2.90%

INDE vs. JPAN - Expense Ratio Comparison

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

Dividends

INDE vs. JPAN - Dividend Comparison

INDE's dividend yield for the trailing twelve months is around 1.81%, less than JPAN's 4.33% yield.

Position	TTM	2025	2024	2023
INDE Matthews India Active ETF	1.81%	1.75%	0.56%	0.00%
JPAN Matthews Japan Active ETF	4.33%	5.10%	1.53%	0.51%

Frequently Asked Questions

Can I hold both INDE and JPAN in my portfolio?

INDE and JPAN have a correlation of 0.44, 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 JPAN?

JPAN has higher volatility (7.46%) compared to INDE (5.97%). In terms of maximum drawdown, INDE dropped -22.89% vs JPAN's -15.24%.

Which ETF is better, INDE or JPAN?

On 1-year performance, JPAN leads with 31.86% vs -0.40% for INDE. Both ETFs have the same 0.79% expense ratio. On volatility, INDE has been the lower-risk option at 5.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDE or JPAN?

Over the 1-year period, JPAN has performed better with a 31.86% return vs -0.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDE or JPAN?

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

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

JPAN has the higher dividend yield at 4.33%, compared with 1.81% for INDE.

What is the main difference between INDE and JPAN?

INDE is categorized as Asia Pacific Equities, while JPAN is Japan Equities.

Which has better risk-adjusted returns?

JPAN currently has the higher Sharpe Ratio (1.55 vs -0.02), 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.