INDE vs. MINDX

Last updated Jul 14, 2026

INDE (Matthews India Active ETF) and MINDX (Matthews India Fund) are both India Equities funds from Matthews. Over the past year, INDE returned -0.81% vs -5.75% for MINDX. Their correlation of 0.83 suggests significant overlap in exposure. INDE charges 0.79%/yr vs 1.15%/yr for MINDX.

Performance

INDE vs. MINDX - Performance Comparison

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

Returns By Period

In the year-to-date period, INDE achieves a -2.65% return, which is significantly higher than MINDX's -6.98% return.

INDE

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

MINDX

• 1D: 0.18%
• 1M: 5.27%
• 6M: -5.25%
• YTD: -6.98%
• 1Y: -5.75%
• 3Y*: 4.81%
• 5Y*: 4.01%
• 10Y*: 5.89%

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

INDE vs. MINDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INDE Matthews India Active ETF	-2.65%	2.39%	10.95%	7.84%
MINDX Matthews India Fund	-6.98%	1.61%	9.99%	8.93%

Correlation

The correlation between INDE 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 (All Time) Calculated using the full available price history since Sep 22, 2023	0.83

The correlation between INDE and MINDX has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

Return for Risk

INDE vs. MINDX — 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

MINDX

MINDX Risk / Return Rank: 2
MINDX Sharpe Ratio Rank: 2
MINDX Sortino Ratio Rank: 2
MINDX Omega Ratio Rank: 2
MINDX Calmar Ratio Rank: 2
MINDX Martin Ratio Rank: 2

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. MINDX - Risk-Adjusted Trends Comparison

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

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	MINDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	-0.40	+0.35
Sortino ratio: Return per unit of downside risk	0.06	-0.47	+0.53
Omega ratio: Gain probability vs. loss probability	1.01	0.95	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.04	-0.29	+0.25
Martin ratio: Return relative to average drawdown	-0.11	-0.66	+0.55

INDE vs. MINDX - Sharpe Ratio Comparison

The current INDE Sharpe Ratio is -0.05, which is higher than the MINDX Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of INDE and MINDX, 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. MINDX - Drawdown Comparison

The maximum INDE drawdown since its inception was -22.89%, smaller than the maximum MINDX drawdown of -72.18%. Use the drawdown chart below to compare losses from any high point for INDE and MINDX.

Drawdown Indicators

	INDE	MINDX	Difference
Max Drawdown Largest peak-to-trough decline	-22.89%	-72.18%	+49.29%
Max Drawdown (1Y) Largest decline over 1 year	-19.10%	-21.96%	+2.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.51%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.51%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.46%	—
Current Drawdown Current decline from peak	-9.85%	-15.05%	+5.20%
Average Drawdown Average peak-to-trough decline	-7.65%	-14.96%	+7.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.48%	9.45%	-1.97%

Volatility

INDE vs. MINDX - Volatility Comparison

Matthews India Active ETF (INDE) and Matthews India Fund (MINDX) have volatilities of 4.60% and 4.66%, 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

	INDE	MINDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	4.66%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	14.82%	13.60%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	17.25%	16.02%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	16.02%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.55%	17.47%	-0.92%

INDE vs. MINDX - Expense Ratio Comparison

INDE has a 0.79% expense ratio, which is lower than MINDX's 1.15% expense ratio.

Dividends

INDE vs. MINDX - Dividend Comparison

INDE's dividend yield for the trailing twelve months is around 1.80%, less than MINDX's 7.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MINDX Matthews India Fund	7.27%	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

Can I hold both INDE and MINDX in my portfolio?

INDE 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.

Which is riskier, INDE or MINDX?

MINDX has higher volatility (4.66%) compared to INDE (4.60%). In terms of maximum drawdown, INDE dropped -22.89% vs MINDX's -72.18%.

Which has better risk-adjusted returns?

INDE currently has the higher Sharpe Ratio (-0.05 vs -0.40), 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.