INDE vs. MINDX
INDE (Matthews India Active ETF) and MINDX (Matthews India Fund) are both Asia Pacific Equities funds from Matthews. Over the past year, INDE returned -0.24% vs -5.44% 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
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Returns By Period
In the year-to-date period, INDE achieves a -4.05% return, which is significantly higher than MINDX's -8.48% return.
INDE
- 1D
- -1.57%
- 1M
- 6.93%
- YTD
- -4.05%
- 6M
- -5.69%
- 1Y
- -0.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MINDX
- 1D
- 0.50%
- 1M
- 5.31%
- YTD
- -8.48%
- 6M
- -9.12%
- 1Y
- -5.44%
- 3Y*
- 5.12%
- 5Y*
- 4.07%
- 10Y*
- 6.25%
INDE vs. MINDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
INDE Matthews India Active ETF | -4.05% | 2.39% | 10.95% | 7.84% |
MINDX Matthews India Fund | -8.48% | 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.
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Return for Risk
INDE vs. MINDX — Risk / Return Rank
INDE
MINDX
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 ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.95 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | -0.25 | +0.24 |
| Martin ratioReturn relative to average drawdown | -0.03 | -0.59 | +0.56 |
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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.
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Drawdown Indicators
| INDE | MINDX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -11.14% | -16.42% | +5.28% |
Average DrawdownAverage peak-to-trough decline | -7.62% | -14.95% | +7.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.40% | 9.15% | -1.75% |
Volatility
INDE vs. MINDX - Volatility Comparison
Matthews India Active ETF (INDE) has a higher volatility of 5.98% compared to Matthews India Fund (MINDX) at 4.65%. This indicates that INDE's price experiences larger fluctuations and is considered to be riskier than MINDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDE | MINDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.98% | 4.65% | +1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 14.87% | 13.54% | +1.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.15% | 15.97% | +1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.62% | 15.98% | +0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.62% | 17.48% | -0.86% |
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 1.83%, less than MINDX's 7.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDE Matthews India Active ETF | 1.83% | 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 | 7.39% | 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
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.
INDE has higher volatility (5.98%) compared to MINDX (4.65%). In terms of maximum drawdown, INDE dropped -22.89% vs MINDX's -72.18%.
INDE currently has the higher Sharpe Ratio (-0.01 vs -0.34), 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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