INDY vs. MINDX
INDY (iShares India 50 ETF) and MINDX (Matthews India Fund) are both Asia Pacific Equities funds. Over the past 10 years, INDY returned 6.14%/yr vs 5.53%/yr for MINDX. A 0.79 correlation means they provide meaningful diversification when combined. INDY charges 0.94%/yr vs 1.15%/yr for MINDX.
Performance
INDY vs. MINDX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, INDY achieves a -15.38% return, which is significantly lower than MINDX's -12.84% return. Over the past 10 years, INDY has outperformed MINDX with an annualized return of 6.14%, while MINDX has yielded a comparatively lower 5.53% annualized return.
INDY
- 1D
- -1.35%
- 1M
- -3.23%
- YTD
- -15.38%
- 6M
- -14.03%
- 1Y
- -14.69%
- 3Y*
- 1.39%
- 5Y*
- 1.15%
- 10Y*
- 6.14%
MINDX
- 1D
- 0.24%
- 1M
- -0.57%
- YTD
- -12.84%
- 6M
- -12.27%
- 1Y
- -9.91%
- 3Y*
- 3.98%
- 5Y*
- 3.02%
- 10Y*
- 5.53%
INDY vs. MINDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | -15.38% | 4.97% | 3.47% | 16.88% | -7.31% | 19.43% | 10.01% | 9.99% | -4.32% | 36.15% |
MINDX Matthews India Fund | -12.84% | 1.61% | 9.99% | 23.14% | -9.87% | 17.87% | 16.46% | -0.79% | -9.80% | 33.76% |
Correlation
The correlation between INDY 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 (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | 0.79 |
The correlation between INDY and MINDX has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
INDY vs. MINDX — Risk / Return Rank
INDY
MINDX
INDY vs. MINDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) 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.
| INDY | MINDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.89 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | -0.50 | -0.28 |
| Martin ratioReturn relative to average drawdown | -1.78 | -1.27 | -0.51 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| INDY | MINDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.04 | -0.70 | -0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 0.19 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | 0.32 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 0.40 | -0.19 |
Drawdowns
INDY vs. MINDX - Drawdown Comparison
The maximum INDY drawdown since its inception was -44.74%, smaller than the maximum MINDX drawdown of -72.18%. Use the drawdown chart below to compare losses from any high point for INDY and MINDX.
Loading charts...
Drawdown Indicators
| INDY | MINDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.74% | -72.18% | +27.44% |
Max Drawdown (1Y)Largest decline over 1 year | -18.95% | -21.96% | +3.01% |
Max Drawdown (3Y)Largest decline over 3 years | -22.40% | -26.51% | +4.11% |
Max Drawdown (5Y)Largest decline over 5 years | -22.40% | -26.51% | +4.11% |
Max Drawdown (10Y)Largest decline over 10 years | -43.50% | -48.46% | +4.96% |
Current DrawdownCurrent decline from peak | -21.00% | -20.40% | -0.60% |
Average DrawdownAverage peak-to-trough decline | -12.22% | -14.95% | +2.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.25% | 8.53% | -0.28% |
Volatility
INDY vs. MINDX - Volatility Comparison
The current volatility for iShares India 50 ETF (INDY) is 4.79%, while Matthews India Fund (MINDX) has a volatility of 5.24%. This indicates that INDY experiences smaller price fluctuations and is considered to be less risky than MINDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| INDY | MINDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.79% | 5.24% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 12.25% | 13.09% | -0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.18% | 15.73% | -1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.94% | 15.90% | -0.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.58% | 17.43% | +2.15% |
INDY vs. MINDX - Expense Ratio Comparison
INDY has a 0.94% expense ratio, which is lower than MINDX's 1.15% expense ratio.
Dividends
INDY vs. MINDX - Dividend Comparison
INDY's dividend yield for the trailing twelve months is around 9.58%, more than MINDX's 7.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | 9.58% | 8.11% | 0.24% | 0.38% | 3.75% | 7.12% | 0.08% | 0.58% | 0.55% | 0.27% | 0.48% | 0.57% |
MINDX Matthews India Fund | 7.76% | 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
INDY 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.
MINDX has higher volatility (5.24%) compared to INDY (4.79%). In terms of maximum drawdown, INDY dropped -44.74% vs MINDX's -72.18%.
MINDX currently has the higher Sharpe Ratio (-0.70 vs -1.04), 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.
Find the right allocation for INDY and MINDX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer