INDY vs. MINDX
INDY (iShares India 50 ETF) and MINDX (Matthews India Fund) are both India Equities funds. Over the past 10 years, INDY returned 6.11%/yr vs 5.89%/yr for MINDX. A 0.79 correlation means they provide meaningful diversification when combined. INDY charges 0.65%/yr vs 1.15%/yr for MINDX.
Performance
INDY vs. MINDX - Performance Comparison
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Returns By Period
In the year-to-date period, INDY achieves a -12.52% return, which is significantly lower than MINDX's -6.98% return. Both investments have delivered pretty close results over the past 10 years, with INDY having a 6.11% annualized return and MINDX not far behind at 5.89%.
INDY
- 1D
- -0.97%
- 1M
- 0.98%
- 6M
- -11.33%
- YTD
- -12.52%
- 1Y
- -12.90%
- 3Y*
- 1.02%
- 5Y*
- 2.19%
- 10Y*
- 6.11%
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%
INDY vs. MINDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | -12.52% | 4.97% | 3.47% | 16.88% | -7.31% | 19.43% | 10.01% | 9.99% | -4.32% | 36.15% |
MINDX Matthews India Fund | -6.98% | 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 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
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 20, 2009 | 0.79 |
The correlation between INDY and MINDX has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.
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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.
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.
| INDY | MINDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.95 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | -0.29 | -0.43 |
| Martin ratioReturn relative to average drawdown | -1.49 | -0.66 | -0.83 |
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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.
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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 | -18.09% | -21.96% | +3.87% |
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 | -18.33% | -15.05% | -3.28% |
Average DrawdownAverage peak-to-trough decline | -12.25% | -14.96% | +2.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.66% | 9.45% | -0.79% |
Volatility
INDY vs. MINDX - Volatility Comparison
The current volatility for iShares India 50 ETF (INDY) is 4.17%, while Matthews India Fund (MINDX) has a volatility of 4.66%. 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.
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Volatility by Period
| INDY | MINDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 4.66% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 12.67% | 13.60% | -0.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.48% | 16.02% | -1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.01% | 16.02% | -1.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.51% | 17.47% | +2.04% |
INDY vs. MINDX - Expense Ratio Comparison
INDY has a 0.65% 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 9.52%, more than MINDX's 7.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | 9.52% | 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 | 7.27% | 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
INDY and MINDX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MINDX has higher volatility (4.66%) compared to INDY (4.17%). In terms of maximum drawdown, INDY dropped -44.74% vs MINDX's -72.18%.
MINDX currently has the higher Sharpe Ratio (-0.40 vs -0.90), 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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