JPAN vs. INDE

Last updated Jun 26, 2026

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

Performance

JPAN vs. INDE - Performance Comparison

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

Returns By Period

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

JPAN

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

INDE

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

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

JPAN vs. INDE - Yearly Performance Comparison

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

Correlation

The correlation between JPAN and INDE 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

JPAN vs. INDE - Sectors Allocation Comparison

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

Return for Risk

JPAN vs. INDE — Risk / Return Rank

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

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

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

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.

JPAN vs. INDE - Risk-Adjusted Trends Comparison

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

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

JPAN vs. INDE - Sharpe Ratio Comparison

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

JPAN vs. INDE - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

JPAN vs. INDE - Volatility Comparison

Matthews Japan Active ETF (JPAN) has a higher volatility of 7.46% compared to Matthews India Active ETF (INDE) at 5.97%. This indicates that JPAN's price experiences larger fluctuations and is considered to be riskier than INDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

JPAN vs. INDE - Expense Ratio Comparison

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

Dividends

JPAN vs. INDE - Dividend Comparison

JPAN's dividend yield for the trailing twelve months is around 4.33%, more than INDE's 1.81% 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 JPAN and INDE in my portfolio?

JPAN and INDE 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, JPAN or INDE?

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

Which ETF is better, JPAN or INDE?

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, JPAN or INDE?

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, JPAN or INDE?

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

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

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

What is the main difference between JPAN and INDE?

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