MEMS vs. INDE

Last updated Jun 26, 2026

MEMS (Matthews Emerging Markets Discovery Active ETF) and INDE (Matthews India Active ETF) are both exchange-traded funds - MEMS is a Emerging Markets Diversified 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, MEMS returned 24.01% vs -0.40% for INDE. At a 0.50 correlation, their price movements are largely independent. MEMS charges 0.89%/yr vs 0.79%/yr for INDE.

Performance

MEMS vs. INDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Discovery Active ETF (MEMS) 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, MEMS achieves a 21.77% return, which is significantly higher than INDE's -2.89% return.

MEMS

• 1D: -0.71%
• 1M: -2.38%
• YTD: 21.77%
• 6M: 21.34%
• 1Y: 24.01%
• 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)

MEMS vs. INDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MEMS Matthews Emerging Markets Discovery Active ETF	21.77%	11.12%	-5.32%
INDE Matthews India Active ETF	-2.89%	2.39%	10.03%

Correlation

The correlation between MEMS and INDE is 0.52, 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	0.52
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.50

The correlation between MEMS and INDE has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.

MEMS vs. INDE - Sectors Allocation Comparison

Sectors	MEMS	INDE
Technology	31.8%	9.6%
Financial Services	16.8%	33.4%
Industrials	16.3%	7.1%
Consumer Cyclical	13.8%	23.6%
Healthcare	8.3%	8.1%
Consumer Defensive	3.6%	8.3%
Energy	2.9%	3.7%
Communication Services	2.8%	3.3%
Real Estate	2.1%	-
Basic Materials	1.7%	2.9%
Utilities	1.0%	-

Return for Risk

MEMS vs. INDE — Risk / Return Rank

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

MEMS

MEMS Risk / Return Rank: 35
MEMS Sharpe Ratio Rank: 33
MEMS Sortino Ratio Rank: 32
MEMS Omega Ratio Rank: 33
MEMS Calmar Ratio Rank: 40
MEMS Martin Ratio Rank: 40

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.

MEMS vs. INDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Discovery Active ETF (MEMS) 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.

	MEMS	INDE	Difference
Sharpe ratio: Return per unit of total volatility	1.10	-0.02	+1.13
Sortino ratio: Return per unit of downside risk	1.62	0.09	+1.53
Omega ratio: Gain probability vs. loss probability	1.21	1.01	+0.20
Calmar ratio: Return relative to maximum drawdown	1.85	-0.02	+1.87
Martin ratio: Return relative to average drawdown	5.86	-0.05	+5.92

MEMS vs. INDE - Sharpe Ratio Comparison

The current MEMS Sharpe Ratio is 1.10, which is higher than the INDE Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of MEMS 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

MEMS vs. INDE - Drawdown Comparison

The maximum MEMS drawdown since its inception was -22.24%, roughly equal to the maximum INDE drawdown of -22.89%. Use the drawdown chart below to compare losses from any high point for MEMS and INDE.

Drawdown Indicators

	MEMS	INDE	Difference
Max Drawdown Largest peak-to-trough decline	-22.24%	-22.89%	+0.65%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-19.10%	+6.05%
Current Drawdown Current decline from peak	-4.45%	-10.07%	+5.62%
Average Drawdown Average peak-to-trough decline	-5.16%	-7.63%	+2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	7.42%	-3.31%

Volatility

MEMS vs. INDE - Volatility Comparison

Matthews Emerging Markets Discovery Active ETF (MEMS) has a higher volatility of 8.88% compared to Matthews India Active ETF (INDE) at 5.97%. This indicates that MEMS'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

	MEMS	INDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.88%	5.97%	+2.91%
Volatility (6M) Calculated over the trailing 6-month period	19.33%	14.72%	+4.61%
Volatility (1Y) Calculated over the trailing 1-year period	21.83%	17.15%	+4.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.92%	16.61%	+3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.92%	16.61%	+3.31%

MEMS vs. INDE - Expense Ratio Comparison

MEMS has a 0.89% expense ratio, which is higher than INDE's 0.79% expense ratio.

Dividends

MEMS vs. INDE - Dividend Comparison

MEMS's dividend yield for the trailing twelve months is around 2.31%, more than INDE's 1.81% yield.

Position	TTM	2025	2024
INDE Matthews India Active ETF	1.81%	1.75%	0.56%
MEMS Matthews Emerging Markets Discovery Active ETF	2.31%	2.81%	1.42%

Frequently Asked Questions

Can I hold both MEMS and INDE in my portfolio?

MEMS and INDE have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMS or INDE?

MEMS has higher volatility (8.88%) compared to INDE (5.97%). In terms of maximum drawdown, MEMS dropped -22.24% vs INDE's -22.89%.

Which ETF is better, MEMS or INDE?

On 1-year performance, MEMS leads with 24.01% vs -0.40% for INDE. On fees, INDE is cheaper at 0.79% per year. 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, MEMS or INDE?

Over the 1-year period, MEMS has performed better with a 24.01% return vs -0.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMS or INDE?

INDE is cheaper with a 0.79% expense ratio, compared with 0.89% for MEMS.

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

MEMS has the higher dividend yield at 2.31%, compared with 1.81% for INDE.

What is the main difference between MEMS and INDE?

MEMS is categorized as Emerging Markets Diversified, while INDE is Asia Pacific Equities. Their fees differ too: 0.89% for MEMS and 0.79% for INDE.

Which has better risk-adjusted returns?

MEMS currently has the higher Sharpe Ratio (1.10 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.