MINDX vs. FSEAX

Last updated Jun 25, 2026

MINDX (Matthews India Fund) and FSEAX (Fidelity Emerging Asia Fund) are both Asia Pacific Equities funds. Over the past 10 years, MINDX returned 6.15%/yr vs 15.93%/yr for FSEAX. A 0.55 correlation means they provide meaningful diversification when combined. MINDX charges 1.15%/yr vs 1.02%/yr for FSEAX.

Performance

MINDX vs. FSEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews India Fund (MINDX) and Fidelity Emerging Asia Fund (FSEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MINDX achieves a -9.35% return, which is significantly lower than FSEAX's 34.25% return. Over the past 10 years, MINDX has underperformed FSEAX with an annualized return of 6.15%, while FSEAX has yielded a comparatively higher 15.93% annualized return.

MINDX

• 1D: -0.95%
• 1M: 4.30%
• YTD: -9.35%
• 6M: -9.42%
• 1Y: -7.53%
• 3Y*: 4.79%
• 5Y*: 3.67%
• 10Y*: 6.15%

FSEAX

• 1D: -4.96%
• 1M: 3.85%
• YTD: 34.25%
• 6M: 35.63%
• 1Y: 58.33%
• 3Y*: 33.58%
• 5Y*: 7.23%
• 10Y*: 15.93%

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

MINDX vs. FSEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MINDX Matthews India Fund	-9.35%	1.61%	9.99%	23.14%	-9.87%	17.87%	16.46%	-0.79%	-9.80%	33.76%
FSEAX Fidelity Emerging Asia Fund	34.25%	36.43%	21.80%	13.58%	-31.26%	-14.91%	73.43%	30.97%	-15.08%	45.13%

Correlation

The correlation between MINDX and FSEAX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Oct 31, 2005	0.55

Over the past year, the correlation between MINDX and FSEAX has dropped to 0.33 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

Return for Risk

MINDX vs. FSEAX — Risk / Return Rank

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

MINDX

MINDX Risk / Return Rank: 1
MINDX Sharpe Ratio Rank: 1
MINDX Sortino Ratio Rank: 1
MINDX Omega Ratio Rank: 1
MINDX Calmar Ratio Rank: 2
MINDX Martin Ratio Rank: 1

FSEAX

FSEAX Risk / Return Rank: 85
FSEAX Sharpe Ratio Rank: 90
FSEAX Sortino Ratio Rank: 72
FSEAX Omega Ratio Rank: 84
FSEAX Calmar Ratio Rank: 92
FSEAX Martin Ratio Rank: 89

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.

MINDX vs. FSEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews India Fund (MINDX) and Fidelity Emerging Asia Fund (FSEAX). 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.

	MINDX	FSEAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	2.74	-3.14
Sortino ratio: Return per unit of downside risk	-0.49	3.23	-3.72
Omega ratio: Gain probability vs. loss probability	0.94	1.51	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.30	4.69	-4.98
Martin ratio: Return relative to average drawdown	-0.70	16.09	-16.79

MINDX vs. FSEAX - Sharpe Ratio Comparison

The current MINDX Sharpe Ratio is -0.41, which is lower than the FSEAX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of MINDX and FSEAX, 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

MINDX vs. FSEAX - Drawdown Comparison

The maximum MINDX drawdown since its inception was -72.18%, which is greater than FSEAX's maximum drawdown of -65.59%. Use the drawdown chart below to compare losses from any high point for MINDX and FSEAX.

Drawdown Indicators

	MINDX	FSEAX	Difference
Max Drawdown Largest peak-to-trough decline	-72.18%	-65.59%	-6.59%
Max Drawdown (1Y) Largest decline over 1 year	-21.96%	-13.42%	-8.54%
Max Drawdown (3Y) Largest decline over 3 years	-26.51%	-17.54%	-8.97%
Max Drawdown (5Y) Largest decline over 5 years	-26.51%	-53.64%	+27.13%
Max Drawdown (10Y) Largest decline over 10 years	-48.46%	-58.07%	+9.61%
Current Drawdown Current decline from peak	-17.21%	-4.96%	-12.25%
Average Drawdown Average peak-to-trough decline	-14.96%	-24.64%	+9.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.18%	3.90%	+5.28%

Volatility

MINDX vs. FSEAX - Volatility Comparison

The current volatility for Matthews India Fund (MINDX) is 4.81%, while Fidelity Emerging Asia Fund (FSEAX) has a volatility of 13.77%. This indicates that MINDX experiences smaller price fluctuations and is considered to be less risky than FSEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MINDX	FSEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	13.77%	-8.96%
Volatility (6M) Calculated over the trailing 6-month period	13.57%	20.57%	-7.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.96%	23.00%	-7.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.98%	23.49%	-7.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.47%	21.32%	-3.85%

MINDX vs. FSEAX - Expense Ratio Comparison

MINDX has a 1.15% expense ratio, which is higher than FSEAX's 1.02% expense ratio.

Dividends

MINDX vs. FSEAX - Dividend Comparison

MINDX's dividend yield for the trailing twelve months is around 7.46%, more than FSEAX's 0.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSEAX Fidelity Emerging Asia Fund	0.16%	0.22%	0.00%	0.08%	0.00%	14.14%	14.10%	6.15%	3.44%	0.05%	1.26%	0.44%
MINDX Matthews India Fund	7.46%	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

Can I hold both MINDX and FSEAX in my portfolio?

MINDX and FSEAX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MINDX or FSEAX?

FSEAX has higher volatility (13.77%) compared to MINDX (4.81%). In terms of maximum drawdown, MINDX dropped -72.18% vs FSEAX's -65.59%.

Which has better risk-adjusted returns?

FSEAX currently has the higher Sharpe Ratio (2.74 vs -0.41), 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.