MINDX vs. INDA
MINDX (Matthews India Fund) and INDA (iShares MSCI India ETF) are both India Equities funds. Over the past 10 years, MINDX returned 5.61%/yr vs 6.56%/yr for INDA. Their 0.78 correlation means they have sometimes moved together and sometimes differently. MINDX charges 1.15%/yr vs 0.69%/yr for INDA.
Performance
MINDX vs. INDA - Performance Comparison
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Returns By Period
In the year-to-date period, MINDX achieves a -6.86% return, which is significantly higher than INDA's -7.86% return. Over the past 10 years, MINDX has underperformed INDA with an annualized return of 5.61%, while INDA has yielded a comparatively higher 6.56% annualized return.
MINDX
- 1D
- 0.58%
- 1M
- 0.81%
- 6M
- -0.58%
- YTD
- -6.86%
- 1Y
- -2.79%
- 3Y*
- 4.17%
- 5Y*
- 3.91%
- 10Y*
- 5.61%
- ALL TIME*
- 9.22%
INDA
- 1D
- 0.20%
- 1M
- 0.48%
- 6M
- -3.75%
- YTD
- -7.86%
- 1Y
- -5.54%
- 3Y*
- 4.09%
- 5Y*
- 3.65%
- 10Y*
- 6.56%
- ALL TIME*
- 5.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $354.20M | $298.51M | $312.64M | |
MINDX Matthews India Fund | $0.00 | $0.00 | $0.00 |
MINDX vs. INDA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MINDX Matthews India Fund | -6.86% | 1.61% | 9.99% | 23.14% | -9.87% | 17.87% | 16.46% | -0.79% | -9.80% | 33.76% |
INDA iShares MSCI India ETF | -7.86% | 2.68% | 8.63% | 17.16% | -8.94% | 21.36% | 14.83% | 6.49% | -6.67% | 36.08% |
Correlation
The correlation between MINDX and INDA is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.76 |
Correlation (3Y) Balances recent behavior with more history. | 0.82 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.81 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012 | 0.78 |
The correlation between MINDX and INDA has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.
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Return for Risk
MINDX vs. INDA — Risk / Return Rank
MINDX
INDA
MINDX vs. INDA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews India Fund (MINDX) and iShares MSCI India ETF (INDA). 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 | INDA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 0.95 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.14 | -0.30 | +0.16 |
| Martin ratioReturn relative to average drawdown | -0.31 | -0.66 | +0.35 |
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Drawdowns
MINDX vs. INDA - Drawdown Comparison
The maximum MINDX drawdown since its inception was -72.18%, which is greater than INDA's maximum drawdown of -45.07%. Use the drawdown chart below to compare losses from any high point for MINDX and INDA.
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Drawdown Indicators
| MINDX | INDA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.18% | -45.07% | -27.11% |
Max Drawdown (1Y)Largest decline over 1 year | -21.96% | -17.85% | -4.11% |
Max Drawdown (3Y)Largest decline over 3 years | -26.51% | -22.72% | -3.79% |
Max Drawdown (5Y)Largest decline over 5 years | -26.51% | -22.72% | -3.79% |
Max Drawdown (10Y)Largest decline over 10 years | -48.46% | -45.07% | -3.39% |
Current DrawdownCurrent decline from peak | -14.94% | -15.27% | +0.33% |
Average DrawdownAverage peak-to-trough decline | -14.96% | -9.65% | -5.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.81% | 8.16% | +1.65% |
Volatility
MINDX vs. INDA - Volatility Comparison
Matthews India Fund (MINDX) has a higher volatility of 4.94% compared to iShares MSCI India ETF (INDA) at 4.11%. This indicates that MINDX's price experiences larger fluctuations and is considered to be riskier than INDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MINDX | INDA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 4.11% | +0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 13.60% | 13.19% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.29% | 15.11% | +1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.09% | 15.50% | +0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.51% | 21.07% | -3.56% |
MINDX vs. INDA - Expense Ratio Comparison
MINDX has a 1.15% expense ratio, which is higher than INDA's 0.69% expense ratio.
Dividends
MINDX vs. INDA - Dividend Comparison
MINDX's dividend yield for the trailing twelve months is around 7.26%, while INDA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | 0.00% | 0.00% | 0.76% | 0.16% | 0.00% | 6.44% | 0.27% | 0.99% | 0.94% | 1.09% | 0.90% | 1.19% |
MINDX Matthews India Fund | 7.26% | 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
MINDX and INDA have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MINDX has higher volatility (4.94%) compared to INDA (4.11%). In terms of maximum drawdown, MINDX dropped -72.18% vs INDA's -45.07%.
MINDX currently has the higher Sharpe Ratio (-0.19 vs -0.36), 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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