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 5.89%/yr vs 6.55%/yr for INDA. A 0.78 correlation means they provide meaningful diversification when combined. MINDX charges 1.15%/yr vs 0.69%/yr for INDA.
Performance
MINDX vs. INDA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MINDX achieves a -6.98% return, which is significantly higher than INDA's -9.73% return. Over the past 10 years, MINDX has underperformed INDA with an annualized return of 5.89%, while INDA has yielded a comparatively higher 6.55% annualized return.
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%
INDA
- 1D
- -1.03%
- 1M
- 0.95%
- 6M
- -8.63%
- YTD
- -9.73%
- 1Y
- -11.10%
- 3Y*
- 3.55%
- 5Y*
- 3.34%
- 10Y*
- 6.55%
MINDX vs. INDA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MINDX Matthews India Fund | -6.98% | 1.61% | 9.99% | 23.14% | -9.87% | 17.87% | 16.46% | -0.79% | -9.80% | 33.76% |
INDA iShares MSCI India ETF | -9.73% | 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 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.89 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | -0.62 | +0.34 |
| Martin ratioReturn relative to average drawdown | -0.66 | -1.40 | +0.74 |
Loading charts...
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.
Loading charts...
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 | -15.05% | -16.99% | +1.94% |
Average DrawdownAverage peak-to-trough decline | -14.96% | -9.62% | -5.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.45% | 7.92% | +1.53% |
Volatility
MINDX vs. INDA - Volatility Comparison
Matthews India Fund (MINDX) and iShares MSCI India ETF (INDA) have volatilities of 4.66% and 4.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MINDX | INDA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.66% | 4.48% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 13.60% | 13.12% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.02% | 15.03% | +0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.02% | 15.47% | +0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.47% | 21.06% | -3.59% |
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 7.27%, 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 | 7.27% | 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
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 (4.66%) compared to INDA (4.48%). In terms of maximum drawdown, MINDX dropped -72.18% vs INDA's -45.07%.
MINDX currently has the higher Sharpe Ratio (-0.40 vs -0.74), 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.
Find the right allocation for MINDX and INDA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer