MINDX vs. INDE

Last updated Aug 1, 2026

MINDX (Matthews India Fund) and INDE (Matthews India Active ETF) are both India Equities funds from Matthews. Over the past year, MINDX returned -2.79% vs 2.89% for INDE. Their correlation of 0.83 means they have usually moved in the same direction. MINDX charges 1.15%/yr vs 0.79%/yr for INDE.

Performance

MINDX vs. INDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews India Fund (MINDX) 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, MINDX achieves a -6.86% return, which is significantly lower than INDE's -1.23% 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%

INDE

• 1D: -0.19%
• 1M: 0.21%
• 6M: 4.70%
• YTD: -1.23%
• 1Y: 2.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.90%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
INDE Matthews India Active ETF	$39.55K	$143.12K	$131.49K
MINDX Matthews India Fund	$0.00	$0.00	$0.00

MINDX vs. INDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MINDX Matthews India Fund	-6.86%	1.61%	9.99%	8.93%
INDE Matthews India Active ETF	-1.23%	2.39%	10.95%	7.84%

Correlation

The correlation between MINDX and INDE is 0.77, 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.	0.77
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.83

The correlation between MINDX and INDE has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

Return for Risk

MINDX vs. INDE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MINDX

MINDX Risk / Return Rank: 3
MINDX Sharpe Ratio Rank: 3
MINDX Sortino Ratio Rank: 3
MINDX Omega Ratio Rank: 3
MINDX Calmar Ratio Rank: 4
MINDX Martin Ratio Rank: 4

INDE

INDE Risk / Return Rank: 15
INDE Sharpe Ratio Rank: 15
INDE Sortino Ratio Rank: 15
INDE Omega Ratio Rank: 15
INDE Calmar Ratio Rank: 14
INDE Martin Ratio Rank: 14

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MINDX vs. INDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews India Fund (MINDX) 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.

	MINDX	INDE	Difference
Sharpe ratio: Return per unit of total volatility	-0.19	0.21	-0.40
Sortino ratio: Return per unit of downside risk	-0.16	0.43	-0.59
Omega ratio: Gain probability vs. loss probability	0.98	1.05	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.14	0.19	-0.33
Martin ratio: Return relative to average drawdown	-0.31	0.48	-0.79

MINDX vs. INDE - Sharpe Ratio Comparison

The current MINDX Sharpe Ratio is -0.19, which is lower than the INDE Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of MINDX 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

MINDX vs. INDE - Drawdown Comparison

The maximum MINDX drawdown since its inception was -72.18%, which is greater than INDE's maximum drawdown of -22.89%. Use the drawdown chart below to compare losses from any high point for MINDX and INDE.

Drawdown Indicators

	MINDX	INDE	Difference
Max Drawdown Largest peak-to-trough decline	-72.18%	-22.89%	-49.29%
Max Drawdown (1Y) Largest decline over 1 year	-21.96%	-19.10%	-2.86%
Max Drawdown (3Y) Largest decline over 3 years	-26.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.46%	—	—
Current Drawdown Current decline from peak	-14.94%	-8.53%	-6.41%
Average Drawdown Average peak-to-trough decline	-14.96%	-7.69%	-7.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.81%	7.52%	+2.29%

Volatility

MINDX vs. INDE - Volatility Comparison

Matthews India Fund (MINDX) has a higher volatility of 4.94% compared to Matthews India Active ETF (INDE) at 4.64%. This indicates that MINDX'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

	MINDX	INDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	4.64%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	13.60%	14.91%	-1.31%
Volatility (1Y) Calculated over the trailing 1-year period	16.29%	17.44%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.09%	16.56%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.51%	16.56%	+0.95%

MINDX vs. INDE - Expense Ratio Comparison

MINDX has a 1.15% expense ratio, which is higher than INDE's 0.79% expense ratio.

Dividends

MINDX vs. INDE - Dividend Comparison

MINDX's dividend yield for the trailing twelve months is around 7.26%, more than INDE's 1.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDE Matthews India Active ETF	1.78%	1.75%	0.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both MINDX and INDE in my portfolio?

MINDX and INDE have a correlation of 0.77, 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 INDE?

MINDX has higher volatility (4.94%) compared to INDE (4.64%). In terms of maximum drawdown, MINDX dropped -72.18% vs INDE's -22.89%.

Which has better risk-adjusted returns?

INDE currently has the higher Sharpe Ratio (0.21 vs -0.19), 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.