MINDX vs. INDE
MINDX (Matthews India Fund) and INDE (Matthews India Active ETF) are both Asia Pacific Equities funds from Matthews. Over the past year, MINDX returned -5.80% vs 1.84% for INDE. Their correlation of 0.83 suggests significant overlap in exposure. MINDX charges 1.15%/yr vs 0.79%/yr for INDE.
Performance
MINDX vs. INDE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MINDX achieves a -8.93% return, which is significantly lower than INDE's -2.52% return.
MINDX
- 1D
- 1.29%
- 1M
- 4.78%
- YTD
- -8.93%
- 6M
- -9.72%
- 1Y
- -5.80%
- 3Y*
- 4.79%
- 5Y*
- 3.95%
- 10Y*
- 6.02%
INDE
- 1D
- 1.33%
- 1M
- 8.64%
- YTD
- -2.52%
- 6M
- -4.08%
- 1Y
- 1.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MINDX vs. INDE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MINDX Matthews India Fund | -8.93% | 1.61% | 9.99% | 8.93% |
INDE Matthews India Active ETF | -2.52% | 2.39% | 10.95% | 7.84% |
Correlation
The correlation between MINDX and INDE is 0.77, 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 | 0.77 |
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.
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. INDE — Risk / Return Rank
MINDX
INDE
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 ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.03 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 0.10 | -0.35 |
| Martin ratioReturn relative to average drawdown | -0.60 | 0.25 | -0.85 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| MINDX | INDE | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -16.83% | -9.73% | -7.10% |
Average DrawdownAverage peak-to-trough decline | -14.95% | -7.62% | -7.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.12% | 7.39% | +1.73% |
Volatility
MINDX vs. INDE - Volatility Comparison
The current volatility for Matthews India Fund (MINDX) is 4.65%, while Matthews India Active ETF (INDE) has a volatility of 5.65%. This indicates that MINDX experiences smaller price fluctuations and is considered to be less risky than INDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MINDX | INDE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.65% | 5.65% | -1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 13.53% | 14.81% | -1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.93% | 17.11% | -1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.98% | 16.60% | -0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.47% | 16.60% | +0.87% |
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 7.42%, more than INDE's 1.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDE Matthews India Active ETF | 1.80% | 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 | 7.42% | 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 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.
INDE has higher volatility (5.65%) compared to MINDX (4.65%). In terms of maximum drawdown, MINDX dropped -72.18% vs INDE's -22.89%.
INDE currently has the higher Sharpe Ratio (0.11 vs -0.35), 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 INDE
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