MINDX vs. INDY
MINDX (Matthews India Fund) and INDY (iShares India 50 ETF) are both India Equities funds. Over the past 10 years, MINDX returned 5.65%/yr vs 6.16%/yr for INDY. Their 0.79 correlation means they have sometimes moved together and sometimes differently. MINDX charges 1.15%/yr vs 0.65%/yr for INDY.
Performance
MINDX vs. INDY - Performance Comparison
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Returns By Period
In the year-to-date period, MINDX achieves a -6.61% return, which is significantly higher than INDY's -10.20% return. Over the past 10 years, MINDX has underperformed INDY with an annualized return of 5.65%, while INDY has yielded a comparatively higher 6.16% annualized return.
MINDX
- 1D
- 0.27%
- 1M
- 1.08%
- 6M
- -1.71%
- YTD
- -6.61%
- 1Y
- -2.53%
- 3Y*
- 4.37%
- 5Y*
- 3.97%
- 10Y*
- 5.65%
- ALL TIME*
- 9.23%
INDY
- 1D
- 0.94%
- 1M
- 1.12%
- 6M
- -8.51%
- YTD
- -10.20%
- 1Y
- -7.43%
- 3Y*
- 2.00%
- 5Y*
- 2.17%
- 10Y*
- 6.16%
- ALL TIME*
- 5.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.15M | $4.11M | $5.43M | |
MINDX Matthews India Fund | $0.00 | $0.00 | $0.00 |
MINDX vs. INDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MINDX Matthews India Fund | -6.61% | 1.61% | 9.99% | 23.14% | -9.87% | 17.87% | 16.46% | -0.79% | -9.80% | 33.76% |
INDY iShares India 50 ETF | -10.20% | 4.97% | 3.47% | 16.88% | -7.31% | 19.43% | 10.01% | 9.99% | -4.32% | 36.15% |
Correlation
The correlation between MINDX and INDY is 0.75, 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. | 0.75 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.81 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2009 | 0.79 |
The correlation between MINDX and INDY has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.
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Return for Risk
MINDX vs. INDY — Risk / Return Rank
MINDX
INDY
MINDX vs. INDY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews India Fund (MINDX) and iShares India 50 ETF (INDY). 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 | INDY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 0.93 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | -0.41 | +0.28 |
| Martin ratioReturn relative to average drawdown | -0.28 | -0.81 | +0.53 |
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Drawdowns
MINDX vs. INDY - Drawdown Comparison
The maximum MINDX drawdown since its inception was -72.18%, which is greater than INDY's maximum drawdown of -44.74%. Use the drawdown chart below to compare losses from any high point for MINDX and INDY.
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Drawdown Indicators
| MINDX | INDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.18% | -44.74% | -27.44% |
Max Drawdown (1Y)Largest decline over 1 year | -21.96% | -18.09% | -3.87% |
Max Drawdown (3Y)Largest decline over 3 years | -26.51% | -22.40% | -4.11% |
Max Drawdown (5Y)Largest decline over 5 years | -26.51% | -22.40% | -4.11% |
Max Drawdown (10Y)Largest decline over 10 years | -48.46% | -43.50% | -4.96% |
Current DrawdownCurrent decline from peak | -14.71% | -16.16% | +1.45% |
Average DrawdownAverage peak-to-trough decline | -14.96% | -12.28% | -2.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.83% | 9.14% | +0.69% |
Volatility
MINDX vs. INDY - Volatility Comparison
Matthews India Fund (MINDX) has a higher volatility of 4.91% compared to iShares India 50 ETF (INDY) at 4.20%. This indicates that MINDX's price experiences larger fluctuations and is considered to be riskier than INDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MINDX | INDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.91% | 4.20% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 13.60% | 12.83% | +0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.22% | 14.70% | +1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.08% | 15.02% | +1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.51% | 19.52% | -2.01% |
MINDX vs. INDY - Expense Ratio Comparison
MINDX has a 1.15% expense ratio, which is higher than INDY's 0.65% expense ratio.
Dividends
MINDX vs. INDY - Dividend Comparison
MINDX's dividend yield for the trailing twelve months is around 7.24%, less than INDY's 9.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | 9.27% | 8.11% | 0.24% | 0.38% | 3.75% | 7.12% | 0.08% | 0.58% | 0.55% | 0.27% | 0.48% | 0.57% |
MINDX Matthews India Fund | 7.24% | 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 INDY have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MINDX has higher volatility (4.91%) compared to INDY (4.20%). In terms of maximum drawdown, MINDX dropped -72.18% vs INDY's -44.74%.
MINDX currently has the higher Sharpe Ratio (-0.17 vs -0.51), 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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