MINDX vs. INDY
MINDX (Matthews India Fund) and INDY (iShares India 50 ETF) are both funds - MINDX is a Asia Pacific Equities fund managed by Matthews, while INDY is a Emerging Markets Equities fund tracking the Nifty 50 Index. Over the past 10 years, MINDX returned 6.02%/yr vs 7.10%/yr for INDY. A 0.79 correlation means they provide meaningful diversification when combined. 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 -8.93% return, which is significantly higher than INDY's -11.03% return. Over the past 10 years, MINDX has underperformed INDY with an annualized return of 6.02%, while INDY has yielded a comparatively higher 7.10% annualized 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%
INDY
- 1D
- 0.57%
- 1M
- 3.06%
- YTD
- -11.03%
- 6M
- -11.11%
- 1Y
- -10.26%
- 3Y*
- 2.93%
- 5Y*
- 2.63%
- 10Y*
- 7.10%
MINDX vs. INDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MINDX Matthews India Fund | -8.93% | 1.61% | 9.99% | 23.14% | -9.87% | 17.87% | 16.46% | -0.79% | -9.80% | 33.76% |
INDY iShares India 50 ETF | -11.03% | 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 0.76, 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 | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 0.76 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 | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.89 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | -0.54 | +0.29 |
| Martin ratioReturn relative to average drawdown | -0.60 | -1.15 | +0.55 |
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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% | -18.95% | -3.01% |
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 | -16.83% | -16.94% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -14.95% | -12.24% | -2.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.12% | 8.93% | +0.19% |
Volatility
MINDX vs. INDY - Volatility Comparison
Matthews India Fund (MINDX) has a higher volatility of 4.65% compared to iShares India 50 ETF (INDY) at 3.70%. 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 | 4.65% | 3.70% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 13.53% | 12.49% | +1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.93% | 14.31% | +1.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.98% | 14.97% | +1.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.47% | 19.58% | -2.11% |
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 7.42%, less than INDY's 9.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | 9.36% | 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 | 7.42% | 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 INDY 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 (4.65%) compared to INDY (3.70%). In terms of maximum drawdown, MINDX dropped -72.18% vs INDY's -44.74%.
MINDX currently has the higher Sharpe Ratio (-0.35 vs -0.72), 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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