MINDX vs. NFTY

Last updated Jul 15, 2026

MINDX (Matthews India Fund) and NFTY (First Trust India NIFTY 50 Equal Weight ETF) are both India Equities funds. Over the past 10 years, MINDX returned 5.69%/yr vs 7.55%/yr for NFTY. At a 0.49 correlation, their price movements are largely independent. MINDX charges 1.15%/yr vs 0.80%/yr for NFTY.

Performance

MINDX vs. NFTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews India Fund (MINDX) and First Trust India NIFTY 50 Equal Weight ETF (NFTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MINDX having a -8.35% return and NFTY slightly higher at -8.10%. Over the past 10 years, MINDX has underperformed NFTY with an annualized return of 5.69%, while NFTY has yielded a comparatively higher 7.55% annualized return.

MINDX

• 1D: -1.47%
• 1M: 3.71%
• 6M: -6.49%
• YTD: -8.35%
• 1Y: -7.57%
• 3Y*: 4.04%
• 5Y*: 3.63%
• 10Y*: 5.69%

NFTY

• 1D: -0.49%
• 1M: 0.74%
• 6M: -7.02%
• YTD: -8.10%
• 1Y: -8.34%
• 3Y*: 4.61%
• 5Y*: 5.42%
• 10Y*: 7.55%

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

MINDX vs. NFTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MINDX Matthews India Fund	-8.35%	1.61%	9.99%	23.14%	-9.87%	17.87%	16.46%	-0.79%	-9.80%	33.76%
NFTY First Trust India NIFTY 50 Equal Weight ETF	-8.10%	5.47%	5.18%	24.00%	-3.46%	26.83%	10.04%	0.58%	-1.51%	21.78%

Correlation

The correlation between MINDX and NFTY is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 28, 2012	0.49

Over the past year, MINDX and NFTY have become more correlated (0.74) than their long-term average of 0.49, meaning their price movements have been converging.

Return for Risk

MINDX vs. NFTY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MINDX

MINDX Risk / Return Rank: 1
MINDX Sharpe Ratio Rank: 1
MINDX Sortino Ratio Rank: 1
MINDX Omega Ratio Rank: 1
MINDX Calmar Ratio Rank: 2
MINDX Martin Ratio Rank: 2

NFTY

NFTY Risk / Return Rank: 4
NFTY Sharpe Ratio Rank: 5
NFTY Sortino Ratio Rank: 4
NFTY Omega Ratio Rank: 4
NFTY Calmar Ratio Rank: 5
NFTY Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MINDX vs. NFTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews India Fund (MINDX) and First Trust India NIFTY 50 Equal Weight ETF (NFTY). 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	NFTY	Difference
Sharpe ratio: Return per unit of total volatility	-0.46	-0.57	+0.11
Sortino ratio: Return per unit of downside risk	-0.56	-0.77	+0.20
Omega ratio: Gain probability vs. loss probability	0.93	0.92	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.33	-0.52	+0.19
Martin ratio: Return relative to average drawdown	-0.76	-1.24	+0.47

MINDX vs. NFTY - Sharpe Ratio Comparison

The current MINDX Sharpe Ratio is -0.46, which is comparable to the NFTY Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of MINDX and NFTY, 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. NFTY - Drawdown Comparison

The maximum MINDX drawdown since its inception was -72.18%, which is greater than NFTY's maximum drawdown of -47.67%. Use the drawdown chart below to compare losses from any high point for MINDX and NFTY.

Drawdown Indicators

	MINDX	NFTY	Difference
Max Drawdown Largest peak-to-trough decline	-72.18%	-47.67%	-24.51%
Max Drawdown (1Y) Largest decline over 1 year	-21.96%	-16.14%	-5.82%
Max Drawdown (3Y) Largest decline over 3 years	-26.51%	-21.55%	-4.96%
Max Drawdown (5Y) Largest decline over 5 years	-26.51%	-21.55%	-4.96%
Max Drawdown (10Y) Largest decline over 10 years	-48.46%	-47.67%	-0.79%
Current Drawdown Current decline from peak	-16.30%	-15.99%	-0.31%
Average Drawdown Average peak-to-trough decline	-14.96%	-9.62%	-5.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.48%	6.76%	+2.72%

Volatility

MINDX vs. NFTY - Volatility Comparison

Matthews India Fund (MINDX) has a higher volatility of 4.85% compared to First Trust India NIFTY 50 Equal Weight ETF (NFTY) at 3.75%. This indicates that MINDX's price experiences larger fluctuations and is considered to be riskier than NFTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MINDX	NFTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	3.75%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	12.62%	+1.04%
Volatility (1Y) Calculated over the trailing 1-year period	16.10%	14.72%	+1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	17.41%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.48%	20.65%	-3.17%

MINDX vs. NFTY - Expense Ratio Comparison

MINDX has a 1.15% expense ratio, which is higher than NFTY's 0.80% expense ratio.

Dividends

MINDX vs. NFTY - Dividend Comparison

MINDX's dividend yield for the trailing twelve months is around 7.38%, more than NFTY's 1.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MINDX Matthews India Fund	7.38%	6.76%	15.03%	3.07%	15.30%	9.87%	3.03%	12.04%	16.50%	0.00%	0.00%	0.99%
NFTY First Trust India NIFTY 50 Equal Weight ETF	1.93%	1.24%	1.61%	0.13%	5.89%	1.53%	0.61%	0.97%	0.00%	4.10%	3.28%	4.39%

Frequently Asked Questions

Can I hold both MINDX and NFTY in my portfolio?

MINDX and NFTY have a correlation of 0.74, 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 NFTY?

MINDX has higher volatility (4.85%) compared to NFTY (3.75%). In terms of maximum drawdown, MINDX dropped -72.18% vs NFTY's -47.67%.

Which has better risk-adjusted returns?

MINDX currently has the higher Sharpe Ratio (-0.46 vs -0.57), 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.