MINDX vs. PAAOX
MINDX (Matthews India Fund) and PAAOX (T. Rowe Price Asia Opportunities Fund) are both Asia Pacific Equities funds. Over the past 10 years, MINDX returned 6.15%/yr vs 9.22%/yr for PAAOX. At a 0.49 correlation, their price movements are largely independent. MINDX charges 1.15%/yr vs 1.25%/yr for PAAOX.
Performance
MINDX vs. PAAOX - Performance Comparison
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Returns By Period
In the year-to-date period, MINDX achieves a -9.35% return, which is significantly lower than PAAOX's 7.13% return. Over the past 10 years, MINDX has underperformed PAAOX with an annualized return of 6.15%, while PAAOX has yielded a comparatively higher 9.22% annualized return.
MINDX
- 1D
- -0.95%
- 1M
- 4.30%
- YTD
- -9.35%
- 6M
- -9.42%
- 1Y
- -7.53%
- 3Y*
- 4.79%
- 5Y*
- 3.67%
- 10Y*
- 6.15%
PAAOX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 7.13%
- 6M
- 7.96%
- 1Y
- 23.98%
- 3Y*
- 14.10%
- 5Y*
- 1.69%
- 10Y*
- 9.22%
MINDX vs. PAAOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MINDX Matthews India Fund | -9.35% | 1.61% | 9.99% | 23.14% | -9.87% | 17.87% | 16.46% | -0.79% | -9.80% | 33.76% |
PAAOX T. Rowe Price Asia Opportunities Fund | 7.13% | 27.78% | 11.30% | -1.00% | -19.33% | -5.50% | 26.57% | 24.86% | -11.26% | 43.07% |
Correlation
The correlation between MINDX and PAAOX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since May 23, 2014 | 0.49 |
Over the past year, the correlation between MINDX and PAAOX has dropped to 0.28 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.
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Return for Risk
MINDX vs. PAAOX — Risk / Return Rank
MINDX
PAAOX
MINDX vs. PAAOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews India Fund (MINDX) and T. Rowe Price Asia Opportunities Fund (PAAOX). 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 | PAAOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.04 | ||
| Sortino ratioReturn per unit of downside risk | -2.77 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.35 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 2.01 | -2.31 |
| Martin ratioReturn relative to average drawdown | -0.70 | 6.50 | -7.20 |
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Drawdowns
MINDX vs. PAAOX - Drawdown Comparison
The maximum MINDX drawdown since its inception was -72.18%, which is greater than PAAOX's maximum drawdown of -43.02%. Use the drawdown chart below to compare losses from any high point for MINDX and PAAOX.
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Drawdown Indicators
| MINDX | PAAOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.18% | -43.02% | -29.16% |
Max Drawdown (1Y)Largest decline over 1 year | -21.96% | -13.70% | -8.26% |
Max Drawdown (3Y)Largest decline over 3 years | -26.51% | -18.78% | -7.73% |
Max Drawdown (5Y)Largest decline over 5 years | -26.51% | -40.41% | +13.90% |
Max Drawdown (10Y)Largest decline over 10 years | -48.46% | -43.02% | -5.44% |
Current DrawdownCurrent decline from peak | -17.21% | -5.51% | -11.70% |
Average DrawdownAverage peak-to-trough decline | -14.96% | -13.09% | -1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.18% | 4.23% | +4.95% |
Volatility
MINDX vs. PAAOX - Volatility Comparison
Matthews India Fund (MINDX) has a higher volatility of 4.81% compared to T. Rowe Price Asia Opportunities Fund (PAAOX) at 0.00%. This indicates that MINDX's price experiences larger fluctuations and is considered to be riskier than PAAOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MINDX | PAAOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.81% | 0.00% | +4.81% |
Volatility (6M)Calculated over the trailing 6-month period | 13.57% | 13.58% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.96% | 16.89% | -0.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.98% | 18.10% | -2.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.47% | 17.61% | -0.14% |
MINDX vs. PAAOX - Expense Ratio Comparison
MINDX has a 1.15% expense ratio, which is lower than PAAOX's 1.25% expense ratio.
Dividends
MINDX vs. PAAOX - Dividend Comparison
MINDX's dividend yield for the trailing twelve months is around 7.46%, more than PAAOX's 3.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MINDX Matthews India Fund | 7.46% | 6.76% | 15.03% | 3.07% | 15.30% | 9.87% | 3.03% | 12.04% | 16.50% | 0.00% | 0.00% | 0.99% |
PAAOX T. Rowe Price Asia Opportunities Fund | 3.21% | 0.64% | 0.00% | 1.55% | 1.51% | 7.43% | 1.33% | 0.62% | 0.61% | 0.13% | 2.12% | 0.89% |
Frequently Asked Questions
MINDX and PAAOX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MINDX has higher volatility (4.81%) compared to PAAOX (0.00%). In terms of maximum drawdown, MINDX dropped -72.18% vs PAAOX's -43.02%.
PAAOX currently has the higher Sharpe Ratio (1.63 vs -0.41), 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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