MINV vs. INDA

Last updated Apr 1, 2026

Compare and contrast key facts about Matthews Asia Innovators Active ETF (MINV) and iShares MSCI India ETF (INDA).

MINV and INDA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MINV is an actively managed fund by Matthews. It was launched on Jul 13, 2022. INDA is a passively managed fund by iShares that tracks the performance of the MSCI India Index. It was launched on Feb 2, 2012.

Performance

MINV vs. INDA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Asia Innovators Active ETF (MINV) and iShares MSCI India ETF (INDA). The values are adjusted to include any dividend payments, if applicable.

MINV vs. INDA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MINV Matthews Asia Innovators Active ETF	7.75%	30.85%	17.32%	-2.66%	-3.11%
INDA iShares MSCI India ETF	-13.34%	2.68%	8.63%	17.16%	5.19%

Returns By Period

In the year-to-date period, MINV achieves a 7.75% return, which is significantly higher than INDA's -13.34% return.

MINV

• 1D: 2.27%
• 1M: -7.80%
• YTD: 7.75%
• 6M: 4.06%
• 1Y: 38.07%
• 3Y*: 16.47%
• 5Y*: —
• 10Y*: —

INDA

• 1D: 3.13%
• 1M: -10.39%
• YTD: -13.34%
• 6M: -10.03%
• 1Y: -9.01%
• 3Y*: 6.29%
• 5Y*: 3.50%
• 10Y*: 6.88%

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

MINV vs. INDA - Expense Ratio Comparison

MINV has a 0.79% expense ratio, which is higher than INDA's 0.69% expense ratio.

MINV

Matthews Asia Innovators Active ETF

INDA

iShares MSCI India ETF

Return for Risk

MINV vs. INDA — Risk / Return Rank

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

MINV

MINV Risk / Return Rank: 80
MINV Sharpe Ratio Rank: 81
MINV Sortino Ratio Rank: 81
MINV Omega Ratio Rank: 77
MINV Calmar Ratio Rank: 84
MINV Martin Ratio Rank: 76

INDA

INDA Risk / Return Rank: 3
INDA Sharpe Ratio Rank: 3
INDA Sortino Ratio Rank: 3
INDA Omega Ratio Rank: 3
INDA Calmar Ratio Rank: 5
INDA Martin Ratio Rank: 1

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.

MINV vs. INDA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Asia Innovators Active ETF (MINV) and iShares MSCI India ETF (INDA). 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.

	MINV	INDA	Difference
Sharpe ratio Return per unit of total volatility	1.59	-0.58	+2.17
Sortino ratio Return per unit of downside risk	2.14	-0.75	+2.89
Omega ratio Gain probability vs. loss probability	1.30	0.91	+0.38
Calmar ratio Return relative to maximum drawdown	2.55	-0.46	+3.01
Martin ratio Return relative to average drawdown	8.23	-1.54	+9.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MINV vs. INDA - Sharpe Ratio Comparison

The current MINV Sharpe Ratio is 1.59, which is higher than the INDA Sharpe Ratio of -0.58. The chart below compares the historical Sharpe Ratios of MINV and INDA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MINV	INDA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	-0.58	+2.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.23	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.23	+0.32

Correlation

The correlation between MINV and INDA is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MINV vs. INDA - Dividend Comparison

MINV's dividend yield for the trailing twelve months is around 1.40%, while INDA has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MINV Matthews Asia Innovators Active ETF	1.40%	1.51%	0.25%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
INDA iShares MSCI India ETF	0.00%	0.00%	0.76%	0.16%	0.00%	6.44%	0.27%	0.99%	0.94%	1.09%	0.90%	1.19%

Drawdowns

MINV vs. INDA - Drawdown Comparison

The maximum MINV drawdown since its inception was -23.49%, smaller than the maximum INDA drawdown of -45.07%. Use the drawdown chart below to compare losses from any high point for MINV and INDA.

Drawdown Indicators

	MINV	INDA	Difference
Max Drawdown Largest peak-to-trough decline	-23.49%	-45.07%	+21.58%
Max Drawdown (1Y) Largest decline over 1 year	-14.49%	-18.69%	+4.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.72%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.07%	—
Current Drawdown Current decline from peak	-8.84%	-20.31%	+11.47%
Average Drawdown Average peak-to-trough decline	-8.39%	-9.48%	+1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	5.61%	-1.12%

Volatility

MINV vs. INDA - Volatility Comparison

Matthews Asia Innovators Active ETF (MINV) has a higher volatility of 11.61% compared to iShares MSCI India ETF (INDA) at 6.88%. This indicates that MINV's price experiences larger fluctuations and is considered to be riskier than INDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MINV	INDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.61%	6.88%	+4.73%
Volatility (6M) Calculated over the trailing 6-month period	18.15%	10.87%	+7.28%
Volatility (1Y) Calculated over the trailing 1-year period	24.14%	15.58%	+8.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.95%	15.38%	+7.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.95%	21.12%	+1.83%