NFTY vs. MINDX

Last updated Jul 16, 2026

NFTY (First Trust India NIFTY 50 Equal Weight ETF) and MINDX (Matthews India Fund) are both India Equities funds. Over the past 10 years, NFTY returned 7.54%/yr vs 5.63%/yr for MINDX. At a 0.49 correlation, their price movements are largely independent. NFTY charges 0.80%/yr vs 1.15%/yr for MINDX.

Performance

NFTY vs. MINDX - Performance Comparison

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

Returns By Period

In the year-to-date period, NFTY achieves a -8.16% return, which is significantly higher than MINDX's -8.85% return. Over the past 10 years, NFTY has outperformed MINDX with an annualized return of 7.54%, while MINDX has yielded a comparatively lower 5.63% annualized return.

NFTY

• 1D: -0.06%
• 1M: -1.43%
• 6M: -7.38%
• YTD: -8.16%
• 1Y: -8.20%
• 3Y*: 4.59%
• 5Y*: 5.61%
• 10Y*: 7.54%

MINDX

• 1D: -0.54%
• 1M: 1.29%
• 6M: -6.84%
• YTD: -8.85%
• 1Y: -8.43%
• 3Y*: 3.85%
• 5Y*: 3.46%
• 10Y*: 5.63%

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

NFTY vs. MINDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NFTY First Trust India NIFTY 50 Equal Weight ETF	-8.16%	5.47%	5.18%	24.00%	-3.46%	26.83%	10.04%	0.58%	-1.51%	21.78%
MINDX Matthews India Fund	-8.85%	1.61%	9.99%	23.14%	-9.87%	17.87%	16.46%	-0.79%	-9.80%	33.76%

Correlation

The correlation between NFTY and MINDX 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, NFTY and MINDX have become more correlated (0.74) than their long-term average of 0.49, meaning their price movements have been converging.

Return for Risk

NFTY vs. MINDX — Risk / Return Rank

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

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

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: 1
MINDX 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.

NFTY vs. MINDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust India NIFTY 50 Equal Weight ETF (NFTY) and Matthews India Fund (MINDX). 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.

	NFTY	MINDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	-0.52	-0.04
Sortino ratio: Return per unit of downside risk	-0.75	-0.65	-0.10
Omega ratio: Gain probability vs. loss probability	0.92	0.92	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.51	-0.38	-0.13
Martin ratio: Return relative to average drawdown	-1.21	-0.86	-0.35

NFTY vs. MINDX - Sharpe Ratio Comparison

The current NFTY Sharpe Ratio is -0.56, which is comparable to the MINDX Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of NFTY and MINDX, 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

NFTY vs. MINDX - Drawdown Comparison

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

Drawdown Indicators

	NFTY	MINDX	Difference
Max Drawdown Largest peak-to-trough decline	-47.67%	-72.18%	+24.51%
Max Drawdown (1Y) Largest decline over 1 year	-16.14%	-21.96%	+5.82%
Max Drawdown (3Y) Largest decline over 3 years	-21.55%	-26.51%	+4.96%
Max Drawdown (5Y) Largest decline over 5 years	-21.55%	-26.51%	+4.96%
Max Drawdown (10Y) Largest decline over 10 years	-47.67%	-48.46%	+0.79%
Current Drawdown Current decline from peak	-16.05%	-16.76%	+0.71%
Average Drawdown Average peak-to-trough decline	-9.63%	-14.96%	+5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.79%	9.51%	-2.72%

Volatility

NFTY vs. MINDX - Volatility Comparison

The current volatility for First Trust India NIFTY 50 Equal Weight ETF (NFTY) is 3.71%, while Matthews India Fund (MINDX) has a volatility of 4.91%. This indicates that NFTY experiences smaller price fluctuations and is considered to be less risky than MINDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFTY	MINDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	4.91%	-1.20%
Volatility (6M) Calculated over the trailing 6-month period	12.61%	13.67%	-1.06%
Volatility (1Y) Calculated over the trailing 1-year period	14.72%	16.07%	-1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.41%	16.04%	+1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.65%	17.48%	+3.17%

NFTY vs. MINDX - Expense Ratio Comparison

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

Dividends

NFTY vs. MINDX - Dividend Comparison

NFTY's dividend yield for the trailing twelve months is around 1.93%, less than MINDX's 7.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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 NFTY and MINDX in my portfolio?

NFTY and MINDX 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, NFTY or MINDX?

MINDX has higher volatility (4.91%) compared to NFTY (3.71%). In terms of maximum drawdown, NFTY dropped -47.67% vs MINDX's -72.18%.

Which has better risk-adjusted returns?

MINDX currently has the higher Sharpe Ratio (-0.52 vs -0.56), 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.