PAAOX vs. MINDX
PAAOX (T. Rowe Price Asia Opportunities Fund) and MINDX (Matthews India Fund) are both Asia Pacific Equities funds. Over the past 10 years, PAAOX returned 9.22%/yr vs 6.22%/yr for MINDX. At a 0.49 correlation, their price movements are largely independent. PAAOX charges 1.25%/yr vs 1.15%/yr for MINDX.
Performance
PAAOX vs. MINDX - Performance Comparison
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Returns By Period
In the year-to-date period, PAAOX achieves a 7.13% return, which is significantly higher than MINDX's -8.72% return. Over the past 10 years, PAAOX has outperformed MINDX with an annualized return of 9.22%, while MINDX has yielded a comparatively lower 6.22% annualized return.
PAAOX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 7.13%
- 6M
- 7.96%
- 1Y
- 23.76%
- 3Y*
- 14.10%
- 5Y*
- 1.56%
- 10Y*
- 9.22%
MINDX
- 1D
- 0.69%
- 1M
- 3.73%
- YTD
- -8.72%
- 6M
- -8.80%
- 1Y
- -7.55%
- 3Y*
- 5.03%
- 5Y*
- 3.71%
- 10Y*
- 6.22%
PAAOX vs. MINDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
MINDX Matthews India Fund | -8.72% | 1.61% | 9.99% | 23.14% | -9.87% | 17.87% | 16.46% | -0.79% | -9.80% | 33.76% |
Correlation
The correlation between PAAOX and MINDX 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 | 0.42 |
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 PAAOX and MINDX 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
PAAOX vs. MINDX — Risk / Return Rank
PAAOX
MINDX
PAAOX vs. MINDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Asia Opportunities Fund (PAAOX) 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.
| PAAOX | MINDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.89 | ||
| Sortino ratioReturn per unit of downside risk | +2.58 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.94 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | -0.32 | +2.08 |
| Martin ratioReturn relative to average drawdown | 5.66 | -0.76 | +6.42 |
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Drawdowns
PAAOX vs. MINDX - Drawdown Comparison
The maximum PAAOX drawdown since its inception was -43.02%, smaller than the maximum MINDX drawdown of -72.18%. Use the drawdown chart below to compare losses from any high point for PAAOX and MINDX.
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Drawdown Indicators
| PAAOX | MINDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.02% | -72.18% | +29.16% |
Max Drawdown (1Y)Largest decline over 1 year | -13.70% | -21.96% | +8.26% |
Max Drawdown (3Y)Largest decline over 3 years | -18.78% | -26.51% | +7.73% |
Max Drawdown (5Y)Largest decline over 5 years | -40.41% | -26.51% | -13.90% |
Max Drawdown (10Y)Largest decline over 10 years | -43.02% | -48.46% | +5.44% |
Current DrawdownCurrent decline from peak | -5.51% | -16.64% | +11.13% |
Average DrawdownAverage peak-to-trough decline | -13.09% | -14.96% | +1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.24% | 9.20% | -4.96% |
Volatility
PAAOX vs. MINDX - Volatility Comparison
The current volatility for T. Rowe Price Asia Opportunities Fund (PAAOX) is 0.00%, while Matthews India Fund (MINDX) has a volatility of 4.80%. This indicates that PAAOX 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.
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Volatility by Period
| PAAOX | MINDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 4.80% | -4.80% |
Volatility (6M)Calculated over the trailing 6-month period | 13.57% | 13.53% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.89% | 15.98% | +0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.10% | 15.98% | +2.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.60% | 17.47% | +0.13% |
PAAOX vs. MINDX - Expense Ratio Comparison
PAAOX has a 1.25% expense ratio, which is higher than MINDX's 1.15% expense ratio.
Dividends
PAAOX vs. MINDX - Dividend Comparison
PAAOX's dividend yield for the trailing twelve months is around 3.21%, less than MINDX's 7.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MINDX Matthews India Fund | 7.41% | 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
PAAOX and MINDX 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 (4.80%) compared to PAAOX (0.00%). In terms of maximum drawdown, PAAOX dropped -43.02% vs MINDX's -72.18%.
PAAOX currently has the higher Sharpe Ratio (1.44 vs -0.44), 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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