Matthews India Active ETF (INDE) Performance
INDE total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −6.5% since Dec 31, 2025
- 1 year
- −7.6% total return
- 3 years
- +5.5% a year
- Since first price
- +4.6% a year since 2023
INDE trailing returns vs SPY, QQQ, AGG
| Period | INDE total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −5.1% | −5.1% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.9% | −1.9% | +3.2% | +1.9% | −0.4% |
| 6 months | +2.0% | +2.0% | +7.8% | +8.4% | −1.5% |
| YTD | −6.5% | −6.5% | +12.3% | +15.1% | −1.0% |
| 1 year | −7.6% | −9.2% | +14.4% | +15.9% | −1.1% |
| 3 years | +17.3%+5.5%/yr | +14.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionSep 22, 2023 | +14.9%+4.6%/yr | +12.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: INDE vs SPY
From Sep 22, 2023: INDE grew to $11,493, SPY to $18,308.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
INDE returns by calendar year
2 of 2 full years positive. Best 2024 (+10.9%), worst 2025 (+2.4%). 2026 is year to date.
INDE annual returns table
| Year | INDE | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −6.5% | −17.1% | +12.3% | +15.1% | −1.0% |
| 2025 | +2.4% | −15.4% | +17.7% | +20.8% | +7.2% |
| 2024 | +10.9% | −10.6% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
INDE largest drawdowns
Now 13.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 23, 2024 | −22.9% | Mar 30, 2026 | not yet | 1.5 years | 2.1 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
INDE risk statistics
| Statistic | 3 years |
|---|---|
| Annualized return | +6.0% |
| Volatility (annualized) | 13.9% |
| Sharpe ratio | 0.17 |
| Sortino ratio | 0.23 |
| Best month | +7.0% |
| Worst month | −10.1% |
| Best 12 months | +31.9% |
| Worst 12 months | −9.3% |
| Positive months | 67% |
| Beta vs S&P 500 | 0.31 |
| Correlation with S&P 500 | 0.28 |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
INDE rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 26 | −9.3% | −0.0% | +31.9% | 50% |
| 3-year (a year) | 2 | +4.2% | +5.1% | +6.0% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
INDE performance overview
Matthews India Active ETF (INDE) returned −7.6% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +4.6% a year, turning $10,000 into about $11,493. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −22.9%, from Sep 23, 2024 to Mar 30, 2026; the fund has not yet regained that high. Volatility has been 13.9% a year.
Related: INDE chart, INDE holdings, INDE dividends. See the INDE overview for the latest quote and fund facts.
INDE performance FAQ
What is the INDE return over the past year?
INDE returned −7.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 9.2%.
How much would $10,000 invested in INDE be worth?
$10,000 invested in INDE at its first recorded close on September 22, 2023 would be worth about $11,493 on October 23, 2026 with distributions reinvested.
What was the worst year for INDE?
The worst calendar year was 2025, with a total return of +2.4%. The best was 2024 at +10.9%.
What is the biggest drawdown of INDE?
The largest peak-to-trough decline was −22.9% between September 23, 2024 and March 30, 2026. It has not yet recovered to that high; it is 13.4% below its peak.
How volatile is INDE?
Over the past 3 years INDE had an annualized volatility of 13.9% and a Sharpe ratio of 0.17 (excess return over 1–3 month T-bills per unit of risk).