INDE vs SPY
Matthews India Active ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, INDE or SPY?
All Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 42.7%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | INDE | SPY |
|---|---|---|
| Expense Ratio | 0.79% | 0.09%Best |
| AUM | $18M | $804.7B |
| Dividend Yield | 1.74% | 0.98% |
| Holdings | 53 | 505 |
| YTD Return | -0.80% | +13.82%Best |
| 1Y Return | +0.13% | +16.96%Best |
| 3Y Return (annualized) | +6.97% | +22.97%Best |
| 5Y Return (annualized) | - | +13.73% |
| Volatility (annualized) | 13.6% | 12.4%Best |
| Max Drawdown | -22.9% | -18.8%Best |
| $10,000 over 3 years | $12,240 | $18,595Best |
| Top 10 Weight | 42.7% | 37.8%Best |
| Fund Family | Matthews Asia Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | All Cap Blend | Large Cap Blend |
| Inception | Sep 21, 2023 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3 years row, are measured over the window both funds cover: Sep 22, 2023 to Sep 21, 2026 (3 years).
INDE vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3 years both funds cover.
INDE vs SPY Performance
Matthews India Active ETF (INDE) is an ETF from Matthews Asia Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year INDE returned +0.13% while SPY returned +16.96%. Year to date, INDE is down 0.80% versus a gain of 13.82% for SPY.
Over three years, INDE compounded at +6.97% per year against +22.97% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
INDE has been the more volatile fund, with annualized monthly volatility of 13.6% compared with 12.4% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -22.9% for INDE and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.27. They move largely independently of each other.
Fees and Cost Over Time
INDE charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, INDE currently yields 1.74% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 72 holdings in INDE and 504 in SPY, totalling 99.8% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 72 positions we hold weights for in INDE and 504 in SPY, against full books of 53 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for INDE (99.3% of the fund), and 2 for INDE that do not appear in SPY (2.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of INDE and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, INDE or SPY?
INDE has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option, by $70 a year on a $10,000 investment.
Which performed better, INDE or SPY?
Over the past year INDE returned +0.13% vs +16.96% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, INDE or SPY?
INDE has been the more volatile fund at 13.6% annualized versus 12.4% for SPY. Worst drawdown: INDE -22.9% vs SPY -18.8%.
Should I hold both INDE and SPY?
INDE and SPY have a monthly-return correlation of 0.27, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, INDE or SPY?
INDE yields 1.74% while SPY yields 0.98%, so INDE currently pays the higher dividend yield.
Is SPY better than INDE?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 42.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.