INDA vs MCHI: returns, risk and drawdowns compared
iShares MSCI India ETF against iShares MSCI China ETF, over the same 14 years (March 2012 to October 2026) with dividends reinvested.
Data updated October 2026
From March 2012 to October 2026, INDA returned 5.3% a year and MCHI 3.3% a year on average, so INDA came out ahead by 2.0% a year. MCHI was the more volatile of the two (22.7% against 18.4% a year), and the deepest falls from a month-end high were 34.0% for INDA and 58.7% for MCHI.
The correlation of monthly returns was 0.27: they moved largely independently. Over 141 rolling 3-year periods, INDA did better in 50% and MCHI in 50%.
Side by side
| INDA | MCHI | |
|---|---|---|
| Annual return (CAGR) | +5.3% | +3.3% |
| Total return | +112% | +61% |
| Annual volatility | 18.4% | 22.7% |
| Maximum drawdown (month-end) | −34.0% | −58.7% |
| Worst month | −25.1% | −16.4% |
| Best month | +13.4% | +32.1% |
| Positive months | 58% | 53% |
| Best year | 2017: +36.1% | 2017: +54.7% |
| Worst year | 2022: −8.9% | 2022: −22.8% |
| 1-year return | −12.7% | −19.0% |
| 5 years, a year | +0.4% | −4.7% |
| 10 years, a year | +6.1% | +2.4% |
| Trading currency | USD | USD |
First nine rows: the same 176 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: INDA vs MCHI
Returns by calendar year
| Year | INDA | MCHI |
|---|---|---|
| 2025 | +2.7% | +31.0% |
| 2024 | +8.6% | +17.7% |
| 2023 | +17.2% | −11.3% |
| 2022 | −8.9% | −22.8% |
| 2021 | +21.3% | −21.7% |
| 2020 | +14.8% | +27.8% |
| 2019 | +6.5% | +23.7% |
| 2018 | −6.7% | −19.8% |
| 2017 | +36.1% | +54.7% |
| 2016 | −1.6% | −0.3% |
| 2015 | −7.1% | −6.7% |
| 2014 | +21.8% | +9.6% |
| 2013 | −5.2% | +5.1% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, INDA or MCHI?
From March 2012 to October 2026, INDA returned +5.3% a year and MCHI +3.3% a year, with dividends reinvested. Over rolling 3-year periods INDA did better in 50% of cases. Past returns do not predict future returns.
Which is riskier, INDA or MCHI?
Over the same months annual volatility was 18.4% for INDA and 22.7% for MCHI; the deepest fall from a month-end high was 34.0% and 58.7%, and the worst single month −25.1% and −16.4%.
How correlated are INDA and MCHI?
The correlation of their monthly returns was 0.27: they moved largely independently. Combining them has historically smoothed the ups and downs of either one alone.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.