DFND vs. IIND.L

Last updated Jun 14, 2026

DFND (Siren DIVCON Dividend Defender ETF) and IIND.L (iShares MSCI India UCITS ETF USD (Acc)) are both exchange-traded funds - DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index, while IIND.L is a Asia Pacific Equities fund tracking the MSCI India NR USD. Both are passively managed. Over the past 5 years, DFND returned 4.54%/yr vs 3.62%/yr for IIND.L. At a 0.23 correlation, their price movements are largely independent. DFND charges 1.50%/yr vs 0.65%/yr for IIND.L.

Performance

DFND vs. IIND.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Siren DIVCON Dividend Defender ETF (DFND) and iShares MSCI India UCITS ETF USD (Acc) (IIND.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DFND is traded in USD, while IIND.L is traded in GBP. To make them comparable, the IIND.L values have been converted to USD using the latest available exchange rates.

Returns By Period

DFND

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 1.72%
• 3Y*: 8.10%
• 5Y*: 4.54%
• 10Y*: 7.15%

IIND.L

• 1D: 2.40%
• 1M: 0.72%
• YTD: -12.50%
• 6M: -11.05%
• 1Y: -12.09%
• 3Y*: 5.13%
• 5Y*: 3.62%
• 10Y*: —

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

DFND vs. IIND.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	8.48%	12.13%	-19.59%	14.80%	16.12%	19.53%	-1.48%
IIND.L iShares MSCI India UCITS ETF USD (Acc)	-12.50%	4.39%	9.28%	18.36%	-8.26%	25.80%	13.87%	7.88%	-24.96%

Correlation

The correlation between DFND and IIND.L is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since May 29, 2018	0.23

The correlation between DFND and IIND.L shifts across timeframes, from 0.07 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

DFND vs. IIND.L - Sectors Allocation Comparison

Sectors	DFND	IIND.L
Technology	24.8%	8.2%
Financial Services	18.2%	29.5%
Industrials	17.1%	10.3%
Healthcare	10.7%	6.0%
Basic Materials	4.3%	8.6%
Consumer Defensive	4.2%	5.7%
Consumer Cyclical	3.5%	11.9%
Real Estate	2.0%	1.3%
Energy	1.7%	9.2%
Communication Services	0.8%	5.1%
Utilities	-	4.4%

Return for Risk

DFND vs. IIND.L — Risk / Return Rank

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

DFND

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

IIND.L

IIND.L Risk / Return Rank: 4
IIND.L Sharpe Ratio Rank: 4
IIND.L Sortino Ratio Rank: 4
IIND.L Omega Ratio Rank: 4
IIND.L Calmar Ratio Rank: 5
IIND.L Martin Ratio Rank: 3

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.

DFND vs. IIND.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Siren DIVCON Dividend Defender ETF (DFND) and iShares MSCI India UCITS ETF USD (Acc) (IIND.L). 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.

	DFND	IIND.L	Difference
Sharpe ratio: Return per unit of total volatility	0.19	-0.79	+0.98
Sortino ratio: Return per unit of downside risk	0.35	-1.08	+1.43
Omega ratio: Gain probability vs. loss probability	1.05	0.88	+0.18
Calmar ratio: Return relative to maximum drawdown	0.60	-0.63	+1.23
Martin ratio: Return relative to average drawdown	1.08	-1.45	+2.53

DFND vs. IIND.L - Sharpe Ratio Comparison

The current DFND Sharpe Ratio is 0.19, which is higher than the IIND.L Sharpe Ratio of -0.79. The chart below compares the historical Sharpe Ratios of DFND and IIND.L, 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

DFND vs. IIND.L - Drawdown Comparison

The maximum DFND drawdown since its inception was -22.65%, smaller than the maximum IIND.L drawdown of -52.15%. Use the drawdown chart below to compare losses from any high point for DFND and IIND.L.

Drawdown Indicators

	DFND	IIND.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.65%	-52.15%	+29.50%
Max Drawdown (1Y) Largest decline over 1 year	-3.44%	-20.67%	+17.23%
Max Drawdown (3Y) Largest decline over 3 years	-12.56%	-24.89%	+12.33%
Max Drawdown (5Y) Largest decline over 5 years	-22.65%	-24.89%	+2.24%
Max Drawdown (10Y) Largest decline over 10 years	-22.65%	—	—
Current Drawdown Current decline from peak	-3.69%	-19.95%	+16.26%
Average Drawdown Average peak-to-trough decline	-5.70%	-14.44%	+8.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	9.06%	-5.34%

Volatility

DFND vs. IIND.L - Volatility Comparison

The current volatility for Siren DIVCON Dividend Defender ETF (DFND) is 0.00%, while iShares MSCI India UCITS ETF USD (Acc) (IIND.L) has a volatility of 4.87%. This indicates that DFND experiences smaller price fluctuations and is considered to be less risky than IIND.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFND	IIND.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	4.87%	-4.87%
Volatility (6M) Calculated over the trailing 6-month period	6.10%	14.18%	-8.08%
Volatility (1Y) Calculated over the trailing 1-year period	10.88%	16.63%	-5.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.44%	22.23%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.08%	25.88%	-6.80%

DFND vs. IIND.L - Expense Ratio Comparison

DFND has a 1.50% expense ratio, which is higher than IIND.L's 0.65% expense ratio.

Dividends

DFND vs. IIND.L - Dividend Comparison

Neither DFND nor IIND.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFND Siren DIVCON Dividend Defender ETF	0.62%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%
IIND.L iShares MSCI India UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFND and IIND.L in my portfolio?

DFND and IIND.L have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFND or IIND.L?

On fees, IIND.L is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFND or IIND.L?

IIND.L is cheaper with a 0.65% expense ratio, compared with 1.50% for DFND.

What is the main difference between DFND and IIND.L?

DFND is categorized as Large Cap Blend Equities, while IIND.L is Asia Pacific Equities. DFND tracks Siren DIVCON Dividend Defender Index, while IIND.L tracks MSCI India NR USD. They also come from different issuers: SRN Advisors and iShares. Their fees differ too: 1.50% for DFND and 0.65% for IIND.L.