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ECNS vs. INDY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ECNS vs. INDY

Last updated Jun 24, 2026

ECNS (iShares MSCI China Small-Cap ETF) and INDY (iShares India 50 ETF) are both exchange-traded funds - ECNS is a Asia Pacific Equities fund tracking the MSCI China Small Cap Index, while INDY is a Emerging Markets Equities fund tracking the Nifty 50 Index. Both are passively managed. Over the past 10 years, ECNS returned 1.55%/yr vs 6.94%/yr for INDY. At a 0.42 correlation, their price movements are largely independent. ECNS charges 0.59%/yr vs 0.65%/yr for INDY.

Performance

ECNS vs. INDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China Small-Cap ETF (ECNS) and iShares India 50 ETF (INDY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ECNS achieves a -9.88% return, which is significantly higher than INDY's -12.36% return. Over the past 10 years, ECNS has underperformed INDY with an annualized return of 1.55%, while INDY has yielded a comparatively higher 6.94% annualized return.

ECNS

1D
-1.92%
1M
-6.71%
YTD
-9.88%
6M
-11.17%
1Y
1.85%
3Y*
6.91%
5Y*
-8.08%
10Y*
1.55%

INDY

1D
-1.49%
1M
1.53%
YTD
-12.36%
6M
-12.66%
1Y
-12.06%
3Y*
2.42%
5Y*
2.23%
10Y*
6.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ECNS vs. INDY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ECNS
iShares MSCI China Small-Cap ETF		-9.88%36.49%5.64%-23.05%-24.58%2.11%25.42%7.84%-18.27%27.55%
INDY
iShares India 50 ETF		-12.36%4.97%3.47%16.88%-7.31%19.43%10.01%9.99%-4.32%36.15%

Correlation

The correlation between ECNS and INDY is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.29

Correlation (3Y)
Calculated over the trailing 3-year period

0.23

Correlation (5Y)
Calculated over the trailing 5-year period

0.29

Correlation (10Y)
Calculated over the trailing 10-year period

0.37

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2010

0.42

The correlation between ECNS and INDY shifts across timeframes, from 0.23 (3 years) to 0.42 (all time), reflecting how their relationship changes across market environments.

ECNS vs. INDY - Sectors Allocation Comparison

Sectors
ECNS
INDY

Healthcare

19.9%
4.7%

Industrials

18.0%
8.0%

Technology

12.6%
8.5%

Consumer Cyclical

9.3%
11.0%

Real Estate

8.7%

-

Basic Materials

8.4%
7.7%

Communication Services

6.5%
5.2%

Financial Services

4.6%
35.2%

Consumer Defensive

4.2%
6.0%

Energy

3.2%
11.0%

Utilities

2.4%
2.9%

Healthcare

ECNS
19.9%
INDY
4.7%

Industrials

ECNS
18.0%
INDY
8.0%

Technology

ECNS
12.6%
INDY
8.5%

Consumer Cyclical

ECNS
9.3%
INDY
11.0%

Real Estate

ECNS
8.7%
INDY

-

Basic Materials

ECNS
8.4%
INDY
7.7%

Communication Services

ECNS
6.5%
INDY
5.2%

Financial Services

ECNS
4.6%
INDY
35.2%

Consumer Defensive

ECNS
4.2%
INDY
6.0%

Energy

ECNS
3.2%
INDY
11.0%

Utilities

ECNS
2.4%
INDY
2.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI China Small-Cap ETF

iShares India 50 ETF

Often compared with ECNS:
ECNS vs. ASHSECNS vs. MCHIECNS vs. CNXTECNS vs. DFAEECNS vs. CQQQECNS vs. FLCHECNS vs. EWT
Often compared with INDY:
INDY vs. INDAINDY vs. NFTYINDY vs. EPIINDY vs. FLININDY vs. VOOINDY vs. GLININDY vs. INCO

Return for Risk

ECNS vs. INDY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ECNS
ECNS Risk / Return Rank: 1010
Overall Rank
ECNS Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
ECNS Sortino Ratio Rank: 99
Sortino Ratio Rank
ECNS Omega Ratio Rank: 1010
Omega Ratio Rank
ECNS Calmar Ratio Rank: 99
Calmar Ratio Rank
ECNS Martin Ratio Rank: 99
Martin Ratio Rank
INDY
INDY Risk / Return Rank: 33
Overall Rank
INDY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
INDY Sortino Ratio Rank: 33
Sortino Ratio Rank
INDY Omega Ratio Rank: 33
Omega Ratio Rank
INDY Calmar Ratio Rank: 44
Calmar Ratio Rank
INDY Martin Ratio Rank: 22
Martin Ratio Rank
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.

ECNS vs. INDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China Small-Cap ETF (ECNS) and iShares India 50 ETF (INDY). 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.

ECNSINDYDifference
Sharpe ratioReturn per unit of total volatility
0.09
-0.84

+0.93

Sortino ratioReturn per unit of downside risk
0.26
-1.18

+1.44

Omega ratioGain probability vs. loss probability

1.03

0.87

+0.17

Calmar ratioReturn relative to maximum drawdown

0.08

-0.64

+0.72

Martin ratioReturn relative to average drawdown

0.18

-1.35

+1.53

ECNS vs. INDY - Sharpe Ratio Comparison

The current ECNS Sharpe Ratio is 0.09, which is higher than the INDY Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of ECNS and INDY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ECNS vs. INDY - Drawdown Comparison

The maximum ECNS drawdown since its inception was -63.43%, which is greater than INDY's maximum drawdown of -44.74%. Use the drawdown chart below to compare losses from any high point for ECNS and INDY.

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Drawdown Indicators

ECNSINDYDifference

Max Drawdown

Largest peak-to-trough decline

-63.43%

-44.74%

-18.69%

Max Drawdown (1Y)

Largest decline over 1 year

-22.70%

-18.95%

-3.75%

Max Drawdown (3Y)

Largest decline over 3 years

-31.72%

-22.40%

-9.32%

Max Drawdown (5Y)

Largest decline over 5 years

-59.61%

-22.40%

-37.21%

Max Drawdown (10Y)

Largest decline over 10 years

-63.43%

-43.50%

-19.93%

Current Drawdown

Current decline from peak

-41.99%

-18.17%

-23.82%

Average Drawdown

Average peak-to-trough decline

-29.41%

-12.24%

-17.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.24%

8.98%

+1.26%

Volatility

ECNS vs. INDY - Volatility Comparison

iShares MSCI China Small-Cap ETF (ECNS) has a higher volatility of 5.69% compared to iShares India 50 ETF (INDY) at 4.06%. This indicates that ECNS's price experiences larger fluctuations and is considered to be riskier than INDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ECNSINDYDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.69%

4.06%

+1.63%

Volatility (6M)

Calculated over the trailing 6-month period

13.59%

12.55%

+1.04%

Volatility (1Y)

Calculated over the trailing 1-year period

20.68%

14.36%

+6.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.44%

14.98%

+14.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.90%

19.53%

+6.37%

ECNS vs. INDY - Expense Ratio Comparison

ECNS has a 0.59% expense ratio, which is lower than INDY's 0.65% expense ratio.

Dividends

ECNS vs. INDY - Dividend Comparison

ECNS's dividend yield for the trailing twelve months is around 6.53%, less than INDY's 9.50% yield.

PositionTTM20252024202320222021202020192018201720162015
ECNS
iShares MSCI China Small-Cap ETF		6.53%6.20%5.98%4.89%3.54%4.87%3.59%3.23%6.16%3.18%4.29%3.58%
INDY
iShares India 50 ETF		9.50%8.11%0.24%0.38%3.75%7.12%0.08%0.58%0.55%0.27%0.48%0.57%

Frequently Asked Questions

ECNS and INDY have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ECNS has higher volatility (5.69%) compared to INDY (4.06%). In terms of maximum drawdown, ECNS dropped -63.43% vs INDY's -44.74%.

On 10-year performance, INDY leads with 6.94% vs 1.55% for ECNS. On fees, ECNS is cheaper at 0.59% per year. On volatility, INDY has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, INDY has performed better with a 6.94% return vs 1.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ECNS is cheaper with a 0.59% expense ratio, compared with 0.65% for INDY.

INDY has the higher dividend yield at 9.50%, compared with 6.53% for ECNS.

ECNS is categorized as Asia Pacific Equities, while INDY is Emerging Markets Equities. ECNS tracks MSCI China Small Cap Index, while INDY tracks Nifty 50 Index. Their fees differ too: 0.59% for ECNS and 0.65% for INDY.

ECNS currently has the higher Sharpe Ratio (0.09 vs -0.84), 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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