ENZL vs. INDY

Last updated Jun 24, 2026

ENZL (iShares MSCI New Zealand ETF) and INDY (iShares India 50 ETF) are both exchange-traded funds - ENZL is a Asia Pacific Equities fund tracking the MSCI New Zealand Investable Market Index, while INDY is a Emerging Markets Equities fund tracking the Nifty 50 Index. Both are passively managed. Over the past 10 years, ENZL returned 3.47%/yr vs 6.94%/yr for INDY. At a 0.42 correlation, their price movements are largely independent. ENZL charges 0.50%/yr vs 0.65%/yr for INDY.

Performance

ENZL vs. INDY - Performance Comparison

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

Returns By Period

In the year-to-date period, ENZL achieves a -1.49% return, which is significantly higher than INDY's -12.36% return. Over the past 10 years, ENZL has underperformed INDY with an annualized return of 3.47%, while INDY has yielded a comparatively higher 6.94% annualized return.

ENZL

• 1D: -1.26%
• 1M: 0.18%
• YTD: -1.49%
• 6M: -2.07%
• 1Y: 0.68%
• 3Y*: -0.31%
• 5Y*: -4.30%
• 10Y*: 3.47%

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)

ENZL vs. INDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENZL iShares MSCI New Zealand ETF	-1.49%	2.47%	-4.86%	2.95%	-16.18%	-11.39%	20.04%	30.09%	0.35%	24.04%
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 ENZL and INDY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Sep 2, 2010	0.42

ENZL vs. INDY - Sectors Allocation Comparison

Sectors	ENZL	INDY
Industrials	31.4%	8.0%
Healthcare	29.3%	4.7%
Utilities	12.9%	2.9%
Real Estate	12.9%	-
Communication Services	4.0%	5.2%
Basic Materials	3.8%	7.7%
Energy	1.9%	11.0%
Financial Services	1.4%	35.2%
Consumer Defensive	1.3%	6.0%
Consumer Cyclical	1.0%	11.0%
Technology	0.5%	8.5%

Return for Risk

ENZL vs. INDY — Risk / Return Rank

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

ENZL

ENZL Risk / Return Rank: 9
ENZL Sharpe Ratio Rank: 9
ENZL Sortino Ratio Rank: 9
ENZL Omega Ratio Rank: 9
ENZL Calmar Ratio Rank: 9
ENZL Martin Ratio Rank: 9

INDY

INDY Risk / Return Rank: 3
INDY Sharpe Ratio Rank: 2
INDY Sortino Ratio Rank: 3
INDY Omega Ratio Rank: 3
INDY Calmar Ratio Rank: 4
INDY Martin Ratio Rank: 2

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.

ENZL vs. INDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI New Zealand ETF (ENZL) 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.

	ENZL	INDY	Difference
Sharpe ratio: Return per unit of total volatility	0.04	-0.84	+0.89
Sortino ratio: Return per unit of downside risk	0.17	-1.18	+1.35
Omega ratio: Gain probability vs. loss probability	1.02	0.87	+0.15
Calmar ratio: Return relative to maximum drawdown	0.05	-0.64	+0.69
Martin ratio: Return relative to average drawdown	0.15	-1.35	+1.49

ENZL vs. INDY - Sharpe Ratio Comparison

The current ENZL Sharpe Ratio is 0.04, which is higher than the INDY Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of ENZL 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.

Drawdowns

ENZL vs. INDY - Drawdown Comparison

The maximum ENZL drawdown since its inception was -42.44%, smaller than the maximum INDY drawdown of -44.74%. Use the drawdown chart below to compare losses from any high point for ENZL and INDY.

Drawdown Indicators

	ENZL	INDY	Difference
Max Drawdown Largest peak-to-trough decline	-42.44%	-44.74%	+2.30%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-18.95%	+6.05%
Max Drawdown (3Y) Largest decline over 3 years	-20.67%	-22.40%	+1.73%
Max Drawdown (5Y) Largest decline over 5 years	-36.86%	-22.40%	-14.46%
Max Drawdown (10Y) Largest decline over 10 years	-42.44%	-43.50%	+1.06%
Current Drawdown Current decline from peak	-30.28%	-18.17%	-12.11%
Average Drawdown Average peak-to-trough decline	-12.83%	-12.24%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.70%	8.98%	-4.28%

Volatility

ENZL vs. INDY - Volatility Comparison

iShares MSCI New Zealand ETF (ENZL) has a higher volatility of 5.59% compared to iShares India 50 ETF (INDY) at 4.06%. This indicates that ENZL'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.

Volatility by Period

	ENZL	INDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	4.06%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	12.55%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	15.84%	14.36%	+1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.63%	14.98%	+3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	19.53%	+0.89%

ENZL vs. INDY - Expense Ratio Comparison

ENZL has a 0.50% expense ratio, which is lower than INDY's 0.65% expense ratio.

Dividends

ENZL vs. INDY - Dividend Comparison

ENZL's dividend yield for the trailing twelve months is around 2.29%, less than INDY's 9.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENZL iShares MSCI New Zealand ETF	2.29%	2.23%	2.13%	3.00%	1.62%	2.46%	1.66%	3.35%	3.60%	3.69%	4.79%	4.29%
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

Can I hold both ENZL and INDY in my portfolio?

ENZL and INDY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ENZL or INDY?

ENZL has higher volatility (5.59%) compared to INDY (4.06%). In terms of maximum drawdown, ENZL dropped -42.44% vs INDY's -44.74%.

Which ETF is better, ENZL or INDY?

On 10-year performance, INDY leads with 6.94% vs 3.47% for ENZL. On fees, ENZL is cheaper at 0.50% 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.

Which ETF has performed better, ENZL or INDY?

Over the 10-year period, INDY has performed better with a 6.94% return vs 3.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ENZL or INDY?

ENZL is cheaper with a 0.50% expense ratio, compared with 0.65% for INDY.

Which ETF pays a higher dividend yield, ENZL or INDY?

INDY has the higher dividend yield at 9.50%, compared with 2.29% for ENZL.

What is the main difference between ENZL and INDY?

ENZL is categorized as Asia Pacific Equities, while INDY is Emerging Markets Equities. ENZL tracks MSCI New Zealand Investable Market Index, while INDY tracks Nifty 50 Index. Their fees differ too: 0.50% for ENZL and 0.65% for INDY.

Which has better risk-adjusted returns?

ENZL currently has the higher Sharpe Ratio (0.04 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.