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EWA vs. INDY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWA vs. INDY

Last updated Jun 14, 2026

EWA (iShares MSCI-Australia ETF) and INDY (iShares India 50 ETF) are both exchange-traded funds - EWA is a Asia Pacific Equities fund tracking the MSCI Australia Index, while INDY is a Emerging Markets Equities fund tracking the Nifty 50 Index. Both are passively managed. Over the past 10 years, EWA returned 8.75%/yr vs 6.65%/yr for INDY. A 0.56 correlation means they provide meaningful diversification when combined. EWA charges 0.50%/yr vs 0.65%/yr for INDY.

Performance

EWA vs. INDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI-Australia ETF (EWA) 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, EWA achieves a 11.57% return, which is significantly higher than INDY's -13.37% return. Over the past 10 years, EWA has outperformed INDY with an annualized return of 8.75%, while INDY has yielded a comparatively lower 6.65% annualized return.

EWA

1D
0.90%
1M
1.74%
YTD
11.57%
6M
12.06%
1Y
14.64%
3Y*
11.97%
5Y*
5.57%
10Y*
8.75%

INDY

1D
1.16%
1M
0.71%
YTD
-13.37%
6M
-11.62%
1Y
-12.55%
3Y*
1.97%
5Y*
1.75%
10Y*
6.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWA vs. INDY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWA
iShares MSCI-Australia ETF		11.57%13.35%1.60%13.81%-5.92%8.93%8.29%22.45%-12.04%19.88%
INDY
iShares India 50 ETF		-13.37%4.97%3.47%16.88%-7.31%19.43%10.01%9.99%-4.32%36.15%

Correlation

The correlation between EWA and INDY is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.43

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

0.46

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

0.53

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

0.52

Correlation (All Time)
Calculated using the full available price history since Nov 20, 2009

0.56

The correlation between EWA and INDY shifts across timeframes, from 0.43 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

EWA vs. INDY - Sectors Allocation Comparison

Sectors
EWA
INDY

Financial Services

41.4%
35.2%

Basic Materials

26.4%
7.7%

Consumer Cyclical

6.5%
11.0%

Real Estate

5.1%

-

Healthcare

4.3%
4.7%

Industrials

4.2%
8.0%

Energy

4.2%
11.0%

Consumer Defensive

3.6%
6.0%

Communication Services

1.9%
5.2%

Utilities

1.6%
2.9%

Technology

1.0%
8.5%

Financial Services

EWA
41.4%
INDY
35.2%

Basic Materials

EWA
26.4%
INDY
7.7%

Consumer Cyclical

EWA
6.5%
INDY
11.0%

Real Estate

EWA
5.1%
INDY

-

Healthcare

EWA
4.3%
INDY
4.7%

Industrials

EWA
4.2%
INDY
8.0%

Energy

EWA
4.2%
INDY
11.0%

Consumer Defensive

EWA
3.6%
INDY
6.0%

Communication Services

EWA
1.9%
INDY
5.2%

Utilities

EWA
1.6%
INDY
2.9%

Technology

EWA
1.0%
INDY
8.5%

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-Australia ETF

iShares India 50 ETF

Often compared with EWA:
EWA vs. EWCEWA vs. FLAUEWA vs. EWJEWA vs. EWOEWA vs. ^N225EWA vs. VOOEWA vs. SPY
Often compared with INDY:
INDY vs. INDAINDY vs. NFTYINDY vs. EPIINDY vs. FLININDY vs. VOOINDY vs. XNIF.LINDY vs. GLIN

Return for Risk

EWA vs. INDY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWA
EWA Risk / Return Rank: 2626
Overall Rank
EWA Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
EWA Sortino Ratio Rank: 2424
Sortino Ratio Rank
EWA Omega Ratio Rank: 2323
Omega Ratio Rank
EWA Calmar Ratio Rank: 3131
Calmar Ratio Rank
EWA Martin Ratio Rank: 2929
Martin Ratio Rank
INDY
INDY Risk / Return Rank: 22
Overall Rank
INDY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
INDY Sortino Ratio Rank: 22
Sortino Ratio Rank
INDY Omega Ratio Rank: 22
Omega Ratio Rank
INDY Calmar Ratio Rank: 33
Calmar Ratio Rank
INDY Martin Ratio Rank: 11
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.

EWA vs. INDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI-Australia ETF (EWA) 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.

EWAINDYDifference
Sharpe ratioReturn per unit of total volatility
0.77
-0.97

+1.74

Sortino ratioReturn per unit of downside risk
1.15
-1.37

+2.53

Omega ratioGain probability vs. loss probability

1.14

0.85

+0.30

Calmar ratioReturn relative to maximum drawdown

1.33

-0.73

+2.06

Martin ratioReturn relative to average drawdown

3.68

-1.59

+5.27

EWA vs. INDY - Sharpe Ratio Comparison

The current EWA Sharpe Ratio is 0.77, which is higher than the INDY Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of EWA 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

EWA vs. INDY - Drawdown Comparison

The maximum EWA drawdown since its inception was -66.98%, which is greater than INDY's maximum drawdown of -44.74%. Use the drawdown chart below to compare losses from any high point for EWA and INDY.

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Drawdown Indicators

EWAINDYDifference

Max Drawdown

Largest peak-to-trough decline

-66.98%

-44.74%

-22.24%

Max Drawdown (1Y)

Largest decline over 1 year

-10.01%

-18.95%

+8.94%

Max Drawdown (3Y)

Largest decline over 3 years

-21.91%

-22.40%

+0.49%

Max Drawdown (5Y)

Largest decline over 5 years

-24.87%

-22.40%

-2.47%

Max Drawdown (10Y)

Largest decline over 10 years

-45.54%

-43.50%

-2.04%

Current Drawdown

Current decline from peak

-3.44%

-19.12%

+15.68%

Average Drawdown

Average peak-to-trough decline

-11.32%

-12.23%

+0.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.62%

8.72%

-5.10%

Volatility

EWA vs. INDY - Volatility Comparison

iShares MSCI-Australia ETF (EWA) has a higher volatility of 5.80% compared to iShares India 50 ETF (INDY) at 3.98%. This indicates that EWA'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

EWAINDYDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.80%

3.98%

+1.82%

Volatility (6M)

Calculated over the trailing 6-month period

14.62%

12.35%

+2.27%

Volatility (1Y)

Calculated over the trailing 1-year period

17.40%

14.31%

+3.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.80%

14.96%

+4.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.62%

19.58%

+3.04%

EWA vs. INDY - Expense Ratio Comparison

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

Dividends

EWA vs. INDY - Dividend Comparison

EWA's dividend yield for the trailing twelve months is around 2.88%, less than INDY's 9.36% yield.

PositionTTM20252024202320222021202020192018201720162015
EWA
iShares MSCI-Australia ETF		2.88%3.21%3.71%3.72%5.28%5.08%2.02%3.97%6.11%4.44%4.03%5.48%
INDY
iShares India 50 ETF		9.36%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

EWA and INDY have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWA has higher volatility (5.80%) compared to INDY (3.98%). In terms of maximum drawdown, EWA dropped -66.98% vs INDY's -44.74%.

On 10-year performance, EWA leads with 8.75% vs 6.65% for INDY. On fees, EWA is cheaper at 0.50% per year. On volatility, INDY has been the lower-risk option at 3.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWA has performed better with a 8.75% return vs 6.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

INDY has the higher dividend yield at 9.36%, compared with 2.88% for EWA.

EWA is categorized as Asia Pacific Equities, while INDY is Emerging Markets Equities. EWA tracks MSCI Australia Index, while INDY tracks Nifty 50 Index. Their fees differ too: 0.50% for EWA and 0.65% for INDY.

EWA currently has the higher Sharpe Ratio (0.77 vs -0.97), 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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