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EWS vs. INDY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWS vs. INDY

Last updated Jun 14, 2026

EWS (iShares MSCI Singapore ETF) and INDY (iShares India 50 ETF) are both exchange-traded funds - EWS is a Asia Pacific Equities fund tracking the MSCI Singapore Index, while INDY is a Emerging Markets Equities fund tracking the Nifty 50 Index. Both are passively managed. Over the past 10 years, EWS returned 7.88%/yr vs 6.65%/yr for INDY. A 0.57 correlation means they provide meaningful diversification when combined. EWS charges 0.50%/yr vs 0.65%/yr for INDY.

Performance

EWS vs. INDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Singapore ETF (EWS) 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, EWS achieves a 5.96% return, which is significantly higher than INDY's -13.37% return. Over the past 10 years, EWS has outperformed INDY with an annualized return of 7.88%, while INDY has yielded a comparatively lower 6.65% annualized return.

EWS

1D
0.07%
1M
0.69%
YTD
5.96%
6M
7.68%
1Y
18.15%
3Y*
20.28%
5Y*
8.93%
10Y*
7.88%

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)

EWS vs. INDY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWS
iShares MSCI Singapore ETF		5.96%31.35%22.10%6.15%-9.80%5.47%-8.47%14.54%-11.34%34.78%
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 EWS and INDY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.35

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

0.40

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

0.46

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

0.50

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

0.57

Over the past year, the correlation between EWS and INDY has dropped to 0.35 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

EWS vs. INDY - Sectors Allocation Comparison

Sectors
EWS
INDY

Financial Services

51.6%
35.2%

Industrials

18.1%
8.0%

Real Estate

8.9%

-

Consumer Cyclical

4.6%
11.0%

Technology

4.5%
8.5%

Utilities

4.3%
2.9%

Consumer Defensive

4.1%
6.0%

Communication Services

3.9%
5.2%

Basic Materials

-

7.7%

Energy

-

11.0%

Healthcare

-

4.7%

Financial Services

EWS
51.6%
INDY
35.2%

Industrials

EWS
18.1%
INDY
8.0%

Real Estate

EWS
8.9%
INDY

-

Consumer Cyclical

EWS
4.6%
INDY
11.0%

Technology

EWS
4.5%
INDY
8.5%

Utilities

EWS
4.3%
INDY
2.9%

Consumer Defensive

EWS
4.1%
INDY
6.0%

Communication Services

EWS
3.9%
INDY
5.2%

Basic Materials

EWS

-

INDY
7.7%

Energy

EWS

-

INDY
11.0%

Healthcare

EWS

-

INDY
4.7%

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 Singapore ETF

iShares India 50 ETF

Often compared with EWS:
EWS vs. EWHEWS vs. EWTEWS vs. EWJEWS vs. ASEAEWS vs. SMINEWS vs. EIDOEWS vs. FLGR
Often compared with INDY:
INDY vs. INDAINDY vs. NFTYINDY vs. EPIINDY vs. FLININDY vs. VOOINDY vs. XNIF.LINDY vs. GLIN

Return for Risk

EWS vs. INDY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWS
EWS Risk / Return Rank: 3939
Overall Rank
EWS Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
EWS Sortino Ratio Rank: 3636
Sortino Ratio Rank
EWS Omega Ratio Rank: 3535
Omega Ratio Rank
EWS Calmar Ratio Rank: 5151
Calmar Ratio Rank
EWS Martin Ratio Rank: 3939
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.

EWS vs. INDY - Risk-Adjusted Trends Comparison

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

EWSINDYDifference
Sharpe ratioReturn per unit of total volatility
1.15
-0.97

+2.12

Sortino ratioReturn per unit of downside risk
1.69
-1.37

+3.06

Omega ratioGain probability vs. loss probability

1.21

0.85

+0.36

Calmar ratioReturn relative to maximum drawdown

2.24

-0.73

+2.97

Martin ratioReturn relative to average drawdown

5.40

-1.59

+6.99

EWS vs. INDY - Sharpe Ratio Comparison

The current EWS Sharpe Ratio is 1.15, which is higher than the INDY Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of EWS 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

EWS vs. INDY - Drawdown Comparison

The maximum EWS drawdown since its inception was -75.13%, which is greater than INDY's maximum drawdown of -44.74%. Use the drawdown chart below to compare losses from any high point for EWS and INDY.

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Drawdown Indicators

EWSINDYDifference

Max Drawdown

Largest peak-to-trough decline

-75.13%

-44.74%

-30.39%

Max Drawdown (1Y)

Largest decline over 1 year

-7.82%

-18.95%

+11.13%

Max Drawdown (3Y)

Largest decline over 3 years

-16.34%

-22.40%

+6.06%

Max Drawdown (5Y)

Largest decline over 5 years

-29.06%

-22.40%

-6.66%

Max Drawdown (10Y)

Largest decline over 10 years

-40.84%

-43.50%

+2.66%

Current Drawdown

Current decline from peak

-2.77%

-19.12%

+16.35%

Average Drawdown

Average peak-to-trough decline

-21.98%

-12.23%

-9.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.23%

8.72%

-5.49%

Volatility

EWS vs. INDY - Volatility Comparison

iShares MSCI Singapore ETF (EWS) has a higher volatility of 5.05% compared to iShares India 50 ETF (INDY) at 3.98%. This indicates that EWS'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

EWSINDYDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.05%

3.98%

+1.07%

Volatility (6M)

Calculated over the trailing 6-month period

12.11%

12.35%

-0.24%

Volatility (1Y)

Calculated over the trailing 1-year period

15.24%

14.31%

+0.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.34%

14.96%

+2.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.04%

19.58%

-1.54%

EWS vs. INDY - Expense Ratio Comparison

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

Dividends

EWS vs. INDY - Dividend Comparison

EWS's dividend yield for the trailing twelve months is around 3.87%, less than INDY's 9.36% yield.

PositionTTM20252024202320222021202020192018201720162015
EWS
iShares MSCI Singapore ETF		3.87%4.10%4.28%6.50%2.56%6.00%2.68%4.70%4.21%3.46%3.96%4.20%
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

EWS and INDY have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWS has higher volatility (5.05%) compared to INDY (3.98%). In terms of maximum drawdown, EWS dropped -75.13% vs INDY's -44.74%.

On 10-year performance, EWS leads with 7.88% vs 6.65% for INDY. On fees, EWS 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, EWS has performed better with a 7.88% return vs 6.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWS 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 3.87% for EWS.

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

EWS currently has the higher Sharpe Ratio (1.15 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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