FLIN vs. INDY

Last updated Jun 3, 2026

FLIN (Franklin FTSE India ETF) and INDY (iShares India 50 ETF) are both Asia Pacific Equities funds - FLIN tracks the FTSE India RIC Capped Index while INDY tracks the S&P CNX Nifty Index. Both are passively managed. Over the past 5 years, FLIN returned 4.07%/yr vs 1.60%/yr for INDY. Their correlation of 0.93 suggests significant overlap in exposure. FLIN charges 0.19%/yr vs 0.94%/yr for INDY.

Performance

FLIN vs. INDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE India ETF (FLIN) 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, FLIN achieves a -10.57% return, which is significantly higher than INDY's -14.22% return.

FLIN

• 1D: 0.00%
• 1M: -2.02%
• YTD: -10.57%
• 6M: -10.21%
• 1Y: -11.15%
• 3Y*: 6.07%
• 5Y*: 4.07%
• 10Y*: —

INDY

• 1D: -0.05%
• 1M: -2.96%
• YTD: -14.22%
• 6M: -13.48%
• 1Y: -14.47%
• 3Y*: 1.85%
• 5Y*: 1.60%
• 10Y*: 6.29%

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

FLIN vs. INDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLIN Franklin FTSE India ETF	-10.57%	2.40%	10.33%	20.58%	-7.96%	24.96%	14.50%	4.77%	-6.70%
INDY iShares India 50 ETF	-14.22%	4.97%	3.47%	16.88%	-7.31%	19.43%	10.01%	9.99%	-0.46%

Correlation

The correlation between FLIN and INDY is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 9, 2018	0.93

The correlation between FLIN and INDY has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

FLIN vs. INDY - Sectors Allocation Comparison

Sectors	FLIN	INDY
Financial Services	27.2%	35.3%
Consumer Cyclical	12.0%	10.7%
Industrials	10.3%	7.7%
Energy	9.5%	11.4%
Basic Materials	9.2%	7.3%
Technology	8.4%	8.6%
Healthcare	6.5%	4.5%
Consumer Defensive	5.8%	6.2%
Utilities	5.3%	3.0%
Communication Services	4.6%	5.3%
Real Estate	1.3%	-

Return for Risk

FLIN vs. INDY — Risk / Return Rank

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

FLIN

FLIN Risk / Return Rank: 3
FLIN Sharpe Ratio Rank: 3
FLIN Sortino Ratio Rank: 3
FLIN Omega Ratio Rank: 3
FLIN Calmar Ratio Rank: 4
FLIN Martin Ratio Rank: 1

INDY

INDY Risk / Return Rank: 1
INDY Sharpe Ratio Rank: 1
INDY Sortino Ratio Rank: 1
INDY Omega Ratio Rank: 2
INDY Calmar Ratio Rank: 2
INDY Martin Ratio Rank: 0

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.

FLIN vs. INDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE India ETF (FLIN) 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.

	FLIN	INDY	Difference
Sharpe ratio Return per unit of total volatility	-0.75	-1.03	+0.27
Sortino ratio Return per unit of downside risk	-1.02	-1.47	+0.45
Omega ratio Gain probability vs. loss probability	0.88	0.84	+0.05
Calmar ratio Return relative to maximum drawdown	-0.58	-0.75	+0.17
Martin ratio Return relative to average drawdown	-1.44	-1.74	+0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLIN vs. INDY - Sharpe Ratio Comparison

The current FLIN Sharpe Ratio is -0.75, which is comparable to the INDY Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of FLIN 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.

Sharpe Ratios by Period

	FLIN	INDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.75	-1.03	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.11	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.22	+0.06

Drawdowns

FLIN vs. INDY - Drawdown Comparison

The maximum FLIN drawdown since its inception was -41.90%, smaller than the maximum INDY drawdown of -44.74%. Use the drawdown chart below to compare losses from any high point for FLIN and INDY.

Drawdown Indicators

	FLIN	INDY	Difference
Max Drawdown Largest peak-to-trough decline	-41.90%	-44.74%	+2.84%
Max Drawdown (1Y) Largest decline over 1 year	-18.79%	-18.95%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-22.85%	-22.40%	-0.45%
Max Drawdown (5Y) Largest decline over 5 years	-22.85%	-22.40%	-0.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.50%	—
Current Drawdown Current decline from peak	-17.67%	-19.92%	+2.25%
Average Drawdown Average peak-to-trough decline	-8.00%	-12.22%	+4.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.51%	8.18%	-0.67%

Volatility

FLIN vs. INDY - Volatility Comparison

Franklin FTSE India ETF (FLIN) has a higher volatility of 5.08% compared to iShares India 50 ETF (INDY) at 4.72%. This indicates that FLIN'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

	FLIN	INDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	4.72%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	12.21%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	14.85%	14.13%	+0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.72%	14.93%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.45%	19.58%	+0.87%

FLIN vs. INDY - Expense Ratio Comparison

FLIN has a 0.19% expense ratio, which is lower than INDY's 0.94% expense ratio.

Dividends

FLIN vs. INDY - Dividend Comparison

FLIN's dividend yield for the trailing twelve months is around 0.63%, less than INDY's 9.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLIN Franklin FTSE India ETF	0.63%	0.56%	1.58%	0.73%	0.73%	2.26%	0.68%	0.90%	0.92%	0.00%	0.00%	0.00%
INDY iShares India 50 ETF	9.45%	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 FLIN and INDY in my portfolio?

With a correlation of 0.96, FLIN and INDY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FLIN or INDY?

FLIN has higher volatility (5.08%) compared to INDY (4.72%). In terms of maximum drawdown, FLIN dropped -41.90% vs INDY's -44.74%.

Which ETF is better, FLIN or INDY?

On 5-year performance, FLIN leads with 4.07% vs 1.60% for INDY. On fees, FLIN is cheaper at 0.19% per year. On volatility, INDY has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLIN or INDY?

Over the 5-year period, FLIN has performed better with a 4.07% return vs 1.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLIN or INDY?

FLIN is cheaper with a 0.19% expense ratio, compared with 0.94% for INDY.

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

INDY has the higher dividend yield at 9.45%, compared with 0.63% for FLIN.

What is the main difference between FLIN and INDY?

FLIN tracks FTSE India RIC Capped Index, while INDY tracks S&P CNX Nifty Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.19% for FLIN and 0.94% for INDY.

Which has better risk-adjusted returns?

FLIN currently has the higher Sharpe Ratio (-0.75 vs -1.03), 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.