GIND vs. INDA

Last updated Jul 16, 2026

GIND (Goldman Sachs India Equity ETF) and INDA (iShares MSCI India ETF) are both India Equities funds. GIND is actively managed, while INDA is passively managed. Over the past year, GIND returned -11.49% vs -11.22% for INDA. Their correlation of 0.94 suggests significant overlap in exposure. GIND charges 0.75%/yr vs 0.69%/yr for INDA.

Performance

GIND vs. INDA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs India Equity ETF (GIND) and iShares MSCI India ETF (INDA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GIND achieves a -8.22% return, which is significantly higher than INDA's -9.86% return.

GIND

• 1D: -0.03%
• 1M: 0.54%
• 6M: -6.25%
• YTD: -8.22%
• 1Y: -11.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

INDA

• 1D: -0.02%
• 1M: -1.10%
• 6M: -8.51%
• YTD: -9.86%
• 1Y: -11.22%
• 3Y*: 3.50%
• 5Y*: 3.41%
• 10Y*: 6.54%

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

GIND vs. INDA - Yearly Performance Comparison

	2026 (YTD)	2025
GIND Goldman Sachs India Equity ETF	-8.22%	4.70%
INDA iShares MSCI India ETF	-9.86%	4.83%

Correlation

The correlation between GIND and INDA 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 (All Time) Calculated using the full available price history since Apr 3, 2025	0.94

The correlation between GIND and INDA has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

GIND vs. INDA - Sectors Allocation Comparison

Sectors	GIND	INDA
Financial Services	29.7%	28.9%
Consumer Cyclical	16.1%	12.0%
Industrials	12.0%	10.6%
Basic Materials	7.9%	8.6%
Healthcare	7.4%	6.1%
Technology	6.8%	8.0%
Consumer Defensive	5.5%	5.8%
Utilities	3.6%	4.4%
Energy	3.1%	9.1%
Communication Services	2.2%	5.1%
Real Estate	1.5%	1.3%

Return for Risk

GIND vs. INDA — Risk / Return Rank

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

GIND

GIND Risk / Return Rank: 4
GIND Sharpe Ratio Rank: 4
GIND Sortino Ratio Rank: 4
GIND Omega Ratio Rank: 4
GIND Calmar Ratio Rank: 5
GIND Martin Ratio Rank: 3

INDA

INDA Risk / Return Rank: 3
INDA Sharpe Ratio Rank: 3
INDA Sortino Ratio Rank: 3
INDA Omega Ratio Rank: 4
INDA Calmar Ratio Rank: 4
INDA 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.

GIND vs. INDA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs India Equity ETF (GIND) and iShares MSCI India ETF (INDA). 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.

	GIND	INDA	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	-0.75	+0.06
Sortino ratio: Return per unit of downside risk	-0.92	-1.02	+0.09
Omega ratio: Gain probability vs. loss probability	0.90	0.89	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.52	-0.63	+0.11
Martin ratio: Return relative to average drawdown	-1.16	-1.41	+0.24

GIND vs. INDA - Sharpe Ratio Comparison

The current GIND Sharpe Ratio is -0.69, which is comparable to the INDA Sharpe Ratio of -0.75. The chart below compares the historical Sharpe Ratios of GIND and INDA, 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

GIND vs. INDA - Drawdown Comparison

The maximum GIND drawdown since its inception was -22.97%, smaller than the maximum INDA drawdown of -45.07%. Use the drawdown chart below to compare losses from any high point for GIND and INDA.

Drawdown Indicators

	GIND	INDA	Difference
Max Drawdown Largest peak-to-trough decline	-22.97%	-45.07%	+22.10%
Max Drawdown (1Y) Largest decline over 1 year	-22.27%	-17.85%	-4.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.72%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.07%	—
Current Drawdown Current decline from peak	-12.98%	-17.11%	+4.13%
Average Drawdown Average peak-to-trough decline	-7.42%	-9.62%	+2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.88%	7.99%	+1.89%

Volatility

GIND vs. INDA - Volatility Comparison

Goldman Sachs India Equity ETF (GIND) has a higher volatility of 4.88% compared to iShares MSCI India ETF (INDA) at 4.25%. This indicates that GIND's price experiences larger fluctuations and is considered to be riskier than INDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIND	INDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	4.25%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	14.62%	13.08%	+1.54%
Volatility (1Y) Calculated over the trailing 1-year period	16.72%	15.00%	+1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	15.47%	+1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	21.06%	-3.97%

GIND vs. INDA - Expense Ratio Comparison

GIND has a 0.75% expense ratio, which is higher than INDA's 0.69% expense ratio.

Dividends

GIND vs. INDA - Dividend Comparison

Neither GIND nor INDA has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIND Goldman Sachs India Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
INDA iShares MSCI India ETF	0.00%	0.00%	0.76%	0.16%	0.00%	6.44%	0.27%	0.99%	0.94%	1.09%	0.90%	1.19%

Frequently Asked Questions

Can I hold both GIND and INDA in my portfolio?

With a correlation of 0.96, GIND and INDA 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, GIND or INDA?

GIND has higher volatility (4.88%) compared to INDA (4.25%). In terms of maximum drawdown, GIND dropped -22.97% vs INDA's -45.07%.

Which ETF is better, GIND or INDA?

On 1-year performance, INDA leads with -11.22% vs -11.49% for GIND. On fees, INDA is cheaper at 0.69% per year. On volatility, INDA has been the lower-risk option at 4.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIND or INDA?

Over the 1-year period, INDA has performed better with a -11.22% return vs -11.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIND or INDA?

INDA is cheaper with a 0.69% expense ratio, compared with 0.75% for GIND.

Which ETF pays a higher dividend yield, GIND or INDA?

GIND and INDA have nearly identical dividend yields, around 0.00%.

What is the main difference between GIND and INDA?

They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.75% for GIND and 0.69% for INDA.

Which has better risk-adjusted returns?

GIND currently has the higher Sharpe Ratio (-0.69 vs -0.75), 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.