GLIN vs. INDF

Last updated Jun 23, 2026

GLIN (VanEck Vectors India Growth Leaders ETF) and INDF (Nifty India Financials ETF) are both exchange-traded funds - GLIN is a Asia Pacific Equities fund tracking the MarketGrader India All-Cap Growth Leaders Index, while INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index. Both are passively managed. A 0.63 correlation means they provide meaningful diversification when combined. GLIN charges 0.82%/yr vs 0.75%/yr for INDF.

Performance

GLIN vs. INDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors India Growth Leaders ETF (GLIN) and Nifty India Financials ETF (INDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GLIN

• 1D: 2.39%
• 1M: 7.11%
• YTD: 3.97%
• 6M: 3.68%
• 1Y: 4.17%
• 3Y*: 12.89%
• 5Y*: 6.27%
• 10Y*: 3.07%

INDF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLIN vs. INDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GLIN VanEck Vectors India Growth Leaders ETF	3.97%	-5.47%	15.64%	36.13%	-21.46%	29.57%	13.46%
INDF Nifty India Financials ETF	0.00%	8.17%	6.32%	19.86%	-5.28%	11.95%	24.44%

Correlation

The correlation between GLIN and INDF is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 21, 2020	0.63

Over the past year, the correlation between GLIN and INDF has dropped to 0.17 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

GLIN vs. INDF - Sectors Allocation Comparison

Sectors	GLIN	INDF
Financial Services	35.5%	100.0%
Industrials	20.5%	-
Consumer Cyclical	14.5%	-
Healthcare	8.2%	-
Basic Materials	8.1%	-
Communication Services	5.2%	-
Utilities	3.6%	-
Energy	2.2%	-
Technology	2.0%	-
Consumer Defensive	0.6%	-
Real Estate	0.0%	-

Return for Risk

GLIN vs. INDF — Risk / Return Rank

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

GLIN

GLIN Risk / Return Rank: 11
GLIN Sharpe Ratio Rank: 11
GLIN Sortino Ratio Rank: 11
GLIN Omega Ratio Rank: 11
GLIN Calmar Ratio Rank: 11
GLIN Martin Ratio Rank: 11

INDF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

GLIN vs. INDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors India Growth Leaders ETF (GLIN) and Nifty India Financials ETF (INDF). 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.

	GLIN	INDF	Difference
Sharpe ratio: Return per unit of total volatility	0.23	—	—
Sortino ratio: Return per unit of downside risk	0.47	—	—
Omega ratio: Gain probability vs. loss probability	1.05	—	—
Calmar ratio: Return relative to maximum drawdown	0.23	—	—
Martin ratio: Return relative to average drawdown	0.66	—	—

Drawdowns

Drawdown Indicators

	GLIN	INDF	Difference
Max Drawdown Largest peak-to-trough decline	-79.36%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-18.56%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-26.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-74.80%	—	—
Current Drawdown Current decline from peak	-40.90%	—	—
Average Drawdown Average peak-to-trough decline	-50.93%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	6.38%	—	—

Volatility

Volatility by Period

	GLIN	INDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.29%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.71%	—	—

GLIN vs. INDF - Expense Ratio Comparison

GLIN has a 0.82% expense ratio, which is higher than INDF's 0.75% expense ratio.

Dividends

GLIN vs. INDF - Dividend Comparison

GLIN's dividend yield for the trailing twelve months is around 0.81%, while INDF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLIN VanEck Vectors India Growth Leaders ETF	0.81%	0.84%	3.58%	0.96%	1.70%	0.00%	0.24%	1.42%	0.12%	0.10%	1.39%	3.11%
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLIN and INDF in my portfolio?

GLIN and INDF have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLIN or INDF?

On fees, INDF is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLIN or INDF?

INDF is cheaper with a 0.75% expense ratio, compared with 0.82% for GLIN.

Which ETF pays a higher dividend yield, GLIN or INDF?

INDF has the higher dividend yield at 21.29%, compared with 0.81% for GLIN.

What is the main difference between GLIN and INDF?

GLIN is categorized as Asia Pacific Equities, while INDF is Financials Equities. GLIN tracks MarketGrader India All-Cap Growth Leaders Index, while INDF tracks Nifty Financial Services 25/50 Index. They also come from different issuers: VanEck and Exchange Traded Concepts. Their fees differ too: 0.82% for GLIN and 0.75% for INDF.