GLIN vs. INDL

Last updated Jun 23, 2026

GLIN (VanEck Vectors India Growth Leaders ETF) and INDL (Direxion Daily India Bull 3x Shares) are both exchange-traded funds - GLIN is a Asia Pacific Equities fund tracking the MarketGrader India All-Cap Growth Leaders Index, while INDL is a Leveraged Equities fund tracking the Indus India Index (300%). Both are passively managed. Over the past 10 years, GLIN returned 3.07%/yr vs 1.44%/yr for INDL. Their correlation of 0.83 suggests significant overlap in exposure. GLIN charges 0.82%/yr vs 1.33%/yr for INDL.

Performance

GLIN vs. INDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors India Growth Leaders ETF (GLIN) and Direxion Daily India Bull 3x Shares (INDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLIN achieves a 3.97% return, which is significantly higher than INDL's -18.23% return. Over the past 10 years, GLIN has outperformed INDL with an annualized return of 3.07%, while INDL has yielded a comparatively lower 1.44% annualized return.

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%

INDL

• 1D: 1.38%
• 1M: 5.91%
• YTD: -18.23%
• 6M: -18.85%
• 1Y: -20.96%
• 3Y*: 2.26%
• 5Y*: -0.31%
• 10Y*: 1.44%

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

GLIN vs. INDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLIN VanEck Vectors India Growth Leaders ETF	3.97%	-5.47%	15.64%	36.13%	-21.46%	29.57%	-0.29%	-21.49%	-37.41%	66.53%
INDL Direxion Daily India Bull 3x Shares	-18.23%	-3.21%	7.56%	26.06%	-22.88%	40.26%	-36.43%	3.15%	-34.29%	127.98%

Correlation

The correlation between GLIN and INDL is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Aug 25, 2010	0.83

The correlation between GLIN and INDL has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

GLIN vs. INDL - Sectors Allocation Comparison

Sectors	GLIN	INDL
Financial Services	35.5%	28.9%
Industrials	20.5%	10.6%
Consumer Cyclical	14.5%	12.0%
Healthcare	8.2%	6.1%
Basic Materials	8.1%	8.6%
Communication Services	5.2%	5.1%
Utilities	3.6%	4.4%
Energy	2.2%	9.1%
Technology	2.0%	8.0%
Consumer Defensive	0.6%	5.8%
Real Estate	0.0%	1.3%

Return for Risk

GLIN vs. INDL — 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

INDL

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

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. INDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors India Growth Leaders ETF (GLIN) and Direxion Daily India Bull 3x Shares (INDL). 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	INDL	Difference
Sharpe ratio: Return per unit of total volatility	0.23	-0.71	+0.94
Sortino ratio: Return per unit of downside risk	0.47	-0.91	+1.38
Omega ratio: Gain probability vs. loss probability	1.05	0.90	+0.16
Calmar ratio: Return relative to maximum drawdown	0.23	-0.56	+0.78
Martin ratio: Return relative to average drawdown	0.66	-1.12	+1.77

GLIN vs. INDL - Sharpe Ratio Comparison

The current GLIN Sharpe Ratio is 0.23, which is higher than the INDL Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of GLIN and INDL, 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

GLIN vs. INDL - Drawdown Comparison

The maximum GLIN drawdown since its inception was -79.36%, smaller than the maximum INDL drawdown of -95.67%. Use the drawdown chart below to compare losses from any high point for GLIN and INDL.

Drawdown Indicators

	GLIN	INDL	Difference
Max Drawdown Largest peak-to-trough decline	-79.36%	-95.67%	+16.31%
Max Drawdown (1Y) Largest decline over 1 year	-18.56%	-37.82%	+19.26%
Max Drawdown (3Y) Largest decline over 3 years	-26.77%	-47.64%	+20.87%
Max Drawdown (5Y) Largest decline over 5 years	-30.97%	-47.64%	+16.67%
Max Drawdown (10Y) Largest decline over 10 years	-74.80%	-91.96%	+17.16%
Current Drawdown Current decline from peak	-40.90%	-76.98%	+36.08%
Average Drawdown Average peak-to-trough decline	-50.93%	-66.37%	+15.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.38%	18.75%	-12.37%

Volatility

GLIN vs. INDL - Volatility Comparison

The current volatility for VanEck Vectors India Growth Leaders ETF (GLIN) is 5.59%, while Direxion Daily India Bull 3x Shares (INDL) has a volatility of 8.28%. This indicates that GLIN experiences smaller price fluctuations and is considered to be less risky than INDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLIN	INDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	8.28%	-2.69%
Volatility (6M) Calculated over the trailing 6-month period	15.66%	26.03%	-10.37%
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	29.88%	-11.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.29%	30.68%	-12.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.71%	52.69%	-28.98%

GLIN vs. INDL - Expense Ratio Comparison

GLIN has a 0.82% expense ratio, which is lower than INDL's 1.33% expense ratio.

Dividends

GLIN vs. INDL - Dividend Comparison

GLIN's dividend yield for the trailing twelve months is around 0.81%, less than INDL's 1.54% yield.

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%
INDL Direxion Daily India Bull 3x Shares	1.54%	1.42%	2.79%	1.65%	0.09%	2.35%	0.00%	0.68%	0.18%	0.31%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLIN and INDL in my portfolio?

With a correlation of 0.91, GLIN and INDL 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, GLIN or INDL?

INDL has higher volatility (8.28%) compared to GLIN (5.59%). In terms of maximum drawdown, GLIN dropped -79.36% vs INDL's -95.67%.

Which ETF is better, GLIN or INDL?

On 10-year performance, GLIN leads with 3.07% vs 1.44% for INDL. On fees, GLIN is cheaper at 0.82% per year. On volatility, GLIN has been the lower-risk option at 5.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLIN or INDL?

Over the 10-year period, GLIN has performed better with a 3.07% return vs 1.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLIN or INDL?

GLIN is cheaper with a 0.82% expense ratio, compared with 1.33% for INDL.

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

INDL has the higher dividend yield at 1.54%, compared with 0.81% for GLIN.

What is the main difference between GLIN and INDL?

GLIN is categorized as Asia Pacific Equities, while INDL is Leveraged Equities. GLIN tracks MarketGrader India All-Cap Growth Leaders Index, while INDL tracks Indus India Index (300%). They also come from different issuers: VanEck and Direxion. Their fees differ too: 0.82% for GLIN and 1.33% for INDL.

Which has better risk-adjusted returns?

GLIN currently has the higher Sharpe Ratio (0.23 vs -0.71), 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.