HSBH vs. INDF

Last updated Jul 17, 2026

HSBH (HSBC Holdings plc ADRhedged ETF) and INDF (Nifty India Financials ETF) are both Financials Equities funds - HSBH tracks the HSBC Holdings plc Local Shares Total Return while INDF tracks the Nifty Financial Services 25/50 Index. Both are passively managed. At a 0.06 correlation, their price movements are largely independent. HSBH charges 0.19%/yr vs 0.75%/yr for INDF.

Performance

HSBH vs. INDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC Holdings plc ADRhedged ETF (HSBH) and Nifty India Financials ETF (INDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HSBH

• 1D: 0.45%
• 1M: 5.88%
• 6M: 23.44%
• YTD: 30.58%
• 1Y: 64.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

INDF

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

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

HSBH vs. INDF - Yearly Performance Comparison

	2026 (YTD)	2025
HSBH HSBC Holdings plc ADRhedged ETF	30.58%	39.95%
INDF Nifty India Financials ETF	0.00%	-3.61%

Correlation

The correlation between HSBH and INDF is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Apr 23, 2025	0.06

The correlation between HSBH and INDF shifts across timeframes, from -0.04 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

HSBH vs. INDF - Sectors Allocation Comparison

Sectors	HSBH	INDF
Financial Services	97.4%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

HSBH vs. INDF — Risk / Return Rank

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

HSBH

HSBH Risk / Return Rank: 91
HSBH Sharpe Ratio Rank: 94
HSBH Sortino Ratio Rank: 91
HSBH Omega Ratio Rank: 91
HSBH Calmar Ratio Rank: 90
HSBH Martin Ratio Rank: 90

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.

HSBH vs. INDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Holdings plc ADRhedged ETF (HSBH) 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.

	HSBH	INDF	Difference
Sharpe ratio: Return per unit of total volatility	2.76	—	—
Sortino ratio: Return per unit of downside risk	3.52	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	4.40	—	—
Martin ratio: Return relative to average drawdown	15.92	—	—

Drawdowns

Drawdown Indicators

	HSBH	INDF	Difference
Max Drawdown Largest peak-to-trough decline	-14.81%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-14.81%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-2.26%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	—	—

Volatility

Volatility by Period

	HSBH	INDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.64%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.61%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.61%	—	—

HSBH vs. INDF - Expense Ratio Comparison

HSBH has a 0.19% expense ratio, which is lower than INDF's 0.75% expense ratio.

Dividends

HSBH vs. INDF - Dividend Comparison

HSBH's dividend yield for the trailing twelve months is around 2.27%, while INDF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
HSBH HSBC Holdings plc ADRhedged ETF	2.27%	0.00%	0.00%	0.00%	0.00%	0.00%
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%

Frequently Asked Questions

Can I hold both HSBH and INDF in my portfolio?

HSBH and INDF have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HSBH or INDF?

On fees, HSBH is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HSBH or INDF?

HSBH is cheaper with a 0.19% expense ratio, compared with 0.75% for INDF.

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

INDF has the higher dividend yield at 21.29%, compared with 2.27% for HSBH.

What is the main difference between HSBH and INDF?

HSBH tracks HSBC Holdings plc Local Shares Total Return, while INDF tracks Nifty Financial Services 25/50 Index. They also come from different issuers: ADRhedged and Exchange Traded Concepts. Their fees differ too: 0.19% for HSBH and 0.75% for INDF.