IFN vs. ILF

Last updated Jun 4, 2026

IFN (The India Fund) and ILF (iShares Latin American 40 ETF) are both funds - IFN is a Emerging Markets Equities fund managed by India Fund, while ILF is a Latin America Equities fund tracking the S&P Latin America 40 Index. Over the past 10 years, IFN returned 5.99%/yr vs 8.33%/yr for ILF. A 0.51 correlation means they provide meaningful diversification when combined. IFN charges 0.01%/yr vs 0.48%/yr for ILF.

Performance

IFN vs. ILF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The India Fund (IFN) and iShares Latin American 40 ETF (ILF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IFN achieves a -15.46% return, which is significantly lower than ILF's 11.66% return. Over the past 10 years, IFN has underperformed ILF with an annualized return of 5.99%, while ILF has yielded a comparatively higher 8.33% annualized return.

IFN

• 1D: -1.45%
• 1M: -5.23%
• YTD: -15.46%
• 6M: -17.27%
• 1Y: -22.15%
• 3Y*: 0.84%
• 5Y*: 0.25%
• 10Y*: 5.99%

ILF

• 1D: -2.72%
• 1M: -4.92%
• YTD: 11.66%
• 6M: 10.51%
• 1Y: 39.82%
• 3Y*: 15.62%
• 5Y*: 8.53%
• 10Y*: 8.33%

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

IFN vs. ILF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IFN The India Fund	-15.46%	0.42%	-2.26%	36.48%	-15.85%	22.31%	12.25%	11.27%	-5.33%	37.15%
ILF iShares Latin American 40 ETF	11.66%	52.65%	-23.11%	33.14%	9.81%	-13.59%	-11.71%	13.77%	-6.85%	26.33%

Correlation

The correlation between IFN and ILF is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Oct 29, 2001	0.51

The correlation between IFN and ILF shifts across timeframes, from 0.35 (3 years) to 0.51 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IFN vs. ILF — Risk / Return Rank

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

IFN

IFN Risk / Return Rank: 0
IFN Sharpe Ratio Rank: 0
IFN Sortino Ratio Rank: 0
IFN Omega Ratio Rank: 0
IFN Calmar Ratio Rank: 0
IFN Martin Ratio Rank: 0

ILF

ILF Risk / Return Rank: 54
ILF Sharpe Ratio Rank: 53
ILF Sortino Ratio Rank: 49
ILF Omega Ratio Rank: 49
ILF Calmar Ratio Rank: 63
ILF Martin Ratio Rank: 55

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.

IFN vs. ILF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The India Fund (IFN) and iShares Latin American 40 ETF (ILF). 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.

	IFN	ILF	Difference
Sharpe ratio Return per unit of total volatility	-1.35	1.84	-3.19
Sortino ratio Return per unit of downside risk	-2.00	2.44	-4.44
Omega ratio Gain probability vs. loss probability	0.79	1.31	-0.53
Calmar ratio Return relative to maximum drawdown	-0.85	3.16	-4.01
Martin ratio Return relative to average drawdown	-1.88	9.70	-11.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IFN vs. ILF - Sharpe Ratio Comparison

The current IFN Sharpe Ratio is -1.35, which is lower than the ILF Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of IFN and ILF, 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

	IFN	ILF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.35	1.84	-3.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.37	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.29	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.30	-0.07

Drawdowns

IFN vs. ILF - Drawdown Comparison

The maximum IFN drawdown since its inception was -71.52%, which is greater than ILF's maximum drawdown of -67.48%. Use the drawdown chart below to compare losses from any high point for IFN and ILF.

Drawdown Indicators

	IFN	ILF	Difference
Max Drawdown Largest peak-to-trough decline	-71.52%	-67.48%	-4.04%
Max Drawdown (1Y) Largest decline over 1 year	-26.05%	-12.67%	-13.38%
Max Drawdown (3Y) Largest decline over 3 years	-31.53%	-23.97%	-7.56%
Max Drawdown (5Y) Largest decline over 5 years	-31.53%	-29.71%	-1.82%
Max Drawdown (10Y) Largest decline over 10 years	-41.48%	-57.79%	+16.31%
Current Drawdown Current decline from peak	-29.31%	-10.76%	-18.55%
Average Drawdown Average peak-to-trough decline	-25.89%	-23.94%	-1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.78%	4.12%	+7.66%

Volatility

IFN vs. ILF - Volatility Comparison

The current volatility for The India Fund (IFN) is 5.53%, while iShares Latin American 40 ETF (ILF) has a volatility of 6.49%. This indicates that IFN experiences smaller price fluctuations and is considered to be less risky than ILF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IFN	ILF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	6.49%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	13.39%	18.52%	-5.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.41%	21.76%	-5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.67%	23.18%	-5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.90%	28.44%	-9.54%

IFN vs. ILF - Expense Ratio Comparison

IFN has a 0.01% expense ratio, which is lower than ILF's 0.48% expense ratio.

Dividends

IFN vs. ILF - Dividend Comparison

IFN's dividend yield for the trailing twelve months is around 20.07%, more than ILF's 3.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IFN The India Fund	20.07%	16.09%	14.60%	8.97%	21.47%	15.21%	9.77%	11.57%	22.25%	12.11%	7.97%	8.02%
ILF iShares Latin American 40 ETF	3.93%	4.39%	7.44%	4.61%	12.72%	8.47%	1.88%	3.09%	3.12%	1.80%	1.59%	3.25%

Frequently Asked Questions

Can I hold both IFN and ILF in my portfolio?

IFN and ILF have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IFN or ILF?

ILF has higher volatility (6.49%) compared to IFN (5.53%). In terms of maximum drawdown, IFN dropped -71.52% vs ILF's -67.48%.

Which has better risk-adjusted returns?

ILF currently has the higher Sharpe Ratio (1.84 vs -1.35), 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.