IFN vs. INDA
IFN (The India Fund) and INDA (iShares MSCI India ETF) are both funds - IFN is a Emerging Markets Equities fund managed by India Fund, while INDA is a India Equities fund tracking the MSCI India Index. Over the past 10 years, IFN returned 6.31%/yr vs 6.55%/yr for INDA. A 0.78 correlation means they provide meaningful diversification when combined. IFN charges 0.01%/yr vs 0.69%/yr for INDA.
Performance
IFN vs. INDA - Performance Comparison
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Returns By Period
In the year-to-date period, IFN achieves a -10.47% return, which is significantly lower than INDA's -9.73% return. Both investments have delivered pretty close results over the past 10 years, with IFN having a 6.31% annualized return and INDA not far ahead at 6.55%.
IFN
- 1D
- -1.03%
- 1M
- 4.55%
- 6M
- -12.70%
- YTD
- -10.47%
- 1Y
- -16.38%
- 3Y*
- 0.09%
- 5Y*
- 1.37%
- 10Y*
- 6.31%
INDA
- 1D
- -1.03%
- 1M
- 0.95%
- 6M
- -8.63%
- YTD
- -9.73%
- 1Y
- -11.10%
- 3Y*
- 3.55%
- 5Y*
- 3.34%
- 10Y*
- 6.55%
IFN vs. INDA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IFN The India Fund | -10.47% | 0.42% | -2.26% | 36.48% | -15.85% | 22.31% | 12.25% | 11.27% | -5.33% | 37.15% |
INDA iShares MSCI India ETF | -9.73% | 2.68% | 8.63% | 17.16% | -8.94% | 21.36% | 14.83% | 6.49% | -6.67% | 36.08% |
Correlation
The correlation between IFN and INDA is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012 | 0.78 |
The correlation between IFN and INDA has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.
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Return for Risk
IFN vs. INDA — Risk / Return Rank
IFN
INDA
IFN vs. INDA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The India Fund (IFN) 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.
| IFN | INDA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.89 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | -0.62 | -0.06 |
| Martin ratioReturn relative to average drawdown | -1.43 | -1.40 | -0.03 |
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Drawdowns
IFN vs. INDA - Drawdown Comparison
The maximum IFN drawdown since its inception was -71.52%, which is greater than INDA's maximum drawdown of -45.07%. Use the drawdown chart below to compare losses from any high point for IFN and INDA.
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Drawdown Indicators
| IFN | INDA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.52% | -45.07% | -26.45% |
Max Drawdown (1Y)Largest decline over 1 year | -24.04% | -17.85% | -6.19% |
Max Drawdown (3Y)Largest decline over 3 years | -31.53% | -22.72% | -8.81% |
Max Drawdown (5Y)Largest decline over 5 years | -31.53% | -22.72% | -8.81% |
Max Drawdown (10Y)Largest decline over 10 years | -41.48% | -45.07% | +3.59% |
Current DrawdownCurrent decline from peak | -25.14% | -16.99% | -8.15% |
Average DrawdownAverage peak-to-trough decline | -25.88% | -9.62% | -16.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.45% | 7.92% | +3.53% |
Volatility
IFN vs. INDA - Volatility Comparison
The India Fund (IFN) has a higher volatility of 5.77% compared to iShares MSCI India ETF (INDA) at 4.48%. This indicates that IFN'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.
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Volatility by Period
| IFN | INDA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.77% | 4.48% | +1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 14.26% | 13.12% | +1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 15.03% | +1.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.81% | 15.47% | +2.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.88% | 21.06% | -2.18% |
IFN vs. INDA - Expense Ratio Comparison
IFN has a 0.01% expense ratio, which is lower than INDA's 0.69% expense ratio.
Dividends
IFN vs. INDA - Dividend Comparison
IFN's dividend yield for the trailing twelve months is around 18.95%, while INDA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IFN The India Fund | 18.95% | 16.09% | 14.60% | 8.97% | 21.47% | 15.21% | 9.77% | 11.57% | 22.25% | 12.11% | 7.97% | 8.02% |
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
IFN and INDA have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IFN has higher volatility (5.77%) compared to INDA (4.48%). In terms of maximum drawdown, IFN dropped -71.52% vs INDA's -45.07%.
INDA currently has the higher Sharpe Ratio (-0.74 vs -0.97), 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.
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