IGC.L vs. FLIN

Last updated Jun 5, 2026

IGC.L (India Capital Growth Fund) is a stock, while FLIN (Franklin FTSE India ETF) is Asia Pacific Equities fund tracking the FTSE India RIC Capped Index. Over the past 5 years, IGC.L returned 8.83%/yr vs 4.96%/yr for FLIN. At a 0.29 correlation, their price movements are largely independent.

Performance

IGC.L vs. FLIN - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in India Capital Growth Fund (IGC.L) and Franklin FTSE India ETF (FLIN). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IGC.L is traded in GBp, while FLIN is traded in USD. To make them comparable, the FLIN values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IGC.L achieves a -6.18% return, which is significantly higher than FLIN's -10.37% return.

IGC.L

• 1D: 0.95%
• 1M: 2.24%
• YTD: -6.18%
• 6M: -8.86%
• 1Y: -5.90%
• 3Y*: 5.20%
• 5Y*: 8.83%
• 10Y*: 9.91%

FLIN

• 1D: 1.35%
• 1M: -1.35%
• YTD: -10.37%
• 6M: -10.88%
• 1Y: -9.59%
• 3Y*: 3.52%
• 5Y*: 4.96%
• 10Y*: —

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

IGC.L vs. FLIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IGC.L India Capital Growth Fund	-6.18%	-11.69%	11.27%	34.11%	7.72%	42.73%	18.84%	-19.31%	-16.67%
FLIN Franklin FTSE India ETF	-10.37%	-4.90%	12.26%	14.56%	2.98%	26.14%	11.14%	0.78%	1.75%

Correlation

The correlation between IGC.L and FLIN is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Feb 9, 2018	0.29

The correlation between IGC.L and FLIN shifts across timeframes, from 0.23 (5 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IGC.L vs. FLIN — Risk / Return Rank

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

IGC.L

IGC.L Risk / Return Rank: 29
IGC.L Sharpe Ratio Rank: 29
IGC.L Sortino Ratio Rank: 25
IGC.L Omega Ratio Rank: 25
IGC.L Calmar Ratio Rank: 34
IGC.L Martin Ratio Rank: 33

FLIN

FLIN Risk / Return Rank: 3
FLIN Sharpe Ratio Rank: 3
FLIN Sortino Ratio Rank: 3
FLIN Omega Ratio Rank: 3
FLIN Calmar Ratio Rank: 4
FLIN Martin Ratio Rank: 2

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.

IGC.L vs. FLIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for India Capital Growth Fund (IGC.L) and Franklin FTSE India ETF (FLIN). 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.

	IGC.L	FLIN	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	-0.66	+0.38
Sortino ratio: Return per unit of downside risk	-0.25	-0.89	+0.63
Omega ratio: Gain probability vs. loss probability	0.97	0.90	+0.07
Calmar ratio: Return relative to maximum drawdown	-0.23	-0.54	+0.31
Martin ratio: Return relative to average drawdown	-0.47	-1.20	+0.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGC.L vs. FLIN - Sharpe Ratio Comparison

The current IGC.L Sharpe Ratio is -0.28, which is higher than the FLIN Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of IGC.L and FLIN, 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

	IGC.L	FLIN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.28	-0.66	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.33	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.30	-0.24

Drawdowns

IGC.L vs. FLIN - Drawdown Comparison

The maximum IGC.L drawdown since its inception was -86.00%, which is greater than FLIN's maximum drawdown of -36.53%. Use the drawdown chart below to compare losses from any high point for IGC.L and FLIN.

Drawdown Indicators

	IGC.L	FLIN	Difference
Max Drawdown Largest peak-to-trough decline	-86.00%	-36.53%	-49.47%
Max Drawdown (1Y) Largest decline over 1 year	-26.01%	-17.97%	-8.04%
Max Drawdown (3Y) Largest decline over 3 years	-29.95%	-22.51%	-7.44%
Max Drawdown (5Y) Largest decline over 5 years	-29.95%	-22.51%	-7.44%
Max Drawdown (10Y) Largest decline over 10 years	-73.00%	—	—
Current Drawdown Current decline from peak	-19.04%	-18.90%	-0.14%
Average Drawdown Average peak-to-trough decline	-38.76%	-7.01%	-31.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.44%	8.03%	+4.41%

Volatility

IGC.L vs. FLIN - Volatility Comparison

India Capital Growth Fund (IGC.L) has a higher volatility of 7.28% compared to Franklin FTSE India ETF (FLIN) at 5.06%. This indicates that IGC.L's price experiences larger fluctuations and is considered to be riskier than FLIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGC.L	FLIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.28%	5.06%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	17.39%	12.40%	+4.99%
Volatility (1Y) Calculated over the trailing 1-year period	20.93%	14.52%	+6.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.64%	15.02%	+12.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.83%	19.85%	+7.98%

Dividends

IGC.L vs. FLIN - Dividend Comparison

IGC.L has not paid dividends to shareholders, while FLIN's dividend yield for the trailing twelve months is around 0.63%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLIN Franklin FTSE India ETF	0.63%	0.56%	1.58%	0.73%	0.73%	2.26%	0.68%	0.90%	0.92%
IGC.L India Capital Growth Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IGC.L and FLIN in my portfolio?

IGC.L and FLIN have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.