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IIND.AX vs. USD.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IIND.AX vs. USD.AX

Last updated Jul 18, 2026
Documentation

IIND.AX (BetaShares India Quality ETF) and USD.AX (BetaShares U.S. Dollar ETF) are both Global Equities funds from BetaShares - IIND.AX tracks the BetaShares India Quality Index while USD.AX tracks the BetaShares U.S. Dollar Index. Both are passively managed. Over the past 5 years, IIND.AX returned 1.70%/yr vs 4.51%/yr for USD.AX. At a 0.13 correlation, their price movements are largely independent.

Performance

IIND.AX vs. USD.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares India Quality ETF (IIND.AX) and BetaShares U.S. Dollar ETF (USD.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IIND.AX achieves a -14.74% return, which is significantly lower than USD.AX's -2.28% return.

IIND.AX

1D
-0.10%
1M
-0.81%
6M
-13.62%
YTD
-14.74%
1Y
-17.95%
3Y*
-0.05%
5Y*
1.70%
10Y*
—

USD.AX

1D
0.21%
1M
1.46%
6M
-2.21%
YTD
-2.28%
1Y
-3.95%
3Y*
3.53%
5Y*
4.51%
10Y*
2.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IIND.AX vs. USD.AX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
IIND.AX
BetaShares India Quality ETF		-14.74%-4.87%12.53%14.06%-4.15%20.32%7.69%4.97%
USD.AX
BetaShares U.S. Dollar ETF		-2.28%-3.37%15.22%3.37%8.32%5.76%-8.86%-1.63%

Correlation

The correlation between IIND.AX and USD.AX is 0.02, 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

0.02

Correlation (3Y)
Calculated over the trailing 3-year period

0.21

Correlation (5Y)
Calculated over the trailing 5-year period

0.20

Correlation (All Time)
Calculated using the full available price history since Aug 2, 2019

0.13

The correlation between IIND.AX and USD.AX shifts across timeframes, from 0.02 (1 year) to 0.21 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BetaShares India Quality ETF

BetaShares U.S. Dollar ETF

Often compared with IIND.AX:
IIND.AX vs. A200.AXIIND.AX vs. ARMR.AXIIND.AX vs. CORE.AXIIND.AX vs. DHHF.AXIIND.AX vs. ESGI.AXIIND.AX vs. ESTX.AXIIND.AX vs. EX20.AX
Often compared with USD.AX:
USD.AX vs. ILB.AXUSD.AX vs. QMIX.AXUSD.AX vs. VDCO.AXUSD.AX vs. WVOL.AXUSD.AX vs. QOZ.AXUSD.AX vs. WRLD.AXUSD.AX vs. A200.AX

Return for Risk

IIND.AX vs. USD.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IIND.AX
IIND.AX Risk / Return Rank: 22
Overall Rank
IIND.AX Sharpe Ratio Rank: 22
Sharpe Ratio Rank
IIND.AX Sortino Ratio Rank: 22
Sortino Ratio Rank
IIND.AX Omega Ratio Rank: 22
Omega Ratio Rank
IIND.AX Calmar Ratio Rank: 44
Calmar Ratio Rank
IIND.AX Martin Ratio Rank: 22
Martin Ratio Rank
USD.AX
USD.AX Risk / Return Rank: 66
Overall Rank
USD.AX Sharpe Ratio Rank: 66
Sharpe Ratio Rank
USD.AX Sortino Ratio Rank: 66
Sortino Ratio Rank
USD.AX Omega Ratio Rank: 66
Omega Ratio Rank
USD.AX Calmar Ratio Rank: 66
Calmar Ratio Rank
USD.AX Martin Ratio Rank: 66
Martin Ratio Rank
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.

IIND.AX vs. USD.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaShares India Quality ETF (IIND.AX) and BetaShares U.S. Dollar ETF (USD.AX). 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.

IIND.AXUSD.AXDifference
Sharpe ratioReturn per unit of total volatility
-1.01
-0.41

-0.60

Sortino ratioReturn per unit of downside risk
-1.48
-0.50

-0.98

Omega ratioGain probability vs. loss probability

0.84

0.94

-0.10

Calmar ratioReturn relative to maximum drawdown

-0.72

-0.39

-0.32

Martin ratioReturn relative to average drawdown

-1.32

-0.71

-0.61

IIND.AX vs. USD.AX - Sharpe Ratio Comparison

The current IIND.AX Sharpe Ratio is -1.01, which is lower than the USD.AX Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of IIND.AX and USD.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IIND.AX vs. USD.AX - Drawdown Comparison

The maximum IIND.AX drawdown since its inception was -27.24%, smaller than the maximum USD.AX drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for IIND.AX and USD.AX.

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Drawdown Indicators

IIND.AXUSD.AXDifference

Max Drawdown

Largest peak-to-trough decline

-27.24%

-30.05%

+2.81%

Max Drawdown (1Y)

Largest decline over 1 year

-24.42%

-9.84%

-14.58%

Max Drawdown (3Y)

Largest decline over 3 years

-26.76%

-14.54%

-12.22%

Max Drawdown (5Y)

Largest decline over 5 years

-26.76%

-14.54%

-12.22%

Max Drawdown (10Y)

Largest decline over 10 years

—

-30.05%

—

Current Drawdown

Current decline from peak

-21.66%

-10.55%

-11.11%

Average Drawdown

Average peak-to-trough decline

-6.94%

-9.62%

+2.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.46%

5.50%

+7.96%

Volatility

IIND.AX vs. USD.AX - Volatility Comparison

BetaShares India Quality ETF (IIND.AX) has a higher volatility of 3.46% compared to BetaShares U.S. Dollar ETF (USD.AX) at 1.68%. This indicates that IIND.AX's price experiences larger fluctuations and is considered to be riskier than USD.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IIND.AXUSD.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.46%

1.68%

+1.78%

Volatility (6M)

Calculated over the trailing 6-month period

15.18%

7.32%

+7.86%

Volatility (1Y)

Calculated over the trailing 1-year period

17.27%

9.45%

+7.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.65%

11.02%

+4.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.96%

10.56%

+6.40%

Dividends

IIND.AX vs. USD.AX - Dividend Comparison

Neither IIND.AX nor USD.AX has paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
IIND.AX
BetaShares India Quality ETF		0.00%0.61%3.07%3.48%0.00%2.96%0.00%0.00%0.00%0.00%0.00%
USD.AX
BetaShares U.S. Dollar ETF		0.00%2.53%3.89%3.39%0.00%0.00%1.19%2.37%0.76%0.17%0.08%

Frequently Asked Questions

IIND.AX and USD.AX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IIND.AX tracks BetaShares India Quality Index, while USD.AX tracks BetaShares U.S. Dollar Index.

Portfolio Optimizer

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