IIND.L vs. DFND

Last updated Jun 14, 2026

IIND.L (iShares MSCI India UCITS ETF USD (Acc)) and DFND (Siren DIVCON Dividend Defender ETF) are both exchange-traded funds - IIND.L is a Asia Pacific Equities fund tracking the MSCI India NR USD, while DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index. Both are passively managed. Over the past 5 years, IIND.L returned 4.70%/yr vs 5.80%/yr for DFND. At a 0.22 correlation, their price movements are largely independent. IIND.L charges 0.65%/yr vs 1.50%/yr for DFND.

Performance

IIND.L vs. DFND - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI India UCITS ETF USD (Acc) (IIND.L) and Siren DIVCON Dividend Defender ETF (DFND). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IIND.L is traded in GBP, while DFND is traded in USD. To make them comparable, the DFND values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, IIND.L achieves a -12.10% return, which is significantly lower than DFND's 0.24% return.

IIND.L

• 1D: 2.57%
• 1M: 0.16%
• YTD: -12.10%
• 6M: -11.25%
• 1Y: -11.00%
• 3Y*: 3.05%
• 5Y*: 4.70%
• 10Y*: —

DFND

• 1D: 0.63%
• 1M: -0.12%
• YTD: 0.24%
• 6M: 0.24%
• 1Y: 3.50%
• 3Y*: 5.56%
• 5Y*: 5.80%
• 10Y*: 8.08%

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

IIND.L vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IIND.L iShares MSCI India UCITS ETF USD (Acc)	-12.10%	-2.94%	11.13%	12.43%	2.72%	26.95%	10.48%	3.72%	-21.95%
DFND Siren DIVCON Dividend Defender ETF	0.24%	3.28%	10.37%	6.52%	-10.03%	15.88%	12.71%	14.98%	2.70%

Correlation

The correlation between IIND.L and DFND is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since May 29, 2018	0.22

The correlation between IIND.L and DFND shifts across timeframes, from 0.05 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

IIND.L vs. DFND - Sectors Allocation Comparison

Sectors	IIND.L	DFND
Financial Services	29.5%	18.2%
Consumer Cyclical	11.9%	3.5%
Industrials	10.3%	17.1%
Energy	9.2%	1.7%
Basic Materials	8.6%	4.3%
Technology	8.2%	24.8%
Healthcare	6.0%	10.7%
Consumer Defensive	5.7%	4.2%
Communication Services	5.1%	0.8%
Utilities	4.4%	-
Real Estate	1.3%	2.0%

Return for Risk

IIND.L vs. DFND — Risk / Return Rank

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

IIND.L

IIND.L Risk / Return Rank: 4
IIND.L Sharpe Ratio Rank: 4
IIND.L Sortino Ratio Rank: 4
IIND.L Omega Ratio Rank: 4
IIND.L Calmar Ratio Rank: 5
IIND.L Martin Ratio Rank: 3

DFND

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.

IIND.L vs. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India UCITS ETF USD (Acc) (IIND.L) and Siren DIVCON Dividend Defender ETF (DFND). 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.L	DFND	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	0.36	-1.10
Sortino ratio: Return per unit of downside risk	-1.00	0.59	-1.59
Omega ratio: Gain probability vs. loss probability	0.89	1.07	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.59	0.63	-1.22
Martin ratio: Return relative to average drawdown	-1.27	1.22	-2.49

IIND.L vs. DFND - Sharpe Ratio Comparison

The current IIND.L Sharpe Ratio is -0.74, which is lower than the DFND Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of IIND.L and DFND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IIND.L vs. DFND - Drawdown Comparison

The maximum IIND.L drawdown since its inception was -45.07%, which is greater than DFND's maximum drawdown of -17.79%. Use the drawdown chart below to compare losses from any high point for IIND.L and DFND.

Drawdown Indicators

	IIND.L	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-45.07%	-17.79%	-27.28%
Max Drawdown (1Y) Largest decline over 1 year	-19.76%	-6.63%	-13.13%
Max Drawdown (3Y) Largest decline over 3 years	-24.81%	-17.79%	-7.02%
Max Drawdown (5Y) Largest decline over 5 years	-24.81%	-17.79%	-7.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.79%	—
Current Drawdown Current decline from peak	-21.11%	-8.19%	-12.92%
Average Drawdown Average peak-to-trough decline	-13.03%	-5.30%	-7.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.21%	4.50%	+4.71%

Volatility

IIND.L vs. DFND - Volatility Comparison

iShares MSCI India UCITS ETF USD (Acc) (IIND.L) has a higher volatility of 4.98% compared to Siren DIVCON Dividend Defender ETF (DFND) at 1.80%. This indicates that IIND.L's price experiences larger fluctuations and is considered to be riskier than DFND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IIND.L	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	1.80%	+3.18%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	7.53%	+5.73%
Volatility (1Y) Calculated over the trailing 1-year period	15.81%	11.86%	+3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.29%	22.74%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.99%	20.32%	+4.67%

IIND.L vs. DFND - Expense Ratio Comparison

IIND.L has a 0.65% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

IIND.L vs. DFND - Dividend Comparison

Neither IIND.L nor DFND has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFND Siren DIVCON Dividend Defender ETF	0.62%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%
IIND.L iShares MSCI India UCITS ETF USD (Acc)	0.00%	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 IIND.L and DFND in my portfolio?

IIND.L and DFND have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IIND.L or DFND?

On fees, IIND.L is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IIND.L or DFND?

IIND.L is cheaper with a 0.65% expense ratio, compared with 1.50% for DFND.

What is the main difference between IIND.L and DFND?

IIND.L is categorized as Asia Pacific Equities, while DFND is Large Cap Blend Equities. IIND.L tracks MSCI India NR USD, while DFND tracks Siren DIVCON Dividend Defender Index. They also come from different issuers: iShares and SRN Advisors. Their fees differ too: 0.65% for IIND.L and 1.50% for DFND.