IIND.L vs. XNIF.L

Last updated Jul 18, 2026

IIND.L (iShares MSCI India UCITS ETF USD (Acc)) and XNIF.L (Xtrackers Nifty 50 Swap UCITS ETF 1C) are both India Equities funds tracking the MSCI India NR USD, from iShares and Xtrackers respectively. Both are passively managed. Over the past 5 years, IIND.L returned 5.16%/yr vs 3.66%/yr for XNIF.L. With a 0.95 correlation, they move nearly in lockstep. IIND.L charges 0.65%/yr vs 0.85%/yr for XNIF.L.

Performance

IIND.L vs. XNIF.L - 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 Xtrackers Nifty 50 Swap UCITS ETF 1C (XNIF.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IIND.L is traded in GBP, while XNIF.L is traded in GBp. To make them comparable, the XNIF.L 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 -9.63% return, which is significantly higher than XNIF.L's -13.58% return.

IIND.L

• 1D: 1.08%
• 1M: -0.45%
• 6M: -7.85%
• YTD: -9.63%
• 1Y: -10.85%
• 3Y*: 3.48%
• 5Y*: 5.16%
• 10Y*: —

XNIF.L

• 1D: 1.22%
• 1M: -1.22%
• 6M: -11.12%
• YTD: -13.58%
• 1Y: -14.30%
• 3Y*: 0.19%
• 5Y*: 3.66%
• 10Y*: 6.17%

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

IIND.L vs. XNIF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IIND.L iShares MSCI India UCITS ETF USD (Acc)	-9.63%	-2.94%	11.13%	12.43%	2.72%	26.95%	10.48%	3.72%	-21.95%
XNIF.L Xtrackers Nifty 50 Swap UCITS ETF 1C	-13.58%	-1.71%	6.70%	11.98%	5.08%	23.10%	7.50%	5.06%	3.23%

Correlation

The correlation between IIND.L and XNIF.L is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 29, 2018	0.95

The correlation between IIND.L and XNIF.L has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

IIND.L vs. XNIF.L - Sectors Allocation Comparison

Sectors	IIND.L	XNIF.L
Financial Services	30.7%	11.0%
Consumer Cyclical	12.3%	19.7%
Industrials	10.4%	2.3%
Energy	8.8%	5.4%
Basic Materials	8.3%	2.6%
Technology	6.9%	22.4%
Healthcare	6.3%	11.0%
Consumer Defensive	5.7%	7.7%
Communication Services	5.0%	17.1%
Utilities	4.2%	0.9%
Real Estate	1.4%	-

Return for Risk

IIND.L vs. XNIF.L — 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: 4

XNIF.L

XNIF.L Risk / Return Rank: 3
XNIF.L Sharpe Ratio Rank: 2
XNIF.L Sortino Ratio Rank: 3
XNIF.L Omega Ratio Rank: 3
XNIF.L Calmar Ratio Rank: 4
XNIF.L Martin Ratio Rank: 3

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. XNIF.L - 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 Xtrackers Nifty 50 Swap UCITS ETF 1C (XNIF.L). 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	XNIF.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	-0.94	+0.27
Sortino ratio: Return per unit of downside risk	-0.89	-1.32	+0.43
Omega ratio: Gain probability vs. loss probability	0.90	0.86	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.55	-0.68	+0.13
Martin ratio: Return relative to average drawdown	-1.09	-1.24	+0.15

IIND.L vs. XNIF.L - Sharpe Ratio Comparison

The current IIND.L Sharpe Ratio is -0.67, which is comparable to the XNIF.L Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of IIND.L and XNIF.L, 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. XNIF.L - Drawdown Comparison

The maximum IIND.L drawdown since its inception was -45.07%, smaller than the maximum XNIF.L drawdown of -78.21%. Use the drawdown chart below to compare losses from any high point for IIND.L and XNIF.L.

Drawdown Indicators

	IIND.L	XNIF.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.07%	-78.21%	+33.14%
Max Drawdown (1Y) Largest decline over 1 year	-19.76%	-21.09%	+1.33%
Max Drawdown (3Y) Largest decline over 3 years	-24.81%	-25.36%	+0.55%
Max Drawdown (5Y) Largest decline over 5 years	-24.81%	-25.36%	+0.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.55%	—
Current Drawdown Current decline from peak	-18.89%	-21.79%	+2.90%
Average Drawdown Average peak-to-trough decline	-13.09%	-33.76%	+20.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.98%	11.52%	-1.54%

Volatility

IIND.L vs. XNIF.L - Volatility Comparison

iShares MSCI India UCITS ETF USD (Acc) (IIND.L) and Xtrackers Nifty 50 Swap UCITS ETF 1C (XNIF.L) have volatilities of 4.24% and 4.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IIND.L	XNIF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	4.36%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	13.77%	12.78%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	16.20%	15.13%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.38%	20.78%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.90%	21.81%	+3.09%

IIND.L vs. XNIF.L - Expense Ratio Comparison

IIND.L has a 0.65% expense ratio, which is lower than XNIF.L's 0.85% expense ratio.

Dividends

IIND.L vs. XNIF.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IIND.L and XNIF.L in my portfolio?

With a correlation of 0.94, IIND.L and XNIF.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, IIND.L or XNIF.L?

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 XNIF.L?

IIND.L is cheaper with a 0.65% expense ratio, compared with 0.85% for XNIF.L.

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

Both ETFs track MSCI India NR USD. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.65% for IIND.L and 0.85% for XNIF.L.