IMVP vs. INDA

Last updated Jun 4, 2026

IMVP (Invesco India ETF) and INDA (iShares MSCI India ETF) are both exchange-traded funds - IMVP is a Emerging Markets Equities fund tracking the FTSE India Quality and Yield Select Index, while INDA is a Asia Pacific Equities fund tracking the MSCI India Index. Both are passively managed. Over the past 10 years, IMVP returned 8.19%/yr vs 6.56%/yr for INDA. Their correlation of 0.95 suggests significant overlap in exposure. IMVP charges 0.78%/yr vs 0.69%/yr for INDA.

Performance

IMVP vs. INDA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco India ETF (IMVP) and iShares MSCI India ETF (INDA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMVP achieves a -16.08% return, which is significantly lower than INDA's -12.38% return. Over the past 10 years, IMVP has outperformed INDA with an annualized return of 8.19%, while INDA has yielded a comparatively lower 6.56% annualized return.

IMVP

• 1D: -2.11%
• 1M: -2.53%
• YTD: -16.08%
• 6M: -14.80%
• 1Y: -16.87%
• 3Y*: 2.95%
• 5Y*: 2.42%
• 10Y*: 8.19%

INDA

• 1D: -1.39%
• 1M: -2.61%
• YTD: -12.38%
• 6M: -11.33%
• 1Y: -12.23%
• 3Y*: 4.17%
• 5Y*: 2.32%
• 10Y*: 6.56%

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

IMVP vs. INDA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMVP Invesco India ETF	-16.08%	1.30%	9.07%	22.82%	-9.35%	23.68%	18.41%	14.26%	-7.55%	38.51%
INDA iShares MSCI India ETF	-12.38%	2.68%	8.63%	17.16%	-8.94%	21.36%	14.83%	6.49%	-6.67%	36.08%

Correlation

The correlation between IMVP and INDA is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 6, 2012	0.95

The correlation between IMVP and INDA has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

IMVP vs. INDA — Risk / Return Rank

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

IMVP

IMVP Risk / Return Rank: 1
IMVP Sharpe Ratio Rank: 1
IMVP Sortino Ratio Rank: 2
IMVP Omega Ratio Rank: 2
IMVP Calmar Ratio Rank: 2
IMVP Martin Ratio Rank: 0

INDA

INDA Risk / Return Rank: 2
INDA Sharpe Ratio Rank: 2
INDA Sortino Ratio Rank: 2
INDA Omega Ratio Rank: 2
INDA Calmar Ratio Rank: 3
INDA Martin Ratio Rank: 1

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.

IMVP vs. INDA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco India ETF (IMVP) 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.

	IMVP	INDA	Difference
Sharpe ratio Return per unit of total volatility	-1.05	-0.84	-0.21
Sortino ratio Return per unit of downside risk	-1.46	-1.15	-0.31
Omega ratio Gain probability vs. loss probability	0.83	0.87	-0.04
Calmar ratio Return relative to maximum drawdown	-0.79	-0.66	-0.13
Martin ratio Return relative to average drawdown	-1.84	-1.59	-0.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMVP vs. INDA - Sharpe Ratio Comparison

The current IMVP Sharpe Ratio is -1.05, which is comparable to the INDA Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of IMVP and INDA, 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

	IMVP	INDA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.05	-0.84	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.15	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.31	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.23	-0.12

Drawdowns

IMVP vs. INDA - Drawdown Comparison

The maximum IMVP drawdown since its inception was -64.54%, which is greater than INDA's maximum drawdown of -45.07%. Use the drawdown chart below to compare losses from any high point for IMVP and INDA.

Drawdown Indicators

	IMVP	INDA	Difference
Max Drawdown Largest peak-to-trough decline	-64.54%	-45.07%	-19.47%
Max Drawdown (1Y) Largest decline over 1 year	-21.44%	-18.69%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-25.80%	-22.72%	-3.08%
Max Drawdown (5Y) Largest decline over 5 years	-25.80%	-22.72%	-3.08%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	-45.07%	+5.38%
Current Drawdown Current decline from peak	-23.71%	-19.42%	-4.29%
Average Drawdown Average peak-to-trough decline	-16.70%	-9.57%	-7.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.16%	7.71%	+1.45%

Volatility

IMVP vs. INDA - Volatility Comparison

Invesco India ETF (IMVP) has a higher volatility of 6.00% compared to iShares MSCI India ETF (INDA) at 5.26%. This indicates that IMVP'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.

Volatility by Period

	IMVP	INDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.00%	5.26%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	14.16%	12.66%	+1.50%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	14.67%	+1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	15.37%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.59%	21.12%	-1.53%

IMVP vs. INDA - Expense Ratio Comparison

IMVP has a 0.78% expense ratio, which is higher than INDA's 0.69% expense ratio.

Dividends

IMVP vs. INDA - Dividend Comparison

IMVP's dividend yield for the trailing twelve months is around 8.81%, while INDA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMVP Invesco India ETF	8.81%	7.39%	8.48%	2.08%	14.07%	6.95%	0.72%	36.35%	0.96%	1.01%	1.18%	0.61%
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

Can I hold both IMVP and INDA in my portfolio?

With a correlation of 0.95, IMVP and INDA 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 is riskier, IMVP or INDA?

IMVP has higher volatility (6.00%) compared to INDA (5.26%). In terms of maximum drawdown, IMVP dropped -64.54% vs INDA's -45.07%.

Which ETF is better, IMVP or INDA?

On 10-year performance, IMVP leads with 8.19% vs 6.56% for INDA. On fees, INDA is cheaper at 0.69% per year. On volatility, INDA has been the lower-risk option at 5.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMVP or INDA?

Over the 10-year period, IMVP has performed better with a 8.19% return vs 6.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMVP or INDA?

INDA is cheaper with a 0.69% expense ratio, compared with 0.78% for IMVP.

Which ETF pays a higher dividend yield, IMVP or INDA?

IMVP has the higher dividend yield at 8.81%, compared with 0.00% for INDA.

What is the main difference between IMVP and INDA?

IMVP is categorized as Emerging Markets Equities, while INDA is Asia Pacific Equities. IMVP tracks FTSE India Quality and Yield Select Index, while INDA tracks MSCI India Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.78% for IMVP and 0.69% for INDA.

Which has better risk-adjusted returns?

INDA currently has the higher Sharpe Ratio (-0.84 vs -1.05), 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.