IMVP vs. INDY
IMVP (Invesco India ETF) and INDY (iShares India 50 ETF) are both Emerging Markets Equities funds - IMVP tracks the FTSE India Quality and Yield Select Index while INDY tracks the Nifty 50 Index. Both are passively managed. Over the past 10 years, IMVP returned 8.82%/yr vs 6.94%/yr for INDY. Their correlation of 0.94 suggests significant overlap in exposure. IMVP charges 0.78%/yr vs 0.65%/yr for INDY.
Performance
IMVP vs. INDY - Performance Comparison
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Returns By Period
In the year-to-date period, IMVP achieves a -14.82% return, which is significantly lower than INDY's -12.36% return. Over the past 10 years, IMVP has outperformed INDY with an annualized return of 8.82%, while INDY has yielded a comparatively lower 6.94% annualized return.
IMVP
- 1D
- -2.33%
- 1M
- -0.92%
- YTD
- -14.82%
- 6M
- -15.38%
- 1Y
- -15.46%
- 3Y*
- 3.28%
- 5Y*
- 3.04%
- 10Y*
- 8.82%
INDY
- 1D
- -1.49%
- 1M
- 1.53%
- YTD
- -12.36%
- 6M
- -12.66%
- 1Y
- -12.06%
- 3Y*
- 2.42%
- 5Y*
- 2.23%
- 10Y*
- 6.94%
IMVP vs. INDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMVP Invesco India ETF | -14.82% | 1.30% | 9.07% | 22.82% | -9.35% | 23.68% | 18.41% | 14.26% | -7.55% | 38.51% |
INDY iShares India 50 ETF | -12.36% | 4.97% | 3.47% | 16.88% | -7.31% | 19.43% | 10.01% | 9.99% | -4.32% | 36.15% |
Correlation
The correlation between IMVP and INDY is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2009 | 0.94 |
The correlation between IMVP and INDY has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
IMVP vs. INDY — Risk / Return Rank
IMVP
INDY
IMVP vs. INDY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco India ETF (IMVP) and iShares India 50 ETF (INDY). 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.
| IMVP | INDY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.87 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | -0.64 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.54 | -1.35 | -0.20 |
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Drawdowns
IMVP vs. INDY - Drawdown Comparison
The maximum IMVP drawdown since its inception was -64.54%, which is greater than INDY's maximum drawdown of -44.74%. Use the drawdown chart below to compare losses from any high point for IMVP and INDY.
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Drawdown Indicators
| IMVP | INDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.54% | -44.74% | -19.80% |
Max Drawdown (1Y)Largest decline over 1 year | -21.44% | -18.95% | -2.49% |
Max Drawdown (3Y)Largest decline over 3 years | -25.80% | -22.40% | -3.40% |
Max Drawdown (5Y)Largest decline over 5 years | -25.80% | -22.40% | -3.40% |
Max Drawdown (10Y)Largest decline over 10 years | -39.69% | -43.50% | +3.81% |
Current DrawdownCurrent decline from peak | -22.56% | -18.17% | -4.39% |
Average DrawdownAverage peak-to-trough decline | -16.72% | -12.24% | -4.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.05% | 8.98% | +1.07% |
Volatility
IMVP vs. INDY - Volatility Comparison
Invesco India ETF (IMVP) has a higher volatility of 5.38% compared to iShares India 50 ETF (INDY) at 4.06%. This indicates that IMVP's price experiences larger fluctuations and is considered to be riskier than INDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IMVP | INDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 4.06% | +1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 14.55% | 12.55% | +2.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.44% | 14.36% | +2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.18% | 14.98% | +1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.54% | 19.53% | +0.01% |
IMVP vs. INDY - Expense Ratio Comparison
IMVP has a 0.78% expense ratio, which is higher than INDY's 0.65% expense ratio.
Dividends
IMVP vs. INDY - Dividend Comparison
IMVP's dividend yield for the trailing twelve months is around 11.83%, more than INDY's 9.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IMVP Invesco India ETF | 11.83% | 7.39% | 8.48% | 2.08% | 14.07% | 6.95% | 0.72% | 36.35% | 0.96% | 1.01% | 1.18% | 0.61% |
INDY iShares India 50 ETF | 9.50% | 8.11% | 0.24% | 0.38% | 3.75% | 7.12% | 0.08% | 0.58% | 0.55% | 0.27% | 0.48% | 0.57% |
Frequently Asked Questions
With a correlation of 0.92, IMVP and INDY 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.
IMVP has higher volatility (5.38%) compared to INDY (4.06%). In terms of maximum drawdown, IMVP dropped -64.54% vs INDY's -44.74%.
On 10-year performance, IMVP leads with 8.82% vs 6.94% for INDY. On fees, INDY is cheaper at 0.65% per year. On volatility, INDY has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IMVP has performed better with a 8.82% return vs 6.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INDY is cheaper with a 0.65% expense ratio, compared with 0.78% for IMVP.
IMVP has the higher dividend yield at 11.83%, compared with 9.50% for INDY.
IMVP tracks FTSE India Quality and Yield Select Index, while INDY tracks Nifty 50 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.78% for IMVP and 0.65% for INDY.
INDY currently has the higher Sharpe Ratio (-0.84 vs -0.94), 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.
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