INDA vs. ^BSE500

Last updated Jun 5, 2026

INDA (iShares MSCI India ETF) is Asia Pacific Equities fund tracking the MSCI India Index, while ^BSE500 (S&P BSE-500) is an index. Over the past 10 years, INDA returned 6.72%/yr vs 8.56%/yr for ^BSE500. A 0.71 correlation means they provide meaningful diversification when combined.

Performance

INDA vs. ^BSE500 - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India ETF (INDA) and S&P BSE-500 (^BSE500). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

INDA is traded in USD, while ^BSE500 is traded in INR. To make them comparable, the ^BSE500 values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, INDA achieves a -11.16% return, which is significantly higher than ^BSE500's -11.88% return. Over the past 10 years, INDA has underperformed ^BSE500 with an annualized return of 6.72%, while ^BSE500 has yielded a comparatively higher 8.56% annualized return.

INDA

• 1D: 1.39%
• 1M: -2.32%
• YTD: -11.16%
• 6M: -10.68%
• 1Y: -10.94%
• 3Y*: 4.75%
• 5Y*: 2.60%
• 10Y*: 6.72%

^BSE500

• 1D: 0.66%
• 1M: -2.11%
• YTD: -11.88%
• 6M: -11.45%
• 1Y: -11.89%
• 3Y*: 6.33%
• 5Y*: 4.65%
• 10Y*: 8.56%

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

INDA vs. ^BSE500 - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDA iShares MSCI India ETF	-11.16%	2.68%	8.63%	17.16%	-8.94%	21.36%	14.83%	6.49%	-6.67%	36.08%
^BSE500 S&P BSE-500	-11.88%	1.33%	11.40%	24.21%	-7.00%	27.54%	14.27%	5.05%	-11.19%	44.72%

Correlation

The correlation between INDA and ^BSE500 is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 6, 2012	0.71

The correlation between INDA and ^BSE500 has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

Return for Risk

INDA vs. ^BSE500 — Risk / Return Rank

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

INDA

INDA Risk / Return Rank: 3
INDA Sharpe Ratio Rank: 3
INDA Sortino Ratio Rank: 3
INDA Omega Ratio Rank: 3
INDA Calmar Ratio Rank: 4
INDA Martin Ratio Rank: 2

^BSE500

^BSE500 Risk / Return Rank: 7
^BSE500 Sharpe Ratio Rank: 7
^BSE500 Sortino Ratio Rank: 7
^BSE500 Omega Ratio Rank: 7
^BSE500 Calmar Ratio Rank: 9
^BSE500 Martin Ratio Rank: 7

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.

INDA vs. ^BSE500 - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) and S&P BSE-500 (^BSE500). 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.

	INDA	^BSE500	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	-0.77	+0.02
Sortino ratio: Return per unit of downside risk	-1.01	-1.02	+0.01
Omega ratio: Gain probability vs. loss probability	0.89	0.88	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.59	-0.57	-0.02
Martin ratio: Return relative to average drawdown	-1.41	-1.42	+0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDA vs. ^BSE500 - Sharpe Ratio Comparison

The current INDA Sharpe Ratio is -0.75, which is comparable to the ^BSE500 Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of INDA and ^BSE500, 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

	INDA	^BSE500	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.75	-0.77	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.30	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.48	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.31	-0.07

Drawdowns

INDA vs. ^BSE500 - Drawdown Comparison

The maximum INDA drawdown since its inception was -45.07%, roughly equal to the maximum ^BSE500 drawdown of -47.10%. Use the drawdown chart below to compare losses from any high point for INDA and ^BSE500.

Drawdown Indicators

	INDA	^BSE500	Difference
Max Drawdown Largest peak-to-trough decline	-45.07%	-47.10%	+2.03%
Max Drawdown (1Y) Largest decline over 1 year	-18.69%	-21.29%	+2.60%
Max Drawdown (3Y) Largest decline over 3 years	-22.72%	-26.07%	+3.35%
Max Drawdown (5Y) Largest decline over 5 years	-22.72%	-26.07%	+3.35%
Max Drawdown (10Y) Largest decline over 10 years	-45.07%	-47.10%	+2.03%
Current Drawdown Current decline from peak	-18.30%	-20.47%	+2.17%
Average Drawdown Average peak-to-trough decline	-9.57%	-12.55%	+2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.76%	8.46%	-0.70%

Volatility

INDA vs. ^BSE500 - Volatility Comparison

iShares MSCI India ETF (INDA) and S&P BSE-500 (^BSE500) have volatilities of 5.34% and 5.19%, 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

	INDA	^BSE500	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	5.19%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	12.72%	13.74%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	14.71%	15.78%	-1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	15.83%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.12%	18.13%	+2.99%

Frequently Asked Questions

Can I hold both INDA and ^BSE500 in my portfolio?

INDA and ^BSE500 have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDA or ^BSE500?

INDA has higher volatility (5.34%) compared to ^BSE500 (5.19%). In terms of maximum drawdown, INDA dropped -45.07% vs ^BSE500's -47.10%.

Which has better risk-adjusted returns?

INDA currently has the higher Sharpe Ratio (-0.75 vs -0.77), 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.