INDA vs. AIE.L
INDA (iShares MSCI India ETF) is India Equities fund tracking the MSCI India Index, while AIE.L (Ashoka India Equity Investment Trust plc) is a stock. Over the past 5 years, INDA returned 3.34%/yr vs 8.60%/yr for AIE.L. At a 0.45 correlation, their price movements are largely independent.
Performance
INDA vs. AIE.L - Performance Comparison
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Different Trading Currencies
INDA is traded in USD, while AIE.L is traded in GBp. To make them comparable, the AIE.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, INDA achieves a -9.73% return, which is significantly lower than AIE.L's -7.88% return.
INDA
- 1D
- -1.03%
- 1M
- 0.95%
- 6M
- -8.63%
- YTD
- -9.73%
- 1Y
- -11.10%
- 3Y*
- 3.55%
- 5Y*
- 3.34%
- 10Y*
- 6.55%
AIE.L
- 1D
- -1.12%
- 1M
- 4.66%
- 6M
- -5.66%
- YTD
- -7.88%
- 1Y
- -11.95%
- 3Y*
- 7.73%
- 5Y*
- 8.60%
- 10Y*
- —
INDA vs. AIE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | -9.73% | 2.68% | 8.63% | 17.16% | -8.94% | 21.36% | 14.83% | 6.49% | 2.27% |
AIE.L Ashoka India Equity Investment Trust plc | -7.88% | -2.49% | 21.40% | 33.24% | -16.35% | 48.28% | 30.14% | 23.67% | -15.79% |
Correlation
The correlation between INDA and AIE.L is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2018 | 0.45 |
The correlation between INDA and AIE.L shifts across timeframes, from 0.45 (all time) to 0.61 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
INDA vs. AIE.L — Risk / Return Rank
INDA
AIE.L
INDA vs. AIE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) and Ashoka India Equity Investment Trust plc (AIE.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.
| INDA | AIE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.92 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | -0.45 | -0.17 |
| Martin ratioReturn relative to average drawdown | -1.40 | -0.93 | -0.48 |
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Drawdowns
INDA vs. AIE.L - Drawdown Comparison
The maximum INDA drawdown since its inception was -45.07%, smaller than the maximum AIE.L drawdown of -47.83%. Use the drawdown chart below to compare losses from any high point for INDA and AIE.L.
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Drawdown Indicators
| INDA | AIE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.07% | -47.83% | +2.76% |
Max Drawdown (1Y)Largest decline over 1 year | -17.85% | -26.42% | +8.57% |
Max Drawdown (3Y)Largest decline over 3 years | -22.72% | -26.83% | +4.11% |
Max Drawdown (5Y)Largest decline over 5 years | -22.72% | -28.16% | +5.44% |
Max Drawdown (10Y)Largest decline over 10 years | -45.07% | — | — |
Current DrawdownCurrent decline from peak | -16.99% | -13.79% | -3.20% |
Average DrawdownAverage peak-to-trough decline | -9.62% | -9.02% | -0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.92% | 12.86% | -4.94% |
Volatility
INDA vs. AIE.L - Volatility Comparison
The current volatility for iShares MSCI India ETF (INDA) is 4.48%, while Ashoka India Equity Investment Trust plc (AIE.L) has a volatility of 6.14%. This indicates that INDA experiences smaller price fluctuations and is considered to be less risky than AIE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDA | AIE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 6.14% | -1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 13.12% | 18.09% | -4.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.03% | 21.34% | -6.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.47% | 23.84% | -8.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.06% | 26.67% | -5.61% |
Dividends
INDA vs. AIE.L - Dividend Comparison
Neither INDA nor AIE.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AIE.L Ashoka India Equity Investment Trust plc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
INDA and AIE.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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