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INDA vs. BBAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INDA vs. BBAX

Last updated Jun 24, 2026

INDA (iShares MSCI India ETF) and BBAX (JPMorgan BetaBuilders Developed Asia ex-Japan ETF) are both Asia Pacific Equities funds - INDA tracks the MSCI India Index while BBAX tracks the Morningstar Developed Asia Pacific ex-Japan Target Market Exposure Index. Both are passively managed. Over the past 5 years, INDA returned 3.46%/yr vs 4.79%/yr for BBAX. A 0.54 correlation means they provide meaningful diversification when combined. INDA charges 0.69%/yr vs 0.19%/yr for BBAX.

Performance

INDA vs. BBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India ETF (INDA) and JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, INDA achieves a -9.21% return, which is significantly lower than BBAX's 7.03% return.

INDA

1D
-1.70%
1M
1.41%
YTD
-9.21%
6M
-9.91%
1Y
-9.65%
3Y*
5.09%
5Y*
3.46%
10Y*
7.42%

BBAX

1D
-2.11%
1M
-2.67%
YTD
7.03%
6M
5.44%
1Y
15.68%
3Y*
12.30%
5Y*
4.79%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

INDA vs. BBAX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
INDA
iShares MSCI India ETF		-9.21%2.68%8.63%17.16%-8.94%21.36%14.83%6.49%-5.44%
BBAX
JPMorgan BetaBuilders Developed Asia ex-Japan ETF		7.03%20.21%2.50%5.60%-4.80%5.53%8.02%18.66%-9.65%

Correlation

The correlation between INDA and BBAX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.45

Correlation (3Y)
Calculated over the trailing 3-year period

0.45

Correlation (5Y)
Calculated over the trailing 5-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Aug 8, 2018

0.54

The correlation between INDA and BBAX has been stable across timeframes, ranging from 0.45 to 0.54 - a consistent structural relationship.

INDA vs. BBAX - Sectors Allocation Comparison

Sectors
INDA
BBAX

Financial Services

28.9%
45.0%

Consumer Cyclical

12.0%
5.2%

Industrials

10.6%
8.0%

Energy

9.1%
2.7%

Basic Materials

8.6%
17.5%

Technology

8.0%
0.2%

Healthcare

6.1%
4.1%

Consumer Defensive

5.8%
3.1%

Communication Services

5.1%
2.7%

Utilities

4.4%
3.2%

Real Estate

1.3%
8.4%

Financial Services

INDA
28.9%
BBAX
45.0%

Consumer Cyclical

INDA
12.0%
BBAX
5.2%

Industrials

INDA
10.6%
BBAX
8.0%

Energy

INDA
9.1%
BBAX
2.7%

Basic Materials

INDA
8.6%
BBAX
17.5%

Technology

INDA
8.0%
BBAX
0.2%

Healthcare

INDA
6.1%
BBAX
4.1%

Consumer Defensive

INDA
5.8%
BBAX
3.1%

Communication Services

INDA
5.1%
BBAX
2.7%

Utilities

INDA
4.4%
BBAX
3.2%

Real Estate

INDA
1.3%
BBAX
8.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI India ETF

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

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Return for Risk

INDA vs. BBAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INDA
INDA Risk / Return Rank: 44
Overall Rank
INDA Sharpe Ratio Rank: 44
Sharpe Ratio Rank
INDA Sortino Ratio Rank: 44
Sortino Ratio Rank
INDA Omega Ratio Rank: 44
Omega Ratio Rank
INDA Calmar Ratio Rank: 44
Calmar Ratio Rank
INDA Martin Ratio Rank: 33
Martin Ratio Rank
BBAX
BBAX Risk / Return Rank: 3232
Overall Rank
BBAX Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
BBAX Sortino Ratio Rank: 2929
Sortino Ratio Rank
BBAX Omega Ratio Rank: 2929
Omega Ratio Rank
BBAX Calmar Ratio Rank: 3737
Calmar Ratio Rank
BBAX Martin Ratio Rank: 3737
Martin Ratio Rank
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. BBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) and JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX). 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.

INDABBAXDifference
Sharpe ratioReturn per unit of total volatility
-0.65
1.05

-1.70

Sortino ratioReturn per unit of downside risk
-0.86
1.51

-2.37

Omega ratioGain probability vs. loss probability

0.90

1.19

-0.29

Calmar ratioReturn relative to maximum drawdown

-0.52

1.75

-2.27

Martin ratioReturn relative to average drawdown

-1.17

5.35

-6.51

INDA vs. BBAX - Sharpe Ratio Comparison

The current INDA Sharpe Ratio is -0.65, which is lower than the BBAX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of INDA and BBAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

INDA vs. BBAX - Drawdown Comparison

The maximum INDA drawdown since its inception was -45.07%, which is greater than BBAX's maximum drawdown of -39.64%. Use the drawdown chart below to compare losses from any high point for INDA and BBAX.

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Drawdown Indicators

INDABBAXDifference

Max Drawdown

Largest peak-to-trough decline

-45.07%

-39.64%

-5.43%

Max Drawdown (1Y)

Largest decline over 1 year

-18.69%

-9.01%

-9.68%

Max Drawdown (3Y)

Largest decline over 3 years

-22.72%

-20.12%

-2.60%

Max Drawdown (5Y)

Largest decline over 5 years

-22.72%

-23.21%

+0.49%

Max Drawdown (10Y)

Largest decline over 10 years

-45.07%

—

—

Current Drawdown

Current decline from peak

-16.51%

-6.22%

-10.29%

Average Drawdown

Average peak-to-trough decline

-9.60%

-7.20%

-2.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.28%

2.94%

+5.34%

Volatility

INDA vs. BBAX - Volatility Comparison

The current volatility for iShares MSCI India ETF (INDA) is 4.56%, while JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX) has a volatility of 5.61%. This indicates that INDA experiences smaller price fluctuations and is considered to be less risky than BBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

INDABBAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.56%

5.61%

-1.05%

Volatility (6M)

Calculated over the trailing 6-month period

13.07%

12.74%

+0.33%

Volatility (1Y)

Calculated over the trailing 1-year period

14.91%

15.05%

-0.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.44%

17.40%

-1.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.08%

19.70%

+1.38%

INDA vs. BBAX - Expense Ratio Comparison

INDA has a 0.69% expense ratio, which is higher than BBAX's 0.19% expense ratio.

Dividends

INDA vs. BBAX - Dividend Comparison

INDA has not paid dividends to shareholders, while BBAX's dividend yield for the trailing twelve months is around 3.70%.

PositionTTM20252024202320222021202020192018201720162015
BBAX
JPMorgan BetaBuilders Developed Asia ex-Japan ETF		3.70%3.86%4.13%4.17%5.06%5.47%2.57%4.07%1.36%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 BBAX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BBAX has higher volatility (5.61%) compared to INDA (4.56%). In terms of maximum drawdown, INDA dropped -45.07% vs BBAX's -39.64%.

On 5-year performance, BBAX leads with 4.79% vs 3.46% for INDA. On fees, BBAX is cheaper at 0.19% per year. On volatility, INDA has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, BBAX has performed better with a 4.79% return vs 3.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BBAX is cheaper with a 0.19% expense ratio, compared with 0.69% for INDA.

BBAX has the higher dividend yield at 3.70%, compared with 0.00% for INDA.

INDA tracks MSCI India Index, while BBAX tracks Morningstar Developed Asia Pacific ex-Japan Target Market Exposure Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.69% for INDA and 0.19% for BBAX.

BBAX currently has the higher Sharpe Ratio (1.05 vs -0.65), 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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