INDA vs. BIL
INDA (iShares MSCI India ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - INDA is a Asia Pacific Equities fund tracking the MSCI India Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, INDA returned 7.09%/yr vs 2.20%/yr for BIL. At a 0.00 correlation, their price movements are largely independent. INDA charges 0.69%/yr vs 0.14%/yr for BIL.
Performance
INDA vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, INDA achieves a -10.58% return, which is significantly lower than BIL's 1.60% return. Over the past 10 years, INDA has outperformed BIL with an annualized return of 7.09%, while BIL has yielded a comparatively lower 2.20% annualized return.
INDA
- 1D
- 1.13%
- 1M
- -0.06%
- YTD
- -10.58%
- 6M
- -9.05%
- 1Y
- -10.57%
- 3Y*
- 4.51%
- 5Y*
- 2.79%
- 10Y*
- 7.09%
BIL
- 1D
- 0.03%
- 1M
- 0.29%
- YTD
- 1.60%
- 6M
- 1.76%
- 1Y
- 3.85%
- 3Y*
- 4.63%
- 5Y*
- 3.43%
- 10Y*
- 2.20%
INDA vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | -10.58% | 2.68% | 8.63% | 17.16% | -8.94% | 21.36% | 14.83% | 6.49% | -6.67% | 36.08% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.60% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between INDA and BIL is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012 | 0.00 |
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Return for Risk
INDA vs. BIL — Risk / Return Rank
INDA
BIL
INDA vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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 | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -20.43 | ||
| Sortino ratioReturn per unit of downside risk | -176.26 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 88.41 | -87.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.63 | 357.44 | -358.08 |
| Martin ratioReturn relative to average drawdown | -1.46 | 2,834.34 | -2,835.80 |
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Drawdowns
INDA vs. BIL - Drawdown Comparison
The maximum INDA drawdown since its inception was -45.07%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for INDA and BIL.
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Drawdown Indicators
| INDA | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.07% | -0.78% | -44.29% |
Max Drawdown (1Y)Largest decline over 1 year | -18.69% | -0.01% | -18.68% |
Max Drawdown (3Y)Largest decline over 3 years | -22.72% | -0.01% | -22.71% |
Max Drawdown (5Y)Largest decline over 5 years | -22.72% | -0.09% | -22.63% |
Max Drawdown (10Y)Largest decline over 10 years | -45.07% | -0.21% | -44.86% |
Current DrawdownCurrent decline from peak | -17.77% | 0.00% | -17.77% |
Average DrawdownAverage peak-to-trough decline | -9.59% | -0.26% | -9.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.09% | 0.00% | +8.09% |
Volatility
INDA vs. BIL - Volatility Comparison
iShares MSCI India ETF (INDA) has a higher volatility of 4.16% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that INDA's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDA | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.16% | 0.06% | +4.10% |
Volatility (6M)Calculated over the trailing 6-month period | 12.77% | 0.14% | +12.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.79% | 0.20% | +14.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.40% | 0.26% | +15.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.11% | 0.26% | +20.85% |
INDA vs. BIL - Expense Ratio Comparison
INDA has a 0.69% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
INDA vs. BIL - Dividend Comparison
INDA has not paid dividends to shareholders, while BIL's dividend yield for the trailing twelve months is around 3.86%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 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 BIL have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INDA has higher volatility (4.16%) compared to BIL (0.06%). In terms of maximum drawdown, INDA dropped -45.07% vs BIL's -0.78%.
On 10-year performance, INDA leads with 7.09% vs 2.20% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, INDA has performed better with a 7.09% return vs 2.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.69% for INDA.
BIL has the higher dividend yield at 3.86%, compared with 0.00% for INDA.
INDA is categorized as Asia Pacific Equities, while BIL is Government Bonds. INDA tracks MSCI India Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.69% for INDA and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.63 vs -0.80), 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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