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INDA vs. EWA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INDA vs. EWA

Last updated Jun 9, 2026

INDA (iShares MSCI India ETF) and EWA (iShares MSCI-Australia ETF) are both Asia Pacific Equities funds from iShares - INDA tracks the MSCI India Index while EWA tracks the MSCI Australia Index. Both are passively managed. Over the past 10 years, INDA returned 6.73%/yr vs 8.12%/yr for EWA. A 0.52 correlation means they provide meaningful diversification when combined. INDA charges 0.69%/yr vs 0.50%/yr for EWA.

Performance

INDA vs. EWA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India ETF (INDA) and iShares MSCI-Australia ETF (EWA). 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 -12.65% return, which is significantly lower than EWA's 7.18% return. Over the past 10 years, INDA has underperformed EWA with an annualized return of 6.73%, while EWA has yielded a comparatively higher 8.12% annualized return.

INDA

1D
-0.27%
1M
-5.28%
YTD
-12.65%
6M
-11.06%
1Y
-14.02%
3Y*
4.13%
5Y*
2.36%
10Y*
6.73%

EWA

1D
0.04%
1M
-4.98%
YTD
7.18%
6M
8.80%
1Y
9.92%
3Y*
11.09%
5Y*
4.93%
10Y*
8.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

INDA vs. EWA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
INDA
iShares MSCI India ETF		-12.65%2.68%8.63%17.16%-8.94%21.36%14.83%6.49%-6.67%36.08%
EWA
iShares MSCI-Australia ETF		7.18%13.35%1.60%13.81%-5.92%8.93%8.29%22.45%-12.04%19.88%

Correlation

The correlation between INDA and EWA is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.43

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

0.46

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

0.52

Correlation (10Y)
Calculated over the trailing 10-year period

0.52

Correlation (All Time)
Calculated using the full available price history since Feb 6, 2012

0.52

The correlation between INDA and EWA has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.

INDA vs. EWA - Sectors Allocation Comparison

Sectors
INDA
EWA

Financial Services

28.4%
43.6%

Consumer Cyclical

12.5%
6.1%

Industrials

10.3%
4.5%

Energy

9.5%
4.5%

Technology

8.3%
1.1%

Basic Materials

8.0%
23.0%

Consumer Defensive

6.2%
3.6%

Healthcare

6.2%
4.9%

Communication Services

4.7%
2.0%

Utilities

4.6%
1.7%

Real Estate

1.4%
5.0%

Financial Services

INDA
28.4%
EWA
43.6%

Consumer Cyclical

INDA
12.5%
EWA
6.1%

Industrials

INDA
10.3%
EWA
4.5%

Energy

INDA
9.5%
EWA
4.5%

Technology

INDA
8.3%
EWA
1.1%

Basic Materials

INDA
8.0%
EWA
23.0%

Consumer Defensive

INDA
6.2%
EWA
3.6%

Healthcare

INDA
6.2%
EWA
4.9%

Communication Services

INDA
4.7%
EWA
2.0%

Utilities

INDA
4.6%
EWA
1.7%

Real Estate

INDA
1.4%
EWA
5.0%

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

iShares MSCI-Australia ETF

Often compared with INDA:
INDA vs. FLININDA vs. INDYINDA vs. EPIINDA vs. SMININDA vs. VOOINDA vs. MCHIINDA vs. VNM
Often compared with EWA:
EWA vs. EWCEWA vs. FLAUEWA vs. EWJEWA vs. EWOEWA vs. ^N225EWA vs. VOOEWA vs. SPY

Return for Risk

INDA vs. EWA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INDA
INDA Risk / Return Rank: 22
Overall Rank
INDA Sharpe Ratio Rank: 22
Sharpe Ratio Rank
INDA Sortino Ratio Rank: 22
Sortino Ratio Rank
INDA Omega Ratio Rank: 22
Omega Ratio Rank
INDA Calmar Ratio Rank: 33
Calmar Ratio Rank
INDA Martin Ratio Rank: 00
Martin Ratio Rank
EWA
EWA Risk / Return Rank: 2121
Overall Rank
EWA Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
EWA Sortino Ratio Rank: 1919
Sortino Ratio Rank
EWA Omega Ratio Rank: 1919
Omega Ratio Rank
EWA Calmar Ratio Rank: 2424
Calmar Ratio Rank
EWA Martin Ratio Rank: 2424
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. EWA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) and iShares MSCI-Australia ETF (EWA). 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.

INDAEWADifference
Sharpe ratioReturn per unit of total volatility
-0.96
0.58

-1.54

Sortino ratioReturn per unit of downside risk
-1.34
0.90

-2.24

Omega ratioGain probability vs. loss probability

0.85

1.11

-0.26

Calmar ratioReturn relative to maximum drawdown

-0.75

1.00

-1.75

Martin ratioReturn relative to average drawdown

-1.78

2.80

-4.58

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. EWA - Sharpe Ratio Comparison

The current INDA Sharpe Ratio is -0.96, which is lower than the EWA Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of INDA and EWA, 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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Sharpe Ratios by Period

INDAEWADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.96

0.58

-1.54

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.15

0.25

-0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.32

0.36

-0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.29

-0.05

Drawdowns

INDA vs. EWA - Drawdown Comparison

The maximum INDA drawdown since its inception was -45.07%, smaller than the maximum EWA drawdown of -66.98%. Use the drawdown chart below to compare losses from any high point for INDA and EWA.

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Drawdown Indicators

INDAEWADifference

Max Drawdown

Largest peak-to-trough decline

-45.07%

-66.98%

+21.91%

Max Drawdown (1Y)

Largest decline over 1 year

-18.69%

-10.01%

-8.68%

Max Drawdown (3Y)

Largest decline over 3 years

-22.72%

-21.91%

-0.81%

Max Drawdown (5Y)

Largest decline over 5 years

-22.72%

-24.87%

+2.15%

Max Drawdown (10Y)

Largest decline over 10 years

-45.07%

-45.54%

+0.47%

Current Drawdown

Current decline from peak

-19.68%

-7.24%

-12.44%

Average Drawdown

Average peak-to-trough decline

-9.58%

-11.33%

+1.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.88%

3.56%

+4.32%

Volatility

INDA vs. EWA - Volatility Comparison

iShares MSCI India ETF (INDA) and iShares MSCI-Australia ETF (EWA) have volatilities of 5.11% and 4.98%, 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.

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Volatility by Period

INDAEWADifference

Volatility (1M)

Calculated over the trailing 1-month period

5.11%

4.98%

+0.13%

Volatility (6M)

Calculated over the trailing 6-month period

12.75%

14.39%

-1.64%

Volatility (1Y)

Calculated over the trailing 1-year period

14.72%

17.22%

-2.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.39%

19.77%

-4.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.12%

22.63%

-1.51%

INDA vs. EWA - Expense Ratio Comparison

INDA has a 0.69% expense ratio, which is higher than EWA's 0.50% expense ratio.

Dividends

INDA vs. EWA - Dividend Comparison

INDA has not paid dividends to shareholders, while EWA's dividend yield for the trailing twelve months is around 3.00%.

PositionTTM20252024202320222021202020192018201720162015
EWA
iShares MSCI-Australia ETF		3.00%3.21%3.71%3.72%5.28%5.08%2.02%3.97%6.11%4.44%4.03%5.48%
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 EWA have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

INDA has higher volatility (5.11%) compared to EWA (4.98%). In terms of maximum drawdown, INDA dropped -45.07% vs EWA's -66.98%.

On 10-year performance, EWA leads with 8.12% vs 6.73% for INDA. On fees, EWA is cheaper at 0.50% per year. On volatility, EWA has been the lower-risk option at 4.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWA has performed better with a 8.12% return vs 6.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWA is cheaper with a 0.50% expense ratio, compared with 0.69% for INDA.

EWA has the higher dividend yield at 3.00%, compared with 0.00% for INDA.

INDA tracks MSCI India Index, while EWA tracks MSCI Australia Index. Their fees differ too: 0.69% for INDA and 0.50% for EWA.

EWA currently has the higher Sharpe Ratio (0.58 vs -0.96), 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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