INDA vs. IAU
INDA (iShares MSCI India ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - INDA is a Asia Pacific Equities fund tracking the MSCI India Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, INDA returned 7.42%/yr vs 11.76%/yr for IAU. At a 0.13 correlation, their price movements are largely independent. INDA charges 0.69%/yr vs 0.25%/yr for IAU.
Performance
INDA vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, INDA achieves a -9.21% return, which is significantly lower than IAU's -4.73% return. Over the past 10 years, INDA has underperformed IAU with an annualized return of 7.42%, while IAU has yielded a comparatively higher 11.76% annualized 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%
IAU
- 1D
- -1.87%
- 1M
- -8.82%
- YTD
- -4.73%
- 6M
- -8.68%
- 1Y
- 21.45%
- 3Y*
- 28.61%
- 5Y*
- 18.02%
- 10Y*
- 11.76%
INDA vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | -9.21% | 2.68% | 8.63% | 17.16% | -8.94% | 21.36% | 14.83% | 6.49% | -6.67% | 36.08% |
IAU iShares Gold Trust | -4.73% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between INDA and IAU is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012 | 0.13 |
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Return for Risk
INDA vs. IAU — Risk / Return Rank
INDA
IAU
INDA vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.01 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.17 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 0.88 | -1.40 |
| Martin ratioReturn relative to average drawdown | -1.17 | 2.37 | -3.54 |
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Drawdowns
INDA vs. IAU - Drawdown Comparison
The maximum INDA drawdown since its inception was -45.07%, roughly equal to the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for INDA and IAU.
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Drawdown Indicators
| INDA | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.07% | -45.14% | +0.07% |
Max Drawdown (1Y)Largest decline over 1 year | -18.69% | -24.40% | +5.71% |
Max Drawdown (3Y)Largest decline over 3 years | -22.72% | -24.40% | +1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -22.72% | -24.40% | +1.68% |
Max Drawdown (10Y)Largest decline over 10 years | -45.07% | -24.40% | -20.67% |
Current DrawdownCurrent decline from peak | -16.51% | -23.87% | +7.36% |
Average DrawdownAverage peak-to-trough decline | -9.60% | -15.97% | +6.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.28% | 9.07% | -0.79% |
Volatility
INDA vs. IAU - Volatility Comparison
The current volatility for iShares MSCI India ETF (INDA) is 4.56%, while iShares Gold Trust (IAU) has a volatility of 8.10%. This indicates that INDA experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDA | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.56% | 8.10% | -3.54% |
Volatility (6M)Calculated over the trailing 6-month period | 13.07% | 24.23% | -11.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.91% | 27.38% | -12.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.44% | 18.18% | -2.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.08% | 15.98% | +5.10% |
INDA vs. IAU - Expense Ratio Comparison
INDA has a 0.69% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
INDA vs. IAU - Dividend Comparison
Neither INDA nor IAU has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | 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 IAU have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (8.10%) compared to INDA (4.56%). In terms of maximum drawdown, INDA dropped -45.07% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.76% vs 7.42% for INDA. On fees, IAU is cheaper at 0.25% 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 10-year period, IAU has performed better with a 11.76% return vs 7.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.69% for INDA.
INDA and IAU have nearly identical dividend yields, around 0.00%.
INDA is categorized as Asia Pacific Equities, while IAU is Gold. INDA tracks MSCI India Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.69% for INDA and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (0.79 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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