INDA vs. INDF

Last updated Apr 2, 2026

Compare and contrast key facts about iShares MSCI India ETF (INDA) and Nifty India Financials ETF (INDF).

INDA and INDF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. INDA is a passively managed fund by iShares that tracks the performance of the MSCI India Index. It was launched on Feb 2, 2012. INDF is a passively managed fund by Exchange Traded Concepts that tracks the performance of the Nifty Financial Services 25/50 Index. It was launched on Oct 20, 2020. Both INDA and INDF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

INDA vs. INDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India ETF (INDA) and Nifty India Financials ETF (INDF). The values are adjusted to include any dividend payments, if applicable.

INDA vs. INDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
INDA iShares MSCI India ETF	-13.58%	2.68%	8.63%	17.16%	-8.94%	21.36%	14.98%
INDF Nifty India Financials ETF	0.00%	8.17%	6.32%	19.86%	-5.28%	11.95%	23.97%

Returns By Period

INDA

• 1D: -0.28%
• 1M: -8.32%
• YTD: -13.58%
• 6M: -10.84%
• 1Y: -8.50%
• 3Y*: 6.19%
• 5Y*: 3.44%
• 10Y*: 6.85%

INDF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

INDA vs. INDF - Expense Ratio Comparison

INDA has a 0.69% expense ratio, which is lower than INDF's 0.75% expense ratio.

INDF

Nifty India Financials ETF

INDA

iShares MSCI India ETF

Return for Risk

INDA vs. INDF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INDA

INDA Risk / Return Rank: 3
INDA Sharpe Ratio Rank: 3
INDA Sortino Ratio Rank: 3
INDA Omega Ratio Rank: 3
INDA Calmar Ratio Rank: 4
INDA Martin Ratio Rank: 1

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. INDF - Risk-Adjusted Trends Comparison

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

	INDA	INDF	Difference
Sharpe ratio Return per unit of total volatility	-0.55	—	—
Sortino ratio Return per unit of downside risk	-0.70	—	—
Omega ratio Gain probability vs. loss probability	0.92	—	—
Calmar ratio Return relative to maximum drawdown	-0.50	—	—
Martin ratio Return relative to average drawdown	-1.63	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	INDA	INDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	—	—

Correlation

The correlation between INDA and INDF is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

INDA vs. INDF - Dividend Comparison

INDA has not paid dividends to shareholders, while INDF's dividend yield for the trailing twelve months is around 21.29%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

Drawdown Indicators

	INDA	INDF	Difference
Max Drawdown Largest peak-to-trough decline	-45.07%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-18.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.07%	—	—
Current Drawdown Current decline from peak	-20.53%	—	—
Average Drawdown Average peak-to-trough decline	-9.48%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	5.70%	—	—

Volatility

Volatility by Period

	INDA	INDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.79%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.88%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.58%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.12%	—	—