INDA vs. INDF

Last updated Jun 4, 2026

INDA (iShares MSCI India ETF) and INDF (Nifty India Financials ETF) are both exchange-traded funds - INDA is a Asia Pacific Equities fund tracking the MSCI India Index, while INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index. Both are passively managed. A 0.77 correlation means they provide meaningful diversification when combined. INDA charges 0.69%/yr vs 0.75%/yr for INDF.

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.

Returns By Period

INDA

• 1D: -1.39%
• 1M: -2.61%
• YTD: -12.38%
• 6M: -11.33%
• 1Y: -12.23%
• 3Y*: 4.17%
• 5Y*: 2.32%
• 10Y*: 6.56%

INDF

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

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

INDA vs. INDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
INDA iShares MSCI India ETF	-12.38%	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%

Correlation

The correlation between INDA and INDF is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Oct 22, 2020	0.77

Over the past year, the correlation between INDA and INDF has dropped to 0.24 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

INDA vs. INDF - Sectors Allocation Comparison

Sectors	INDA	INDF
Financial Services	28.4%	100.0%
Consumer Cyclical	12.5%	-
Industrials	10.3%	-
Energy	9.5%	-
Technology	8.3%	-
Basic Materials	8.0%	-
Consumer Defensive	6.2%	-
Healthcare	6.2%	-
Communication Services	4.7%	-
Utilities	4.6%	-
Real Estate	1.4%	-

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: 2
INDA Sharpe Ratio Rank: 2
INDA Sortino Ratio Rank: 2
INDA Omega Ratio Rank: 2
INDA Calmar Ratio Rank: 3
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	-0.84	—	—
Sortino ratio: Return per unit of downside risk	-1.15	—	—
Omega ratio: Gain probability vs. loss probability	0.87	—	—
Calmar ratio: Return relative to maximum drawdown	-0.66	—	—
Martin ratio: Return relative to average drawdown	-1.59	—	—
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	-0.84	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	—	—

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 (3Y) Largest decline over 3 years	-22.72%	—	—
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	-19.42%	—	—
Average Drawdown Average peak-to-trough decline	-9.57%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	7.71%	—	—

Volatility

Volatility by Period

	INDA	INDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.67%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.37%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.12%	—	—

INDA vs. INDF - Expense Ratio Comparison

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

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%.

Position	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%

Frequently Asked Questions

Can I hold both INDA and INDF in my portfolio?

INDA and INDF have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, INDA or INDF?

On fees, INDA is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INDA or INDF?

INDA is cheaper with a 0.69% expense ratio, compared with 0.75% for INDF.

Which ETF pays a higher dividend yield, INDA or INDF?

INDF has the higher dividend yield at 21.29%, compared with 0.00% for INDA.

What is the main difference between INDA and INDF?

INDA is categorized as Asia Pacific Equities, while INDF is Financials Equities. INDA tracks MSCI India Index, while INDF tracks Nifty Financial Services 25/50 Index. They also come from different issuers: iShares and Exchange Traded Concepts. Their fees differ too: 0.69% for INDA and 0.75% for INDF.