INDA vs. IYW
INDA (iShares MSCI India ETF) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - INDA is a India Equities fund tracking the MSCI India Index, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. Both are passively managed. Over the past 10 years, INDA returned 6.45%/yr vs 24.67%/yr for IYW. At a 0.45 correlation, their price movements are largely independent. INDA charges 0.69%/yr vs 0.38%/yr for IYW.
Performance
INDA vs. IYW - Performance Comparison
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Returns By Period
In the year-to-date period, INDA achieves a -10.18% return, which is significantly lower than IYW's 20.26% return. Over the past 10 years, INDA has underperformed IYW with an annualized return of 6.45%, while IYW has yielded a comparatively higher 24.67% annualized return.
INDA
- 1D
- -0.74%
- 1M
- -2.08%
- 6M
- -8.14%
- YTD
- -10.18%
- 1Y
- -10.92%
- 3Y*
- 3.30%
- 5Y*
- 3.36%
- 10Y*
- 6.45%
- ALL TIME*
- 5.26%
IYW
- 1D
- 0.31%
- 1M
- -5.36%
- 6M
- 20.13%
- YTD
- 20.26%
- 1Y
- 34.44%
- 3Y*
- 29.86%
- 5Y*
- 19.12%
- 10Y*
- 24.67%
- ALL TIME*
- 9.20%
INDA vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | -10.18% | 2.68% | 8.63% | 17.16% | -8.94% | 21.36% | 14.83% | 6.49% | -6.67% | 36.08% |
IYW iShares U.S. Technology ETF | 20.26% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
Correlation
The correlation between INDA and IYW is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012 | 0.45 |
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Return for Risk
INDA vs. IYW — Risk / Return Rank
INDA
IYW
INDA vs. IYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) and iShares U.S. Technology ETF (IYW). 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 | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.00 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.26 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 1.94 | -2.56 |
| Martin ratioReturn relative to average drawdown | -1.37 | 5.97 | -7.34 |
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Drawdowns
INDA vs. IYW - Drawdown Comparison
The maximum INDA drawdown since its inception was -45.07%, smaller than the maximum IYW drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for INDA and IYW.
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Drawdown Indicators
| INDA | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.07% | -81.90% | +36.83% |
Max Drawdown (1Y)Largest decline over 1 year | -17.85% | -17.81% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -22.72% | -26.47% | +3.75% |
Max Drawdown (5Y)Largest decline over 5 years | -22.72% | -39.44% | +16.72% |
Max Drawdown (10Y)Largest decline over 10 years | -45.07% | -39.44% | -5.63% |
Current DrawdownCurrent decline from peak | -17.40% | -7.66% | -9.74% |
Average DrawdownAverage peak-to-trough decline | -9.63% | -34.51% | +24.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.99% | 5.78% | +2.21% |
Volatility
INDA vs. IYW - Volatility Comparison
The current volatility for iShares MSCI India ETF (INDA) is 3.80%, while iShares U.S. Technology ETF (IYW) has a volatility of 8.60%. This indicates that INDA experiences smaller price fluctuations and is considered to be less risky than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDA | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.80% | 8.60% | -4.80% |
Volatility (6M)Calculated over the trailing 6-month period | 13.08% | 19.42% | -6.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.00% | 23.17% | -8.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.46% | 26.37% | -10.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.06% | 25.30% | -4.24% |
INDA vs. IYW - Expense Ratio Comparison
INDA has a 0.69% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
INDA vs. IYW - Dividend Comparison
INDA has not paid dividends to shareholders, while IYW's dividend yield for the trailing twelve months is around 0.11%.
| 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% |
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
Frequently Asked Questions
INDA and IYW have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYW has higher volatility (8.60%) compared to INDA (3.80%). In terms of maximum drawdown, INDA dropped -45.07% vs IYW's -81.90%.
On 10-year performance, IYW leads with 24.67% vs 6.45% for INDA. On fees, IYW is cheaper at 0.38% per year. On volatility, INDA has been the lower-risk option at 3.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYW has performed better with a 24.67% return vs 6.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYW is cheaper with a 0.38% expense ratio, compared with 0.69% for INDA.
IYW has the higher dividend yield at 0.11%, compared with 0.00% for INDA.
INDA is categorized as India Equities, while IYW is Technology Equities. INDA tracks MSCI India Index, while IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index. Their fees differ too: 0.69% for INDA and 0.38% for IYW.
IYW currently has the higher Sharpe Ratio (1.50 vs -0.73), 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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