INDA vs. NDIA

Last updated Jun 4, 2026

INDA (iShares MSCI India ETF) and NDIA (Global X Funds - Global X India Active ETF) are both Asia Pacific Equities funds. INDA is passively managed, while NDIA is actively managed. Over the past year, INDA returned -12.23% vs -11.74% for NDIA. Their correlation of 0.93 suggests significant overlap in exposure. INDA charges 0.69%/yr vs 0.76%/yr for NDIA.

Performance

INDA vs. NDIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India ETF (INDA) and Global X Funds - Global X India Active ETF (NDIA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with INDA having a -12.38% return and NDIA slightly lower at -12.77%.

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%

NDIA

• 1D: -1.01%
• 1M: -3.40%
• YTD: -12.77%
• 6M: -11.47%
• 1Y: -11.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INDA vs. NDIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INDA iShares MSCI India ETF	-12.38%	2.68%	8.63%	12.65%
NDIA Global X Funds - Global X India Active ETF	-12.77%	5.04%	5.75%	12.71%

Correlation

The correlation between INDA and NDIA is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 21, 2023	0.93

The correlation between INDA and NDIA has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

INDA vs. NDIA - Sectors Allocation Comparison

Sectors	INDA	NDIA
Financial Services	28.4%	32.7%
Consumer Cyclical	12.5%	11.0%
Industrials	10.3%	10.3%
Energy	9.5%	9.9%
Technology	8.3%	7.1%
Basic Materials	8.0%	7.0%
Consumer Defensive	6.2%	6.3%
Healthcare	6.2%	3.4%
Communication Services	4.7%	5.6%
Utilities	4.6%	3.6%
Real Estate	1.4%	3.0%

Return for Risk

INDA vs. NDIA — 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

NDIA

NDIA Risk / Return Rank: 3
NDIA Sharpe Ratio Rank: 3
NDIA Sortino Ratio Rank: 3
NDIA Omega Ratio Rank: 3
NDIA Calmar Ratio Rank: 3
NDIA 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. NDIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) and Global X Funds - Global X India Active ETF (NDIA). 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	NDIA	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	-0.75	-0.09
Sortino ratio: Return per unit of downside risk	-1.15	-1.01	-0.14
Omega ratio: Gain probability vs. loss probability	0.87	0.88	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.66	-0.65	0.00
Martin ratio: Return relative to average drawdown	-1.59	-1.64	+0.05
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. NDIA - Sharpe Ratio Comparison

The current INDA Sharpe Ratio is -0.84, which is comparable to the NDIA Sharpe Ratio of -0.75. The chart below compares the historical Sharpe Ratios of INDA and NDIA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	INDA	NDIA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	-0.75	-0.09
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	0.21	+0.03

Drawdowns

INDA vs. NDIA - Drawdown Comparison

The maximum INDA drawdown since its inception was -45.07%, which is greater than NDIA's maximum drawdown of -22.05%. Use the drawdown chart below to compare losses from any high point for INDA and NDIA.

Drawdown Indicators

	INDA	NDIA	Difference
Max Drawdown Largest peak-to-trough decline	-45.07%	-22.05%	-23.02%
Max Drawdown (1Y) Largest decline over 1 year	-18.69%	-18.03%	-0.66%
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%	-19.11%	-0.31%
Average Drawdown Average peak-to-trough decline	-9.57%	-7.05%	-2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.71%	7.17%	+0.54%

Volatility

INDA vs. NDIA - Volatility Comparison

The current volatility for iShares MSCI India ETF (INDA) is 5.26%, while Global X Funds - Global X India Active ETF (NDIA) has a volatility of 6.19%. This indicates that INDA experiences smaller price fluctuations and is considered to be less risky than NDIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDA	NDIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	6.19%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	12.66%	13.60%	-0.94%
Volatility (1Y) Calculated over the trailing 1-year period	14.67%	15.77%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.37%	15.63%	-0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.12%	15.63%	+5.49%

INDA vs. NDIA - Expense Ratio Comparison

INDA has a 0.69% expense ratio, which is lower than NDIA's 0.76% expense ratio.

Dividends

INDA vs. NDIA - Dividend Comparison

INDA has not paid dividends to shareholders, while NDIA's dividend yield for the trailing twelve months is around 1.26%.

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%
NDIA Global X Funds - Global X India Active ETF	1.26%	1.10%	3.66%	0.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INDA and NDIA in my portfolio?

With a correlation of 0.92, INDA and NDIA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, INDA or NDIA?

NDIA has higher volatility (6.19%) compared to INDA (5.26%). In terms of maximum drawdown, INDA dropped -45.07% vs NDIA's -22.05%.

Which ETF is better, INDA or NDIA?

On 1-year performance, NDIA leads with -11.74% vs -12.23% for INDA. On fees, INDA is cheaper at 0.69% per year. On volatility, INDA has been the lower-risk option at 5.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDA or NDIA?

Over the 1-year period, NDIA has performed better with a -11.74% return vs -12.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDA or NDIA?

INDA is cheaper with a 0.69% expense ratio, compared with 0.76% for NDIA.

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

NDIA has the higher dividend yield at 1.26%, compared with 0.00% for INDA.

What is the main difference between INDA and NDIA?

They also come from different issuers: iShares and Global X. Their fees differ too: 0.69% for INDA and 0.76% for NDIA.

Which has better risk-adjusted returns?

NDIA currently has the higher Sharpe Ratio (-0.75 vs -0.84), 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.