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INDA vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INDA vs. QUAL

Last updated Jun 13, 2026

INDA (iShares MSCI India ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - INDA is a Asia Pacific Equities fund tracking the MSCI India Index, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 10 years, INDA returned 7.09%/yr vs 14.46%/yr for QUAL. A 0.52 correlation means they provide meaningful diversification when combined. INDA charges 0.69%/yr vs 0.15%/yr for QUAL.

Performance

INDA vs. QUAL - Performance Comparison

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

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Returns By Period

In the year-to-date period, INDA achieves a -10.58% return, which is significantly lower than QUAL's 9.44% return. Over the past 10 years, INDA has underperformed QUAL with an annualized return of 7.09%, while QUAL has yielded a comparatively higher 14.46% annualized return.

INDA

1D
1.13%
1M
-0.06%
YTD
-10.58%
6M
-9.05%
1Y
-10.57%
3Y*
4.51%
5Y*
2.79%
10Y*
7.09%

QUAL

1D
0.47%
1M
2.14%
YTD
9.44%
6M
9.29%
1Y
22.87%
3Y*
19.30%
5Y*
11.97%
10Y*
14.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

INDA vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
INDA
iShares MSCI India ETF		-10.58%2.68%8.63%17.16%-8.94%21.36%14.83%6.49%-6.67%36.08%
QUAL
iShares MSCI USA Quality Factor ETF		9.44%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%

Correlation

The correlation between INDA and QUAL is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.45

Correlation (3Y)
Calculated over the trailing 3-year period

0.45

Correlation (5Y)
Calculated over the trailing 5-year period

0.52

Correlation (10Y)
Calculated over the trailing 10-year period

0.50

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2013

0.52

The correlation between INDA and QUAL has been stable across timeframes, ranging from 0.45 to 0.52 - a consistent structural relationship.

INDA vs. QUAL - Sectors Allocation Comparison

Sectors
INDA
QUAL

Financial Services

28.4%
11.5%

Consumer Cyclical

12.5%
9.3%

Industrials

10.3%
8.2%

Energy

9.5%
4.0%

Technology

8.3%
36.5%

Basic Materials

8.0%
1.7%

Consumer Defensive

6.2%
4.9%

Healthcare

6.2%
9.0%

Communication Services

4.7%
11.1%

Utilities

4.6%
1.9%

Real Estate

1.4%
1.8%

Financial Services

INDA
28.4%
QUAL
11.5%

Consumer Cyclical

INDA
12.5%
QUAL
9.3%

Industrials

INDA
10.3%
QUAL
8.2%

Energy

INDA
9.5%
QUAL
4.0%

Technology

INDA
8.3%
QUAL
36.5%

Basic Materials

INDA
8.0%
QUAL
1.7%

Consumer Defensive

INDA
6.2%
QUAL
4.9%

Healthcare

INDA
6.2%
QUAL
9.0%

Communication Services

INDA
4.7%
QUAL
11.1%

Utilities

INDA
4.6%
QUAL
1.9%

Real Estate

INDA
1.4%
QUAL
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI India ETF

iShares MSCI USA Quality Factor ETF

Often compared with INDA:
INDA vs. FLININDA vs. INDYINDA vs. EPIINDA vs. SMININDA vs. VOOINDA vs. MCHIINDA vs. VNM
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

INDA vs. QUAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INDA
INDA Risk / Return Rank: 33
Overall Rank
INDA Sharpe Ratio Rank: 33
Sharpe Ratio Rank
INDA Sortino Ratio Rank: 33
Sortino Ratio Rank
INDA Omega Ratio Rank: 33
Omega Ratio Rank
INDA Calmar Ratio Rank: 44
Calmar Ratio Rank
INDA Martin Ratio Rank: 22
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 5959
Overall Rank
QUAL Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 6060
Sortino Ratio Rank
QUAL Omega Ratio Rank: 5656
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5353
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6767
Martin Ratio Rank
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. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) and iShares MSCI USA Quality Factor ETF (QUAL). 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.

INDAQUALDifference
Sharpe ratioReturn per unit of total volatility
-0.80
1.74

-2.54

Sortino ratioReturn per unit of downside risk
-1.10
2.46

-3.56

Omega ratioGain probability vs. loss probability

0.88

1.31

-0.43

Calmar ratioReturn relative to maximum drawdown

-0.63

2.32

-2.96

Martin ratioReturn relative to average drawdown

-1.46

10.60

-12.06

INDA vs. QUAL - Sharpe Ratio Comparison

The current INDA Sharpe Ratio is -0.80, which is lower than the QUAL Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of INDA and QUAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

INDA vs. QUAL - Drawdown Comparison

The maximum INDA drawdown since its inception was -45.07%, which is greater than QUAL's maximum drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for INDA and QUAL.

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Drawdown Indicators

INDAQUALDifference

Max Drawdown

Largest peak-to-trough decline

-45.07%

-34.06%

-11.01%

Max Drawdown (1Y)

Largest decline over 1 year

-18.69%

-9.03%

-9.66%

Max Drawdown (3Y)

Largest decline over 3 years

-22.72%

-18.00%

-4.72%

Max Drawdown (5Y)

Largest decline over 5 years

-22.72%

-28.23%

+5.51%

Max Drawdown (10Y)

Largest decline over 10 years

-45.07%

-34.06%

-11.01%

Current Drawdown

Current decline from peak

-17.77%

-0.19%

-17.58%

Average Drawdown

Average peak-to-trough decline

-9.59%

-4.10%

-5.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.09%

1.99%

+6.10%

Volatility

INDA vs. QUAL - Volatility Comparison

iShares MSCI India ETF (INDA) has a higher volatility of 4.16% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 3.63%. This indicates that INDA's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

INDAQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.16%

3.63%

+0.53%

Volatility (6M)

Calculated over the trailing 6-month period

12.77%

9.43%

+3.34%

Volatility (1Y)

Calculated over the trailing 1-year period

14.79%

12.10%

+2.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.40%

17.36%

-1.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.11%

18.11%

+3.00%

INDA vs. QUAL - Expense Ratio Comparison

INDA has a 0.69% expense ratio, which is higher than QUAL's 0.15% expense ratio.

Dividends

INDA vs. QUAL - Dividend Comparison

INDA has not paid dividends to shareholders, while QUAL's dividend yield for the trailing twelve months is around 0.87%.

PositionTTM20252024202320222021202020192018201720162015
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%
QUAL
iShares MSCI USA Quality Factor ETF		0.87%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%

Frequently Asked Questions

INDA and QUAL have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

INDA has higher volatility (4.16%) compared to QUAL (3.63%). In terms of maximum drawdown, INDA dropped -45.07% vs QUAL's -34.06%.

On 10-year performance, QUAL leads with 14.46% vs 7.09% for INDA. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QUAL has performed better with a 14.46% return vs 7.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUAL is cheaper with a 0.15% expense ratio, compared with 0.69% for INDA.

QUAL has the higher dividend yield at 0.87%, compared with 0.00% for INDA.

INDA is categorized as Asia Pacific Equities, while QUAL is Large Cap Blend Equities. INDA tracks MSCI India Index, while QUAL tracks MSCI USA Sector Neutral Quality Index. Their fees differ too: 0.69% for INDA and 0.15% for QUAL.

QUAL currently has the higher Sharpe Ratio (1.74 vs -0.80), 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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