PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
INDA vs. ZEB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INDA vs. ZEB.TO

Last updated Jun 9, 2026

INDA (iShares MSCI India ETF) and ZEB.TO (BMO Equal Weight Banks Index ETF) are both exchange-traded funds - INDA is a Asia Pacific Equities fund tracking the MSCI India Index, while ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index. Both are passively managed. Over the past 10 years, INDA returned 6.73%/yr vs 15.03%/yr for ZEB.TO. At a 0.30 correlation, their price movements are largely independent. INDA charges 0.69%/yr vs 0.25%/yr for ZEB.TO.

Performance

INDA vs. ZEB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India ETF (INDA) and BMO Equal Weight Banks Index ETF (ZEB.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

INDA is traded in USD, while ZEB.TO is traded in CAD. To make them comparable, the ZEB.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, INDA achieves a -12.65% return, which is significantly lower than ZEB.TO's 19.51% return. Over the past 10 years, INDA has underperformed ZEB.TO with an annualized return of 6.73%, while ZEB.TO has yielded a comparatively higher 15.03% annualized return.

INDA

1D
-0.27%
1M
-5.28%
YTD
-12.65%
6M
-11.06%
1Y
-14.02%
3Y*
4.13%
5Y*
2.36%
10Y*
6.73%

ZEB.TO

1D
0.31%
1M
3.55%
YTD
19.51%
6M
23.59%
1Y
59.63%
3Y*
32.05%
5Y*
15.54%
10Y*
15.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

INDA vs. ZEB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
INDA
iShares MSCI India ETF		-12.65%2.68%8.63%17.16%-8.94%21.36%14.83%6.49%-6.67%36.08%
ZEB.TO
BMO Equal Weight Banks Index ETF		19.51%50.29%14.86%13.58%-15.72%39.45%6.03%21.05%-15.92%22.56%

Correlation

The correlation between INDA and ZEB.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.34

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

0.35

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

0.34

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

0.31

Correlation (All Time)
Calculated using the full available price history since Feb 6, 2012

0.30

INDA vs. ZEB.TO - Sectors Allocation Comparison

Sectors
INDA
ZEB.TO

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%

-

Financial Services

INDA
28.4%
ZEB.TO
100.0%

Consumer Cyclical

INDA
12.5%
ZEB.TO

-

Industrials

INDA
10.3%
ZEB.TO

-

Energy

INDA
9.5%
ZEB.TO

-

Technology

INDA
8.3%
ZEB.TO

-

Basic Materials

INDA
8.0%
ZEB.TO

-

Consumer Defensive

INDA
6.2%
ZEB.TO

-

Healthcare

INDA
6.2%
ZEB.TO

-

Communication Services

INDA
4.7%
ZEB.TO

-

Utilities

INDA
4.6%
ZEB.TO

-

Real Estate

INDA
1.4%
ZEB.TO

-

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

BMO Equal Weight Banks Index ETF

Often compared with INDA:
INDA vs. FLININDA vs. INDYINDA vs. EPIINDA vs. SMININDA vs. VOOINDA vs. MCHIINDA vs. VNM
Often compared with ZEB.TO:
ZEB.TO vs. ZWB.TOZEB.TO vs. VDY.TOZEB.TO vs. HBNK.TOZEB.TO vs. HCAL.TOZEB.TO vs. HMAX.TOZEB.TO vs. ZSP.TOZEB.TO vs. XIC.TO

Return for Risk

INDA vs. ZEB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INDA
INDA Risk / Return Rank: 22
Overall Rank
INDA Sharpe Ratio Rank: 22
Sharpe Ratio Rank
INDA Sortino Ratio Rank: 22
Sortino Ratio Rank
INDA Omega Ratio Rank: 22
Omega Ratio Rank
INDA Calmar Ratio Rank: 33
Calmar Ratio Rank
INDA Martin Ratio Rank: 00
Martin Ratio Rank
ZEB.TO
ZEB.TO Risk / Return Rank: 9797
Overall Rank
ZEB.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ZEB.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
ZEB.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZEB.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
ZEB.TO Martin Ratio Rank: 9696
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. ZEB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) and BMO Equal Weight Banks Index ETF (ZEB.TO). 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.

INDAZEB.TODifference
Sharpe ratioReturn per unit of total volatility
-0.96
4.51

-5.47

Sortino ratioReturn per unit of downside risk
-1.34
6.04

-7.38

Omega ratioGain probability vs. loss probability

0.85

1.81

-0.96

Calmar ratioReturn relative to maximum drawdown

-0.75

6.24

-6.99

Martin ratioReturn relative to average drawdown

-1.78

27.47

-29.25

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. ZEB.TO - Sharpe Ratio Comparison

The current INDA Sharpe Ratio is -0.96, which is lower than the ZEB.TO Sharpe Ratio of 4.51. The chart below compares the historical Sharpe Ratios of INDA and ZEB.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

INDAZEB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.96

4.51

-5.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.15

1.03

-0.87

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.32

0.82

-0.50

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.68

-0.45

Drawdowns

INDA vs. ZEB.TO - Drawdown Comparison

The maximum INDA drawdown since its inception was -45.07%, roughly equal to the maximum ZEB.TO drawdown of -44.89%. Use the drawdown chart below to compare losses from any high point for INDA and ZEB.TO.

Loading charts...

Drawdown Indicators

INDAZEB.TODifference

Max Drawdown

Largest peak-to-trough decline

-45.07%

-44.89%

-0.18%

Max Drawdown (1Y)

Largest decline over 1 year

-18.69%

-9.61%

-9.08%

Max Drawdown (3Y)

Largest decline over 3 years

-22.72%

-18.42%

-4.30%

Max Drawdown (5Y)

Largest decline over 5 years

-22.72%

-32.13%

+9.41%

Max Drawdown (10Y)

Largest decline over 10 years

-45.07%

-44.89%

-0.18%

Current Drawdown

Current decline from peak

-19.68%

-1.00%

-18.68%

Average Drawdown

Average peak-to-trough decline

-9.58%

-9.02%

-0.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.88%

2.18%

+5.70%

Volatility

INDA vs. ZEB.TO - Volatility Comparison

iShares MSCI India ETF (INDA) has a higher volatility of 5.11% compared to BMO Equal Weight Banks Index ETF (ZEB.TO) at 4.56%. This indicates that INDA's price experiences larger fluctuations and is considered to be riskier than ZEB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

INDAZEB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.11%

4.56%

+0.55%

Volatility (6M)

Calculated over the trailing 6-month period

12.75%

11.41%

+1.34%

Volatility (1Y)

Calculated over the trailing 1-year period

14.72%

13.32%

+1.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.39%

15.20%

+0.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.12%

18.38%

+2.74%

INDA vs. ZEB.TO - Expense Ratio Comparison

INDA has a 0.69% expense ratio, which is higher than ZEB.TO's 0.25% expense ratio.

Dividends

INDA vs. ZEB.TO - Dividend Comparison

INDA has not paid dividends to shareholders, while ZEB.TO's dividend yield for the trailing twelve months is around 2.48%.

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%
ZEB.TO
BMO Equal Weight Banks Index ETF		2.48%2.95%3.98%4.75%4.29%3.13%4.15%3.65%3.64%3.02%3.19%3.70%

Frequently Asked Questions

INDA and ZEB.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZEB.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZEB.TO is cheaper with a 0.25% expense ratio, compared with 0.69% for INDA.

INDA is categorized as Asia Pacific Equities, while ZEB.TO is Financials Equities. INDA tracks MSCI India Index, while ZEB.TO tracks Solactive Equal Weight Canada Banks Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.69% for INDA and 0.25% for ZEB.TO.

Portfolio Optimizer

Find the right allocation for INDA and ZEB.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer