INDF vs. BENJ

Last updated Aug 2, 2026

INDF (Nifty India Financials ETF) and BENJ (Horizon Landmark ETF) are both exchange-traded funds - INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index, while BENJ is a Ultrashort Bond fund actively managed by Horizon. INDF is passively managed, while BENJ is actively managed. Their -0.04 correlation means they have often moved in opposite directions in the past. INDF charges 0.75%/yr vs 0.40%/yr for BENJ.

Performance

INDF vs. BENJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nifty India Financials ETF (INDF) and Horizon Landmark ETF (BENJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

INDF

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

BENJ

• 1D: 0.10%
• 1M: 0.40%
• 6M: 1.85%
• YTD: 2.15%
• 1Y: 3.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BENJ Horizon Landmark ETF	$6.92M	$4.81M	$2.38M

INDF vs. BENJ - Yearly Performance Comparison

	2026 (YTD)	2025
INDF Nifty India Financials ETF	0.00%	12.32%
BENJ Horizon Landmark ETF	2.15%	3.72%

Correlation

The correlation between INDF and BENJ is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.13
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	-0.04

Return for Risk

INDF vs. BENJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INDF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BENJ

BENJ Risk / Return Rank: 99
BENJ Sharpe Ratio Rank: 99
BENJ Sortino Ratio Rank: 98
BENJ Omega Ratio Rank: 99
BENJ Calmar Ratio Rank: 100
BENJ Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INDF vs. BENJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nifty India Financials ETF (INDF) and Horizon Landmark ETF (BENJ). 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.

	INDF	BENJ	Difference
Sharpe ratio: Return per unit of total volatility	—	6.58	—
Sortino ratio: Return per unit of downside risk	—	8.22	—
Omega ratio: Gain probability vs. loss probability	—	4.27	—
Calmar ratio: Return relative to maximum drawdown	—	59.16	—
Martin ratio: Return relative to average drawdown	—	341.86	—

Drawdowns

Drawdown Indicators

	INDF	BENJ	Difference
Max Drawdown Largest peak-to-trough decline	—	-0.39%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.06%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.02%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.08%	—

Volatility

Volatility by Period

	INDF	BENJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.27%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.68%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	0.59%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	0.59%	—

INDF vs. BENJ - Expense Ratio Comparison

INDF has a 0.75% expense ratio, which is higher than BENJ's 0.40% expense ratio.

Dividends

INDF vs. BENJ - Dividend Comparison

Neither INDF nor BENJ has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BENJ Horizon Landmark ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%

Frequently Asked Questions

Can I hold both INDF and BENJ in my portfolio?

INDF and BENJ have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, INDF or BENJ?

On fees, BENJ is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INDF or BENJ?

BENJ is cheaper with a 0.40% expense ratio, compared with 0.75% for INDF.

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

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

What is the main difference between INDF and BENJ?

INDF is categorized as Financials Equities, while BENJ is Ultrashort Bond. They also come from different issuers: Exchange Traded Concepts and Horizon. Their fees differ too: 0.75% for INDF and 0.40% for BENJ.