INDF vs. EPI

Last updated Jun 24, 2026

INDF (Nifty India Financials ETF) and EPI (WisdomTree India Earnings Fund) are both exchange-traded funds - INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index, while EPI is a Emerging Markets Equities fund tracking the WisdomTree India Earnings Index. Both are passively managed. A 0.73 correlation means they provide meaningful diversification when combined. INDF charges 0.75%/yr vs 0.84%/yr for EPI.

Performance

INDF vs. EPI - Performance Comparison

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

Returns By Period

INDF

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

EPI

• 1D: -1.80%
• 1M: 0.68%
• YTD: -7.84%
• 6M: -8.06%
• 1Y: -7.64%
• 3Y*: 7.99%
• 5Y*: 6.29%
• 10Y*: 9.68%

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

INDF vs. EPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
INDF Nifty India Financials ETF	0.00%	8.17%	6.32%	19.86%	-5.28%	11.95%	24.44%
EPI WisdomTree India Earnings Fund	-7.84%	2.25%	10.70%	26.03%	-4.74%	26.41%	19.85%

Correlation

The correlation between INDF and EPI is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 21, 2020	0.73

Over the past year, the correlation between INDF and EPI has dropped to 0.16 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

INDF vs. EPI - Sectors Allocation Comparison

Sectors	INDF	EPI
Financial Services	100.0%	23.2%
Basic Materials	-	14.2%
Communication Services	-	2.0%
Consumer Cyclical	-	7.6%
Consumer Defensive	-	3.5%
Energy	-	16.4%
Healthcare	-	5.8%
Industrials	-	9.9%
Real Estate	-	0.9%
Technology	-	8.3%
Utilities	-	8.3%

Return for Risk

INDF vs. EPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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.

EPI

EPI Risk / Return Rank: 5
EPI Sharpe Ratio Rank: 5
EPI Sortino Ratio Rank: 4
EPI Omega Ratio Rank: 5
EPI Calmar Ratio Rank: 5
EPI Martin Ratio Rank: 4

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.

INDF vs. EPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nifty India Financials ETF (INDF) and WisdomTree India Earnings Fund (EPI). 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	EPI	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.50	—
Sortino ratio: Return per unit of downside risk	—	-0.63	—
Omega ratio: Gain probability vs. loss probability	—	0.93	—
Calmar ratio: Return relative to maximum drawdown	—	-0.45	—
Martin ratio: Return relative to average drawdown	—	-1.05	—

Drawdowns

Drawdown Indicators

	INDF	EPI	Difference
Max Drawdown Largest peak-to-trough decline	—	-66.21%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-16.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-21.89%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.29%	—
Current Drawdown Current decline from peak	—	-15.84%	—
Average Drawdown Average peak-to-trough decline	—	-18.64%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.33%	—

Volatility

Volatility by Period

	INDF	EPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.15%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	15.21%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	16.26%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	20.30%	—

INDF vs. EPI - Expense Ratio Comparison

INDF has a 0.75% expense ratio, which is lower than EPI's 0.84% expense ratio.

Dividends

INDF vs. EPI - Dividend Comparison

Neither INDF nor EPI has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPI WisdomTree India Earnings Fund	0.00%	0.00%	0.27%	0.15%	6.01%	1.18%	0.78%	1.17%	1.18%	0.85%	1.05%	1.20%
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INDF and EPI in my portfolio?

INDF and EPI have a correlation of 0.16, 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 EPI?

On fees, INDF is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INDF or EPI?

INDF is cheaper with a 0.75% expense ratio, compared with 0.84% for EPI.

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

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

What is the main difference between INDF and EPI?

INDF is categorized as Financials Equities, while EPI is Emerging Markets Equities. INDF tracks Nifty Financial Services 25/50 Index, while EPI tracks WisdomTree India Earnings Index. They also come from different issuers: Exchange Traded Concepts and WisdomTree. Their fees differ too: 0.75% for INDF and 0.84% for EPI.