INDF vs. IAT

Last updated Jul 17, 2026

INDF (Nifty India Financials ETF) and IAT (iShares U.S. Regional Banks ETF) are both Financials Equities funds - INDF tracks the Nifty Financial Services 25/50 Index while IAT tracks the Dow Jones U.S. Select Regional Banks Index. Both are passively managed. At a 0.33 correlation, their price movements are largely independent. INDF charges 0.75%/yr vs 0.42%/yr for IAT.

Performance

INDF vs. IAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nifty India Financials ETF (INDF) and iShares U.S. Regional Banks ETF (IAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

INDF

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

IAT

• 1D: 2.00%
• 1M: 8.29%
• 6M: 15.61%
• YTD: 19.57%
• 1Y: 31.32%
• 3Y*: 26.05%
• 5Y*: 6.40%
• 10Y*: 9.84%

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

INDF vs. IAT - 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%
IAT iShares U.S. Regional Banks ETF	19.57%	13.05%	24.36%	-8.53%	-20.61%	38.89%	26.90%

Correlation

The correlation between INDF and IAT is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Oct 21, 2020	0.33

The correlation between INDF and IAT shifts across timeframes, from -0.01 (1 year) to 0.33 (5 years), reflecting how their relationship changes across market environments.

INDF vs. IAT - Sectors Allocation Comparison

Sectors	INDF	IAT
Financial Services	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

INDF vs. IAT — 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.

IAT

IAT Risk / Return Rank: 46
IAT Sharpe Ratio Rank: 51
IAT Sortino Ratio Rank: 49
IAT Omega Ratio Rank: 51
IAT Calmar Ratio Rank: 44
IAT Martin Ratio Rank: 37

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. IAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nifty India Financials ETF (INDF) and iShares U.S. Regional Banks ETF (IAT). 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	IAT	Difference
Sharpe ratio: Return per unit of total volatility	—	1.44	—
Sortino ratio: Return per unit of downside risk	—	1.97	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	1.80	—
Martin ratio: Return relative to average drawdown	—	4.59	—

Drawdowns

Drawdown Indicators

	INDF	IAT	Difference
Max Drawdown Largest peak-to-trough decline	—	-77.22%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-17.49%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-29.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-55.55%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-55.55%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-26.83%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.84%	—

Volatility

Volatility by Period

	INDF	IAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.56%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.40%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	21.86%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	28.87%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	30.66%	—

INDF vs. IAT - Expense Ratio Comparison

INDF has a 0.75% expense ratio, which is higher than IAT's 0.42% expense ratio.

Dividends

INDF vs. IAT - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAT iShares U.S. Regional Banks ETF	2.48%	2.94%	2.95%	3.56%	3.12%	1.88%	2.87%	2.49%	2.48%	1.55%	1.52%	1.78%
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 IAT in my portfolio?

INDF and IAT have a correlation of -0.01, 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 IAT?

On fees, IAT is cheaper at 0.42% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INDF or IAT?

IAT is cheaper with a 0.42% expense ratio, compared with 0.75% for INDF.

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

INDF has the higher dividend yield at 21.29%, compared with 2.48% for IAT.

What is the main difference between INDF and IAT?

INDF tracks Nifty Financial Services 25/50 Index, while IAT tracks Dow Jones U.S. Select Regional Banks Index. They also come from different issuers: Exchange Traded Concepts and iShares. Their fees differ too: 0.75% for INDF and 0.42% for IAT.