INDF vs. IBHE

Last updated Jun 4, 2026

INDF (Nifty India Financials ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both exchange-traded funds - INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index, while IBHE is a High Yield Bonds fund tracking the Bloomberg 2025 Term High Yield and Income Index. Both are passively managed. At a 0.32 correlation, their price movements are largely independent. INDF charges 0.75%/yr vs 0.35%/yr for IBHE.

Performance

INDF vs. IBHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nifty India Financials ETF (INDF) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

INDF

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

IBHE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.09%
• 1Y: 2.31%
• 3Y*: 6.07%
• 5Y*: 3.89%
• 10Y*: —

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

INDF vs. IBHE - 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%	23.97%
IBHE iShares iBonds 2025 Term High Yield & Income ETF	0.00%	4.45%	7.62%	10.32%	-4.08%	4.40%	4.11%

Correlation

The correlation between INDF and IBHE is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 22, 2020	0.32

The correlation between INDF and IBHE shifts across timeframes, from -0.17 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

INDF vs. IBHE - Sectors Allocation Comparison

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

Return for Risk

INDF vs. IBHE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IBHE

IBHE Risk / Return Rank: 97
IBHE Sharpe Ratio Rank: 93
IBHE Sortino Ratio Rank: 97
IBHE Omega Ratio Rank: 98
IBHE Calmar Ratio Rank: 98
IBHE Martin Ratio Rank: 98

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. IBHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nifty India Financials ETF (INDF) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). 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.

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

Sharpe Ratios by Period

	INDF	IBHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.51	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.41	—

Drawdowns

Drawdown Indicators

	INDF	IBHE	Difference
Max Drawdown Largest peak-to-trough decline	—	-26.91%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.22%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-8.51%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-1.42%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.05%	—

Volatility

Volatility by Period

	INDF	IBHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.39%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.78%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	4.87%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	11.53%	—

INDF vs. IBHE - Expense Ratio Comparison

INDF has a 0.75% expense ratio, which is higher than IBHE's 0.35% expense ratio.

Dividends

INDF vs. IBHE - Dividend Comparison

INDF's dividend yield for the trailing twelve months is around 21.29%, more than IBHE's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IBHE iShares iBonds 2025 Term High Yield & Income ETF	2.29%	4.53%	6.92%	7.17%	5.77%	4.84%	5.74%	3.73%
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INDF and IBHE in my portfolio?

INDF and IBHE have a correlation of -0.17, 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 IBHE?

On fees, IBHE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INDF or IBHE?

IBHE is cheaper with a 0.35% expense ratio, compared with 0.75% for INDF.

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

INDF has the higher dividend yield at 21.29%, compared with 2.29% for IBHE.

What is the main difference between INDF and IBHE?

INDF is categorized as Financials Equities, while IBHE is High Yield Bonds. INDF tracks Nifty Financial Services 25/50 Index, while IBHE tracks Bloomberg 2025 Term High Yield and Income Index. They also come from different issuers: Exchange Traded Concepts and iShares. Their fees differ too: 0.75% for INDF and 0.35% for IBHE.