INDF vs. MUSQ

Last updated Jun 24, 2026

INDF (Nifty India Financials ETF) and MUSQ (MUSQ Global Music Industry Index ETF) are both exchange-traded funds - INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index, while MUSQ is a Communications Equities fund tracking the MUSQ Global Music Industry Index. Both are passively managed. At a 0.30 correlation, their price movements are largely independent. INDF charges 0.75%/yr vs 0.76%/yr for MUSQ.

Performance

INDF vs. MUSQ - Performance Comparison

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

Returns By Period

INDF

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

MUSQ

• 1D: -1.40%
• 1M: -7.39%
• YTD: -13.09%
• 6M: -12.45%
• 1Y: -11.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INDF vs. MUSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INDF Nifty India Financials ETF	0.00%	8.17%	6.32%	9.14%
MUSQ MUSQ Global Music Industry Index ETF	-13.09%	19.60%	-4.94%	0.81%

Correlation

The correlation between INDF and MUSQ is 0.06, 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	0.06
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023	0.30

Over the past year, the correlation between INDF and MUSQ has dropped to 0.06 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.

INDF vs. MUSQ - Sectors Allocation Comparison

Sectors	INDF	MUSQ
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	76.5%
Consumer Cyclical	-	12.1%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	0.6%
Real Estate	-	-
Technology	-	10.8%
Utilities	-	-

Return for Risk

INDF vs. MUSQ — 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.

MUSQ

MUSQ Risk / Return Rank: 4
MUSQ Sharpe Ratio Rank: 4
MUSQ Sortino Ratio Rank: 4
MUSQ Omega Ratio Rank: 4
MUSQ Calmar Ratio Rank: 5
MUSQ Martin Ratio Rank: 3

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. MUSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nifty India Financials ETF (INDF) and MUSQ Global Music Industry Index ETF (MUSQ). 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	MUSQ	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.69	—
Sortino ratio: Return per unit of downside risk	—	-0.89	—
Omega ratio: Gain probability vs. loss probability	—	0.90	—
Calmar ratio: Return relative to maximum drawdown	—	-0.52	—
Martin ratio: Return relative to average drawdown	—	-1.18	—

Drawdowns

Drawdown Indicators

	INDF	MUSQ	Difference
Max Drawdown Largest peak-to-trough decline	—	-23.11%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-23.11%	—
Current Drawdown Current decline from peak	—	-18.92%	—
Average Drawdown Average peak-to-trough decline	—	-6.75%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.15%	—

Volatility

Volatility by Period

	INDF	MUSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.98%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	17.33%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.96%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.96%	—

INDF vs. MUSQ - Expense Ratio Comparison

INDF has a 0.75% expense ratio, which is lower than MUSQ's 0.76% expense ratio.

Dividends

INDF vs. MUSQ - Dividend Comparison

INDF has not paid dividends to shareholders, while MUSQ's dividend yield for the trailing twelve months is around 0.73%.

Position	TTM	2025	2024	2023	2022	2021
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%
MUSQ MUSQ Global Music Industry Index ETF	0.73%	0.63%	1.08%	0.74%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INDF and MUSQ in my portfolio?

INDF and MUSQ have a correlation of 0.06, 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 MUSQ?

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 MUSQ?

INDF is cheaper with a 0.75% expense ratio, compared with 0.76% for MUSQ.

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

INDF has the higher dividend yield at 21.29%, compared with 0.73% for MUSQ.

What is the main difference between INDF and MUSQ?

INDF is categorized as Financials Equities, while MUSQ is Communications Equities. INDF tracks Nifty Financial Services 25/50 Index, while MUSQ tracks MUSQ Global Music Industry Index. Their fees differ too: 0.75% for INDF and 0.76% for MUSQ.