INDL vs. ^XII

Last updated Jun 4, 2026

INDL (Direxion Daily India Bull 3x Shares) is Leveraged Equities fund tracking the Indus India Index (300%), while ^XII (NYSE Arca Institutional Index) is an index. Over the past 10 years, INDL returned -0.90%/yr vs 15.74%/yr for ^XII. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

INDL vs. ^XII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily India Bull 3x Shares (INDL) and NYSE Arca Institutional Index (^XII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INDL achieves a -26.16% return, which is significantly lower than ^XII's 11.48% return. Over the past 10 years, INDL has underperformed ^XII with an annualized return of -0.90%, while ^XII has yielded a comparatively higher 15.74% annualized return.

INDL

• 1D: -2.82%
• 1M: -5.87%
• YTD: -26.16%
• 6M: -24.88%
• 1Y: -29.05%
• 3Y*: -0.65%
• 5Y*: -3.27%
• 10Y*: -0.90%

^XII

• 1D: -0.92%
• 1M: 6.13%
• YTD: 11.48%
• 6M: 11.49%
• 1Y: 31.09%
• 3Y*: 24.61%
• 5Y*: 14.58%
• 10Y*: 15.74%

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

INDL vs. ^XII - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDL Direxion Daily India Bull 3x Shares	-26.16%	-3.21%	7.56%	26.06%	-22.88%	40.26%	-36.43%	3.15%	-34.29%	127.98%
^XII NYSE Arca Institutional Index	11.48%	18.55%	31.39%	31.30%	-24.53%	23.73%	24.60%	31.40%	-4.23%	21.47%

Correlation

The correlation between INDL and ^XII is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	0.53

The correlation between INDL and ^XII shifts across timeframes, from 0.41 (3 years) to 0.53 (all time), reflecting how their relationship changes across market environments.

Return for Risk

INDL vs. ^XII — Risk / Return Rank

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

INDL

INDL Risk / Return Rank: 2
INDL Sharpe Ratio Rank: 1
INDL Sortino Ratio Rank: 2
INDL Omega Ratio Rank: 2
INDL Calmar Ratio Rank: 2
INDL Martin Ratio Rank: 1

^XII

^XII Risk / Return Rank: 73
^XII Sharpe Ratio Rank: 78
^XII Sortino Ratio Rank: 73
^XII Omega Ratio Rank: 73
^XII Calmar Ratio Rank: 67
^XII Martin Ratio Rank: 73

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.

INDL vs. ^XII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) and NYSE Arca Institutional Index (^XII). 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.

	INDL	^XII	Difference
Sharpe ratio Return per unit of total volatility	-0.99	2.26	-3.25
Sortino ratio Return per unit of downside risk	-1.42	3.05	-4.47
Omega ratio Gain probability vs. loss probability	0.84	1.40	-0.56
Calmar ratio Return relative to maximum drawdown	-0.77	2.75	-3.52
Martin ratio Return relative to average drawdown	-1.66	11.08	-12.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDL vs. ^XII - Sharpe Ratio Comparison

The current INDL Sharpe Ratio is -0.99, which is lower than the ^XII Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of INDL and ^XII, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	INDL	^XII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.99	2.26	-3.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	0.79	-0.90
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.83	-0.85
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	0.49	-0.62

Drawdowns

INDL vs. ^XII - Drawdown Comparison

The maximum INDL drawdown since its inception was -95.67%, which is greater than ^XII's maximum drawdown of -64.23%. Use the drawdown chart below to compare losses from any high point for INDL and ^XII.

Drawdown Indicators

	INDL	^XII	Difference
Max Drawdown Largest peak-to-trough decline	-95.67%	-64.23%	-31.44%
Max Drawdown (1Y) Largest decline over 1 year	-37.82%	-11.38%	-26.44%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	-20.71%	-26.93%
Max Drawdown (5Y) Largest decline over 5 years	-47.64%	-28.97%	-18.67%
Max Drawdown (10Y) Largest decline over 10 years	-91.96%	-30.08%	-61.88%
Current Drawdown Current decline from peak	-79.21%	-0.92%	-78.29%
Average Drawdown Average peak-to-trough decline	-66.35%	-16.21%	-50.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.53%	2.81%	+14.72%

Volatility

INDL vs. ^XII - Volatility Comparison

Direxion Daily India Bull 3x Shares (INDL) has a higher volatility of 10.30% compared to NYSE Arca Institutional Index (^XII) at 3.66%. This indicates that INDL's price experiences larger fluctuations and is considered to be riskier than ^XII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDL	^XII	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.30%	3.66%	+6.64%
Volatility (6M) Calculated over the trailing 6-month period	25.42%	10.61%	+14.81%
Volatility (1Y) Calculated over the trailing 1-year period	29.50%	13.83%	+15.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.56%	18.56%	+12.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.73%	18.99%	+33.74%

Frequently Asked Questions

Can I hold both INDL and ^XII in my portfolio?

INDL and ^XII have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDL or ^XII?

INDL has higher volatility (10.30%) compared to ^XII (3.66%). In terms of maximum drawdown, INDL dropped -95.67% vs ^XII's -64.23%.

Which has better risk-adjusted returns?

^XII currently has the higher Sharpe Ratio (2.26 vs -0.99), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.