INDL vs. FAS

Last updated Jul 22, 2026

INDL (Direxion Daily India Bull 3x Shares) and FAS (Direxion Daily Financial Bull 3X ETF) are both Leveraged Equities funds from Direxion - INDL tracks the Indus India Index (300%) while FAS tracks the Financial Select Sector Index. Both are passively managed. Over the past 10 years, INDL returned -1.44%/yr vs 21.50%/yr for FAS. At a 0.50 correlation, their price movements are largely independent. INDL charges 1.33%/yr vs 0.88%/yr for FAS.

Performance

INDL vs. FAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily India Bull 3x Shares (INDL) and Direxion Daily Financial Bull 3X ETF (FAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INDL achieves a -22.56% return, which is significantly lower than FAS's 0.21% return. Over the past 10 years, INDL has underperformed FAS with an annualized return of -1.44%, while FAS has yielded a comparatively higher 21.50% annualized return.

INDL

• 1D: 0.64%
• 1M: -3.99%
• 6M: -15.28%
• YTD: -22.56%
• 1Y: -27.00%
• 3Y*: -2.09%
• 5Y*: -1.52%
• 10Y*: -1.44%
• ALL TIME*: -6.89%

FAS

• 1D: 0.34%
• 1M: 14.66%
• 6M: 10.47%
• YTD: 0.21%
• 1Y: 9.01%
• 3Y*: 37.42%
• 5Y*: 13.19%
• 10Y*: 21.50%
• ALL TIME*: 13.87%

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

INDL vs. FAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDL Direxion Daily India Bull 3x Shares	-22.56%	-3.21%	7.56%	26.06%	-22.88%	40.26%	-36.43%	3.15%	-34.29%	127.98%
FAS Direxion Daily Financial Bull 3X ETF	0.21%	21.48%	84.47%	14.92%	-43.19%	116.59%	-34.97%	113.04%	-33.84%	67.37%

Correlation

The correlation between INDL and FAS is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010	0.50

Over the past year, the correlation between INDL and FAS has dropped to 0.27 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

INDL vs. FAS - Sectors Allocation Comparison

Sectors	INDL	FAS
Financial Services	30.3%	98.2%
Consumer Cyclical	12.2%	-
Industrials	10.5%	0.2%
Energy	8.8%	-
Basic Materials	8.5%	-
Technology	7.2%	1.6%
Healthcare	6.4%	-
Consumer Defensive	5.6%	-
Communication Services	5.0%	-
Utilities	4.2%	-
Real Estate	1.3%	-

Return for Risk

INDL vs. FAS — 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: 2
INDL Sortino Ratio Rank: 3
INDL Omega Ratio Rank: 3
INDL Calmar Ratio Rank: 3
INDL Martin Ratio Rank: 0

FAS

FAS Risk / Return Rank: 15
FAS Sharpe Ratio Rank: 14
FAS Sortino Ratio Rank: 16
FAS Omega Ratio Rank: 16
FAS Calmar Ratio Rank: 14
FAS Martin Ratio Rank: 14

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. FAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) and Direxion Daily Financial Bull 3X ETF (FAS). 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.

	INDL	FAS	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	0.21	-1.11
Sortino ratio: Return per unit of downside risk	-1.26	0.58	-1.84
Omega ratio: Gain probability vs. loss probability	0.86	1.07	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.78	0.22	-1.00
Martin ratio: Return relative to average drawdown	-1.56	0.49	-2.05

INDL vs. FAS - Sharpe Ratio Comparison

The current INDL Sharpe Ratio is -0.90, which is lower than the FAS Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of INDL and FAS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

INDL vs. FAS - Drawdown Comparison

The maximum INDL drawdown since its inception was -95.67%, roughly equal to the maximum FAS drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for INDL and FAS.

Drawdown Indicators

	INDL	FAS	Difference
Max Drawdown Largest peak-to-trough decline	-95.67%	-91.61%	-4.06%
Max Drawdown (1Y) Largest decline over 1 year	-34.85%	-40.88%	+6.03%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	-43.10%	-4.54%
Max Drawdown (5Y) Largest decline over 5 years	-47.64%	-66.88%	+19.24%
Max Drawdown (10Y) Largest decline over 10 years	-91.96%	-85.99%	-5.97%
Current Drawdown Current decline from peak	-78.20%	-8.06%	-70.14%
Average Drawdown Average peak-to-trough decline	-66.43%	-31.02%	-35.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.42%	18.46%	-1.04%

Volatility

INDL vs. FAS - Volatility Comparison

The current volatility for Direxion Daily India Bull 3x Shares (INDL) is 7.37%, while Direxion Daily Financial Bull 3X ETF (FAS) has a volatility of 11.68%. This indicates that INDL experiences smaller price fluctuations and is considered to be less risky than FAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDL	FAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.37%	11.68%	-4.31%
Volatility (6M) Calculated over the trailing 6-month period	26.23%	33.49%	-7.26%
Volatility (1Y) Calculated over the trailing 1-year period	30.14%	43.44%	-13.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.76%	54.96%	-24.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.38%	61.10%	-8.72%

INDL vs. FAS - Expense Ratio Comparison

INDL has a 1.33% expense ratio, which is higher than FAS's 0.88% expense ratio.

Dividends

INDL vs. FAS - Dividend Comparison

INDL's dividend yield for the trailing twelve months is around 1.45%, less than FAS's 8.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAS Direxion Daily Financial Bull 3X ETF	8.37%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%
INDL Direxion Daily India Bull 3x Shares	1.45%	1.42%	2.79%	1.65%	0.09%	2.35%	0.00%	0.68%	0.18%	0.31%

Frequently Asked Questions

Can I hold both INDL and FAS in my portfolio?

INDL and FAS have a correlation of 0.27, 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 FAS?

FAS has higher volatility (11.68%) compared to INDL (7.37%). In terms of maximum drawdown, INDL dropped -95.67% vs FAS's -91.61%.

Which ETF is better, INDL or FAS?

On 10-year performance, FAS leads with 21.50% vs -1.44% for INDL. On fees, FAS is cheaper at 0.88% per year. On volatility, INDL has been the lower-risk option at 7.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDL or FAS?

Over the 10-year period, FAS has performed better with a 21.50% return vs -1.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDL or FAS?

FAS is cheaper with a 0.88% expense ratio, compared with 1.33% for INDL.

Which ETF pays a higher dividend yield, INDL or FAS?

FAS has the higher dividend yield at 8.37%, compared with 1.45% for INDL.

What is the main difference between INDL and FAS?

INDL tracks Indus India Index (300%), while FAS tracks Financial Select Sector Index. Their fees differ too: 1.33% for INDL and 0.88% for FAS.

Which has better risk-adjusted returns?

FAS currently has the higher Sharpe Ratio (0.21 vs -0.90), 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.