INDL vs. FLIN

Last updated Jun 24, 2026

INDL (Direxion Daily India Bull 3x Shares) and FLIN (Franklin FTSE India ETF) are both exchange-traded funds - INDL is a Leveraged Equities fund tracking the Indus India Index (300%), while FLIN is a Asia Pacific Equities fund tracking the FTSE India RIC Capped Index. Both are passively managed. Over the past 5 years, INDL returned -1.23%/yr vs 4.72%/yr for FLIN. Their correlation of 0.95 suggests significant overlap in exposure. INDL charges 1.33%/yr vs 0.19%/yr for FLIN.

Performance

INDL vs. FLIN - Performance Comparison

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

Returns By Period

In the year-to-date period, INDL achieves a -21.27% return, which is significantly lower than FLIN's -8.37% return.

INDL

• 1D: -3.73%
• 1M: 1.96%
• YTD: -21.27%
• 6M: -22.49%
• 1Y: -24.89%
• 3Y*: 0.97%
• 5Y*: -1.23%
• 10Y*: 1.06%

FLIN

• 1D: -1.64%
• 1M: 1.99%
• YTD: -8.37%
• 6M: -8.98%
• 1Y: -8.50%
• 3Y*: 6.53%
• 5Y*: 4.72%
• 10Y*: —

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

INDL vs. FLIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
INDL Direxion Daily India Bull 3x Shares	-21.27%	-3.21%	7.56%	26.06%	-22.88%	40.26%	-36.43%	3.15%	-26.34%
FLIN Franklin FTSE India ETF	-8.37%	2.40%	10.33%	20.58%	-7.96%	24.96%	14.50%	4.77%	-7.13%

Correlation

The correlation between INDL and FLIN is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Feb 8, 2018	0.95

The correlation between INDL and FLIN has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

INDL vs. FLIN - Sectors Allocation Comparison

Sectors	INDL	FLIN
Financial Services	28.9%	26.9%
Consumer Cyclical	12.0%	12.0%
Industrials	10.6%	10.7%
Energy	9.1%	9.0%
Basic Materials	8.6%	9.5%
Technology	8.0%	8.3%
Healthcare	6.1%	6.7%
Consumer Defensive	5.8%	5.6%
Communication Services	5.1%	4.6%
Utilities	4.4%	5.4%
Real Estate	1.3%	1.3%

Return for Risk

INDL vs. FLIN — Risk / Return Rank

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

INDL

INDL Risk / Return Rank: 3
INDL Sharpe Ratio Rank: 3
INDL Sortino Ratio Rank: 3
INDL Omega Ratio Rank: 3
INDL Calmar Ratio Rank: 3
INDL Martin Ratio Rank: 2

FLIN

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

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. FLIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) and Franklin FTSE India ETF (FLIN). 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	FLIN	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	-0.56	-0.27
Sortino ratio: Return per unit of downside risk	-1.14	-0.73	-0.41
Omega ratio: Gain probability vs. loss probability	0.87	0.92	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.66	-0.45	-0.21
Martin ratio: Return relative to average drawdown	-1.32	-1.05	-0.27

INDL vs. FLIN - Sharpe Ratio Comparison

The current INDL Sharpe Ratio is -0.83, which is lower than the FLIN Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of INDL and FLIN, 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. FLIN - Drawdown Comparison

The maximum INDL drawdown since its inception was -95.67%, which is greater than FLIN's maximum drawdown of -41.90%. Use the drawdown chart below to compare losses from any high point for INDL and FLIN.

Drawdown Indicators

	INDL	FLIN	Difference
Max Drawdown Largest peak-to-trough decline	-95.67%	-41.90%	-53.77%
Max Drawdown (1Y) Largest decline over 1 year	-37.82%	-18.79%	-19.03%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	-22.85%	-24.79%
Max Drawdown (5Y) Largest decline over 5 years	-47.64%	-22.85%	-24.79%
Max Drawdown (10Y) Largest decline over 10 years	-91.96%	—	—
Current Drawdown Current decline from peak	-77.84%	-15.64%	-62.20%
Average Drawdown Average peak-to-trough decline	-66.38%	-8.06%	-58.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.84%	8.10%	+10.74%

Volatility

INDL vs. FLIN - Volatility Comparison

Direxion Daily India Bull 3x Shares (INDL) has a higher volatility of 9.26% compared to Franklin FTSE India ETF (FLIN) at 4.61%. This indicates that INDL's price experiences larger fluctuations and is considered to be riskier than FLIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDL	FLIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.26%	4.61%	+4.65%
Volatility (6M) Calculated over the trailing 6-month period	26.26%	13.22%	+13.04%
Volatility (1Y) Calculated over the trailing 1-year period	30.04%	15.18%	+14.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.72%	15.78%	+14.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.52%	20.43%	+32.09%

INDL vs. FLIN - Expense Ratio Comparison

INDL has a 1.33% expense ratio, which is higher than FLIN's 0.19% expense ratio.

Dividends

INDL vs. FLIN - Dividend Comparison

INDL's dividend yield for the trailing twelve months is around 1.60%, more than FLIN's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLIN Franklin FTSE India ETF	0.43%	0.56%	1.58%	0.73%	0.73%	2.26%	0.68%	0.90%	0.92%	0.00%
INDL Direxion Daily India Bull 3x Shares	1.60%	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 FLIN in my portfolio?

With a correlation of 0.98, INDL and FLIN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, INDL or FLIN?

INDL has higher volatility (9.26%) compared to FLIN (4.61%). In terms of maximum drawdown, INDL dropped -95.67% vs FLIN's -41.90%.

Which ETF is better, INDL or FLIN?

On 5-year performance, FLIN leads with 4.72% vs -1.23% for INDL. On fees, FLIN is cheaper at 0.19% per year. On volatility, FLIN has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDL or FLIN?

Over the 5-year period, FLIN has performed better with a 4.72% return vs -1.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDL or FLIN?

FLIN is cheaper with a 0.19% expense ratio, compared with 1.33% for INDL.

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

INDL has the higher dividend yield at 1.60%, compared with 0.43% for FLIN.

What is the main difference between INDL and FLIN?

INDL is categorized as Leveraged Equities, while FLIN is Asia Pacific Equities. INDL tracks Indus India Index (300%), while FLIN tracks FTSE India RIC Capped Index. They also come from different issuers: Direxion and Franklin Templeton. Their fees differ too: 1.33% for INDL and 0.19% for FLIN.

Which has better risk-adjusted returns?

FLIN currently has the higher Sharpe Ratio (-0.56 vs -0.83), 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.