INDL vs. IAK

Last updated Aug 2, 2026

INDL (Direxion Daily India Bull 3x Shares) and IAK (iShares U.S. Insurance ETF) are both exchange-traded funds - INDL is a Leveraged Equities fund tracking the Indus India Index (300%), while IAK is a Financials Equities fund tracking the Dow Jones U.S. Select Insurance Index. Both are passively managed. Over the past 10 years, INDL returned -1.42%/yr vs 13.45%/yr for IAK. Their 0.43 correlation means their historical movements had little consistent relationship. INDL charges 1.33%/yr vs 0.38%/yr for IAK.

Performance

INDL vs. IAK - Performance Comparison

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

Returns By Period

In the year-to-date period, INDL achieves a -19.15% return, which is significantly lower than IAK's 10.07% return. Over the past 10 years, INDL has underperformed IAK with an annualized return of -1.42%, while IAK has yielded a comparatively higher 13.45% annualized return.

INDL

• 1D: 0.82%
• 1M: 0.65%
• 6M: -11.33%
• YTD: -19.15%
• 1Y: -17.60%
• 3Y*: -0.71%
• 5Y*: -0.85%
• 10Y*: -1.42%
• ALL TIME*: -6.63%

IAK

• 1D: -0.31%
• 1M: -0.06%
• 6M: 12.67%
• YTD: 10.07%
• 1Y: 19.63%
• 3Y*: 19.72%
• 5Y*: 15.95%
• 10Y*: 13.45%
• ALL TIME*: 7.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IAK iShares U.S. Insurance ETF	$14.76M	$20.90M	$11.89M
INDL Direxion Daily India Bull 3x Shares	$713.33K	$719.68K	$832.32K

INDL vs. IAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDL Direxion Daily India Bull 3x Shares	-19.15%	-3.21%	7.56%	26.06%	-22.88%	40.26%	-36.43%	3.15%	-34.29%	127.98%
IAK iShares U.S. Insurance ETF	10.07%	9.50%	28.25%	11.28%	11.33%	26.84%	-2.86%	25.94%	-11.48%	14.18%

Correlation

The correlation between INDL and IAK is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.06
Correlation (3Y) Balances recent behavior with more history.	0.19
Correlation (5Y) Shows whether the relationship held over a longer period.	0.31
Correlation (10Y) Provides a long-term view across more market conditions.	0.33
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010	0.43

Over the past year, the correlation between INDL and IAK has dropped to 0.06 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.

INDL vs. IAK - Sectors Allocation Comparison

Sectors	INDL	IAK
Financial Services	30.3%	99.3%
Consumer Cyclical	12.2%	-
Industrials	10.5%	-
Energy	8.8%	-
Basic Materials	8.5%	-
Technology	7.2%	-
Healthcare	6.4%	0.7%
Consumer Defensive	5.6%	-
Communication Services	5.0%	-
Utilities	4.2%	-
Real Estate	1.3%	-

Return for Risk

INDL vs. IAK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INDL

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

IAK

IAK Risk / Return Rank: 53
IAK Sharpe Ratio Rank: 48
IAK Sortino Ratio Rank: 48
IAK Omega Ratio Rank: 45
IAK Calmar Ratio Rank: 71
IAK Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INDL vs. IAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) and iShares U.S. Insurance ETF (IAK). 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	IAK	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	1.17	-1.74
Sortino ratio: Return per unit of downside risk	-0.68	1.72	-2.40
Omega ratio: Gain probability vs. loss probability	0.92	1.21	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.50	2.45	-2.95
Martin ratio: Return relative to average drawdown	-0.99	5.96	-6.95

INDL vs. IAK - Sharpe Ratio Comparison

The current INDL Sharpe Ratio is -0.57, which is lower than the IAK Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of INDL and IAK, 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. IAK - Drawdown Comparison

The maximum INDL drawdown since its inception was -95.67%, which is greater than IAK's maximum drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for INDL and IAK.

Drawdown Indicators

	INDL	IAK	Difference
Max Drawdown Largest peak-to-trough decline	-95.67%	-77.38%	-18.29%
Max Drawdown (1Y) Largest decline over 1 year	-34.84%	-7.62%	-27.22%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	-11.58%	-36.06%
Max Drawdown (5Y) Largest decline over 5 years	-47.64%	-14.76%	-32.88%
Max Drawdown (10Y) Largest decline over 10 years	-91.96%	-44.95%	-47.01%
Current Drawdown Current decline from peak	-77.24%	-3.23%	-74.01%
Average Drawdown Average peak-to-trough decline	-66.45%	-16.01%	-50.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.64%	3.13%	+14.51%

Volatility

INDL vs. IAK - Volatility Comparison

Direxion Daily India Bull 3x Shares (INDL) has a higher volatility of 8.29% compared to iShares U.S. Insurance ETF (IAK) at 7.03%. This indicates that INDL's price experiences larger fluctuations and is considered to be riskier than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDL	IAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	7.03%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	26.47%	12.43%	+14.04%
Volatility (1Y) Calculated over the trailing 1-year period	30.43%	16.00%	+14.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.84%	18.13%	+12.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.38%	20.92%	+31.46%

INDL vs. IAK - Expense Ratio Comparison

INDL has a 1.33% expense ratio, which is higher than IAK's 0.38% expense ratio.

Dividends

INDL vs. IAK - Dividend Comparison

INDL's dividend yield for the trailing twelve months is around 1.39%, less than IAK's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAK iShares U.S. Insurance ETF	2.43%	1.69%	1.49%	1.44%	1.69%	2.26%	2.07%	1.84%	2.33%	1.62%	1.68%	1.62%
INDL Direxion Daily India Bull 3x Shares	1.39%	1.42%	2.79%	1.65%	0.09%	2.35%	0.00%	0.68%	0.18%	0.31%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INDL and IAK in my portfolio?

INDL and IAK 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 is riskier, INDL or IAK?

INDL has higher volatility (8.29%) compared to IAK (7.03%). In terms of maximum drawdown, INDL dropped -95.67% vs IAK's -77.38%.

Which ETF is better, INDL or IAK?

On 10-year performance, IAK leads with 13.45% vs -1.42% for INDL. On fees, IAK is cheaper at 0.38% per year. On volatility, IAK has been the lower-risk option at 7.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDL or IAK?

Over the 10-year period, IAK has performed better with a 13.45% return vs -1.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDL or IAK?

IAK is cheaper with a 0.38% expense ratio, compared with 1.33% for INDL.

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

IAK has the higher dividend yield at 2.43%, compared with 1.39% for INDL.

What is the main difference between INDL and IAK?

INDL is categorized as Leveraged Equities, while IAK is Financials Equities. INDL tracks Indus India Index (300%), while IAK tracks Dow Jones U.S. Select Insurance Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.33% for INDL and 0.38% for IAK.

Which has better risk-adjusted returns?

IAK currently has the higher Sharpe Ratio (1.17 vs -0.57), 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.