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INDL vs. INDA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INDL vs. INDA

Last updated Jun 24, 2026

INDL (Direxion Daily India Bull 3x Shares) and INDA (iShares MSCI India ETF) are both exchange-traded funds - INDL is a Leveraged Equities fund tracking the Indus India Index (300%), while INDA is a Asia Pacific Equities fund tracking the MSCI India Index. Both are passively managed. Over the past 10 years, INDL returned 1.06%/yr vs 7.42%/yr for INDA. With a 0.96 correlation, they move nearly in lockstep. INDL charges 1.33%/yr vs 0.69%/yr for INDA.

Performance

INDL vs. INDA - Performance Comparison

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

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Returns By Period

In the year-to-date period, INDL achieves a -21.27% return, which is significantly lower than INDA's -9.21% return. Over the past 10 years, INDL has underperformed INDA with an annualized return of 1.06%, while INDA has yielded a comparatively higher 7.42% annualized 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%

INDA

1D
-1.70%
1M
1.41%
YTD
-9.21%
6M
-9.91%
1Y
-9.65%
3Y*
5.09%
5Y*
3.46%
10Y*
7.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

INDL vs. INDA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
INDL
Direxion Daily India Bull 3x Shares		-21.27%-3.21%7.56%26.06%-22.88%40.26%-36.43%3.15%-34.29%127.98%
INDA
iShares MSCI India ETF		-9.21%2.68%8.63%17.16%-8.94%21.36%14.83%6.49%-6.67%36.08%

Correlation

The correlation between INDL and INDA is 0.99 - 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

0.99

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

Correlation (5Y)
Calculated over the trailing 5-year period

1.00

Correlation (10Y)
Calculated over the trailing 10-year period

0.99

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2012

0.96

The correlation between INDL and INDA has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

INDL vs. INDA - Sectors Allocation Comparison

Sectors
INDL
INDA

Financial Services

28.9%
28.9%

Consumer Cyclical

12.0%
12.0%

Industrials

10.6%
10.6%

Energy

9.1%
9.1%

Basic Materials

8.6%
8.6%

Technology

8.0%
8.0%

Healthcare

6.1%
6.1%

Consumer Defensive

5.8%
5.8%

Communication Services

5.1%
5.1%

Utilities

4.4%
4.4%

Real Estate

1.3%
1.3%

Financial Services

INDL
28.9%
INDA
28.9%

Consumer Cyclical

INDL
12.0%
INDA
12.0%

Industrials

INDL
10.6%
INDA
10.6%

Energy

INDL
9.1%
INDA
9.1%

Basic Materials

INDL
8.6%
INDA
8.6%

Technology

INDL
8.0%
INDA
8.0%

Healthcare

INDL
6.1%
INDA
6.1%

Consumer Defensive

INDL
5.8%
INDA
5.8%

Communication Services

INDL
5.1%
INDA
5.1%

Utilities

INDL
4.4%
INDA
4.4%

Real Estate

INDL
1.3%
INDA
1.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily India Bull 3x Shares

iShares MSCI India ETF

Often compared with INDL:
INDL vs. GLININDL vs. BRZUINDL vs. TQQQINDL vs. INDYINDL vs. FLININDL vs. IAKINDL vs. MORT
Often compared with INDA:
INDA vs. FLININDA vs. INDYINDA vs. EPIINDA vs. SMININDA vs. VOOINDA vs. MCHIINDA vs. VNM

Return for Risk

INDL vs. INDA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INDL
INDL Risk / Return Rank: 33
Overall Rank
INDL Sharpe Ratio Rank: 33
Sharpe Ratio Rank
INDL Sortino Ratio Rank: 33
Sortino Ratio Rank
INDL Omega Ratio Rank: 33
Omega Ratio Rank
INDL Calmar Ratio Rank: 33
Calmar Ratio Rank
INDL Martin Ratio Rank: 22
Martin Ratio Rank
INDA
INDA Risk / Return Rank: 44
Overall Rank
INDA Sharpe Ratio Rank: 44
Sharpe Ratio Rank
INDA Sortino Ratio Rank: 44
Sortino Ratio Rank
INDA Omega Ratio Rank: 44
Omega Ratio Rank
INDA Calmar Ratio Rank: 44
Calmar Ratio Rank
INDA Martin Ratio Rank: 33
Martin Ratio Rank
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. INDA - Risk-Adjusted Trends Comparison

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

INDLINDADifference
Sharpe ratioReturn per unit of total volatility
-0.83
-0.65

-0.18

Sortino ratioReturn per unit of downside risk
-1.14
-0.86

-0.27

Omega ratioGain probability vs. loss probability

0.87

0.90

-0.03

Calmar ratioReturn relative to maximum drawdown

-0.66

-0.52

-0.14

Martin ratioReturn relative to average drawdown

-1.32

-1.17

-0.16

INDL vs. INDA - Sharpe Ratio Comparison

The current INDL Sharpe Ratio is -0.83, which is comparable to the INDA Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of INDL and INDA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

INDL vs. INDA - Drawdown Comparison

The maximum INDL drawdown since its inception was -95.67%, which is greater than INDA's maximum drawdown of -45.07%. Use the drawdown chart below to compare losses from any high point for INDL and INDA.

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Drawdown Indicators

INDLINDADifference

Max Drawdown

Largest peak-to-trough decline

-95.67%

-45.07%

-50.60%

Max Drawdown (1Y)

Largest decline over 1 year

-37.82%

-18.69%

-19.13%

Max Drawdown (3Y)

Largest decline over 3 years

-47.64%

-22.72%

-24.92%

Max Drawdown (5Y)

Largest decline over 5 years

-47.64%

-22.72%

-24.92%

Max Drawdown (10Y)

Largest decline over 10 years

-91.96%

-45.07%

-46.89%

Current Drawdown

Current decline from peak

-77.84%

-16.51%

-61.33%

Average Drawdown

Average peak-to-trough decline

-66.38%

-9.60%

-56.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.84%

8.28%

+10.56%

Volatility

INDL vs. INDA - Volatility Comparison

Direxion Daily India Bull 3x Shares (INDL) has a higher volatility of 9.26% compared to iShares MSCI India ETF (INDA) at 4.56%. This indicates that INDL's price experiences larger fluctuations and is considered to be riskier than INDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

INDLINDADifference

Volatility (1M)

Calculated over the trailing 1-month period

9.26%

4.56%

+4.70%

Volatility (6M)

Calculated over the trailing 6-month period

26.26%

13.07%

+13.19%

Volatility (1Y)

Calculated over the trailing 1-year period

30.04%

14.91%

+15.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.72%

15.44%

+15.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

52.52%

21.08%

+31.44%

INDL vs. INDA - Expense Ratio Comparison

INDL has a 1.33% expense ratio, which is higher than INDA's 0.69% expense ratio.

Dividends

INDL vs. INDA - Dividend Comparison

INDL's dividend yield for the trailing twelve months is around 1.60%, while INDA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
INDA
iShares MSCI India ETF		0.00%0.00%0.76%0.16%0.00%6.44%0.27%0.99%0.94%1.09%0.90%1.19%
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%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.99, INDL and INDA 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.

INDL has higher volatility (9.26%) compared to INDA (4.56%). In terms of maximum drawdown, INDL dropped -95.67% vs INDA's -45.07%.

On 10-year performance, INDA leads with 7.42% vs 1.06% for INDL. On fees, INDA is cheaper at 0.69% per year. On volatility, INDA has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, INDA has performed better with a 7.42% return vs 1.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

INDA is cheaper with a 0.69% expense ratio, compared with 1.33% for INDL.

INDL has the higher dividend yield at 1.60%, compared with 0.00% for INDA.

INDL is categorized as Leveraged Equities, while INDA is Asia Pacific Equities. INDL tracks Indus India Index (300%), while INDA tracks MSCI India Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.33% for INDL and 0.69% for INDA.

INDA currently has the higher Sharpe Ratio (-0.65 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.

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