INDL vs. INDA

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily India Bull 3x Shares (INDL) and iShares MSCI India ETF (INDA).

INDL and INDA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. INDL is a passively managed fund by Direxion that tracks the performance of the Indus India Index (300%). It was launched on Mar 11, 2010. INDA is a passively managed fund by iShares that tracks the performance of the MSCI India Index. It was launched on Feb 2, 2012. Both INDL and INDA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

INDL vs. INDA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDL Direxion Daily India Bull 3x Shares	-26.77%	-3.21%	7.56%	26.06%	-22.88%	40.26%	-36.43%	3.15%	-34.29%	127.98%
INDA iShares MSCI India ETF	-13.34%	2.68%	8.63%	17.16%	-8.94%	21.36%	14.83%	6.49%	-6.67%	36.08%

Returns By Period

In the year-to-date period, INDL achieves a -26.77% return, which is significantly lower than INDA's -13.34% return. Over the past 10 years, INDL has underperformed INDA with an annualized return of -0.48%, while INDA has yielded a comparatively higher 6.88% annualized return.

INDL

• 1D: 6.13%
• 1M: -20.83%
• YTD: -26.77%
• 6M: -22.61%
• 1Y: -24.28%
• 3Y*: 3.37%
• 5Y*: -0.98%
• 10Y*: -0.48%

INDA

• 1D: 3.13%
• 1M: -10.39%
• YTD: -13.34%
• 6M: -10.03%
• 1Y: -9.01%
• 3Y*: 6.29%
• 5Y*: 3.50%
• 10Y*: 6.88%

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

INDL vs. INDA - Expense Ratio Comparison

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

INDL

Direxion Daily India Bull 3x Shares

INDA

iShares MSCI India ETF

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: 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

INDA

INDA Risk / Return Rank: 3
INDA Sharpe Ratio Rank: 3
INDA Sortino Ratio Rank: 3
INDA Omega Ratio Rank: 3
INDA Calmar Ratio Rank: 5
INDA Martin Ratio Rank: 1

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.

	INDL	INDA	Difference
Sharpe ratio Return per unit of total volatility	-0.79	-0.58	-0.21
Sortino ratio Return per unit of downside risk	-1.03	-0.75	-0.28
Omega ratio Gain probability vs. loss probability	0.88	0.91	-0.03
Calmar ratio Return relative to maximum drawdown	-0.63	-0.46	-0.16
Martin ratio Return relative to average drawdown	-1.86	-1.54	-0.31
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. INDA - Sharpe Ratio Comparison

The current INDL Sharpe Ratio is -0.79, which is lower than the INDA Sharpe Ratio of -0.58. The chart below compares the historical Sharpe Ratios of INDL and INDA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	INDL	INDA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.79	-0.58	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.23	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	0.33	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	0.23	-0.36

Correlation

The correlation between INDL and INDA is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

INDL vs. INDA - Dividend Comparison

INDL's dividend yield for the trailing twelve months is around 1.72%, while INDA has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDL Direxion Daily India Bull 3x Shares	1.72%	1.42%	2.79%	1.65%	0.09%	2.35%	0.00%	0.68%	0.18%	0.31%	0.00%	0.00%
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%

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.

Drawdown Indicators

	INDL	INDA	Difference
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 (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	-79.39%	-20.31%	-59.08%
Average Drawdown Average peak-to-trough decline	-66.23%	-9.48%	-56.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.77%	5.61%	+7.16%

Volatility

INDL vs. INDA - Volatility Comparison

Direxion Daily India Bull 3x Shares (INDL) has a higher volatility of 14.09% compared to iShares MSCI India ETF (INDA) at 6.88%. 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.

Volatility by Period

	INDL	INDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.09%	6.88%	+7.21%
Volatility (6M) Calculated over the trailing 6-month period	22.06%	10.87%	+11.19%
Volatility (1Y) Calculated over the trailing 1-year period	30.96%	15.58%	+15.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.55%	15.38%	+15.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.02%	21.12%	+31.90%