INDL vs. NFTY

Last updated Jun 4, 2026

INDL (Direxion Daily India Bull 3x Shares) and NFTY (First Trust India NIFTY 50 Equal Weight ETF) are both exchange-traded funds - INDL is a Leveraged Equities fund tracking the Indus India Index (300%), while NFTY is a Asia Pacific Equities fund tracking the NIFTY 50 Equal Weight Index. Both are passively managed. Over the past 10 years, INDL returned -0.90%/yr vs 8.13%/yr for NFTY. A 0.51 correlation means they provide meaningful diversification when combined. INDL charges 1.33%/yr vs 0.80%/yr for NFTY.

Performance

INDL vs. NFTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily India Bull 3x Shares (INDL) and First Trust India NIFTY 50 Equal Weight ETF (NFTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INDL achieves a -26.16% return, which is significantly lower than NFTY's -9.70% return. Over the past 10 years, INDL has underperformed NFTY with an annualized return of -0.90%, while NFTY has yielded a comparatively higher 8.13% annualized return.

INDL

• 1D: -2.82%
• 1M: -5.87%
• YTD: -26.16%
• 6M: -24.88%
• 1Y: -29.05%
• 3Y*: -0.65%
• 5Y*: -3.27%
• 10Y*: -0.90%

NFTY

• 1D: -1.34%
• 1M: -1.64%
• YTD: -9.70%
• 6M: -7.99%
• 1Y: -8.48%
• 3Y*: 5.72%
• 5Y*: 4.62%
• 10Y*: 8.13%

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

INDL vs. NFTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDL Direxion Daily India Bull 3x Shares	-26.16%	-3.21%	7.56%	26.06%	-22.88%	40.26%	-36.43%	3.15%	-34.29%	127.98%
NFTY First Trust India NIFTY 50 Equal Weight ETF	-9.70%	5.47%	5.18%	24.00%	-3.46%	26.83%	10.04%	0.58%	-1.51%	21.78%

Correlation

The correlation between INDL and NFTY is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Feb 29, 2012	0.51

Over the past year, INDL and NFTY have become more correlated (0.94) than their long-term average of 0.51, meaning their price movements have been converging.

INDL vs. NFTY - Sectors Allocation Comparison

Sectors	INDL	NFTY
Financial Services	28.3%	21.2%
Consumer Cyclical	12.4%	16.3%
Industrials	10.3%	8.3%
Energy	9.4%	8.5%
Basic Materials	8.6%	12.5%
Technology	8.2%	9.2%
Consumer Defensive	6.3%	8.3%
Healthcare	6.1%	9.7%
Communication Services	4.6%	2.0%
Utilities	4.5%	4.0%
Real Estate	1.4%	-

Return for Risk

INDL vs. NFTY — 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

NFTY

NFTY Risk / Return Rank: 3
NFTY Sharpe Ratio Rank: 4
NFTY Sortino Ratio Rank: 4
NFTY Omega Ratio Rank: 4
NFTY Calmar Ratio Rank: 4
NFTY Martin Ratio Rank: 2

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. NFTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) and First Trust India NIFTY 50 Equal Weight ETF (NFTY). 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	NFTY	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	-0.58	-0.41
Sortino ratio: Return per unit of downside risk	-1.42	-0.78	-0.64
Omega ratio: Gain probability vs. loss probability	0.84	0.91	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.53	-0.24
Martin ratio: Return relative to average drawdown	-1.66	-1.39	-0.27
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. NFTY - Sharpe Ratio Comparison

The current INDL Sharpe Ratio is -0.99, which is lower than the NFTY Sharpe Ratio of -0.58. The chart below compares the historical Sharpe Ratios of INDL and NFTY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	INDL	NFTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.99	-0.58	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	0.27	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.39	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	0.28	-0.40

Drawdowns

INDL vs. NFTY - Drawdown Comparison

The maximum INDL drawdown since its inception was -95.67%, which is greater than NFTY's maximum drawdown of -47.67%. Use the drawdown chart below to compare losses from any high point for INDL and NFTY.

Drawdown Indicators

	INDL	NFTY	Difference
Max Drawdown Largest peak-to-trough decline	-95.67%	-47.67%	-48.00%
Max Drawdown (1Y) Largest decline over 1 year	-37.82%	-16.14%	-21.68%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	-21.55%	-26.09%
Max Drawdown (5Y) Largest decline over 5 years	-47.64%	-21.55%	-26.09%
Max Drawdown (10Y) Largest decline over 10 years	-91.96%	-47.67%	-44.29%
Current Drawdown Current decline from peak	-79.21%	-17.45%	-61.76%
Average Drawdown Average peak-to-trough decline	-66.35%	-9.58%	-56.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.53%	6.12%	+11.41%

Volatility

INDL vs. NFTY - Volatility Comparison

Direxion Daily India Bull 3x Shares (INDL) has a higher volatility of 10.30% compared to First Trust India NIFTY 50 Equal Weight ETF (NFTY) at 4.58%. This indicates that INDL's price experiences larger fluctuations and is considered to be riskier than NFTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDL	NFTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.30%	4.58%	+5.72%
Volatility (6M) Calculated over the trailing 6-month period	25.42%	12.57%	+12.85%
Volatility (1Y) Calculated over the trailing 1-year period	29.50%	14.72%	+14.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.56%	17.39%	+13.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.73%	20.72%	+32.01%

INDL vs. NFTY - Expense Ratio Comparison

INDL has a 1.33% expense ratio, which is higher than NFTY's 0.80% expense ratio.

Dividends

INDL vs. NFTY - Dividend Comparison

INDL's dividend yield for the trailing twelve months is around 1.71%, less than NFTY's 1.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDL Direxion Daily India Bull 3x Shares	1.71%	1.42%	2.79%	1.65%	0.09%	2.35%	0.00%	0.68%	0.18%	0.31%	0.00%	0.00%
NFTY First Trust India NIFTY 50 Equal Weight ETF	1.96%	1.24%	1.61%	0.13%	5.89%	1.53%	0.61%	0.97%	0.00%	4.10%	3.28%	4.39%

Frequently Asked Questions

Can I hold both INDL and NFTY in my portfolio?

With a correlation of 0.94, INDL and NFTY 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 NFTY?

INDL has higher volatility (10.30%) compared to NFTY (4.58%). In terms of maximum drawdown, INDL dropped -95.67% vs NFTY's -47.67%.

Which ETF is better, INDL or NFTY?

On 10-year performance, NFTY leads with 8.13% vs -0.90% for INDL. On fees, NFTY is cheaper at 0.80% per year. On volatility, NFTY has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDL or NFTY?

Over the 10-year period, NFTY has performed better with a 8.13% return vs -0.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDL or NFTY?

NFTY is cheaper with a 0.80% expense ratio, compared with 1.33% for INDL.

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

NFTY has the higher dividend yield at 1.96%, compared with 1.71% for INDL.

What is the main difference between INDL and NFTY?

INDL is categorized as Leveraged Equities, while NFTY is Asia Pacific Equities. INDL tracks Indus India Index (300%), while NFTY tracks NIFTY 50 Equal Weight Index. They also come from different issuers: Direxion and First Trust. Their fees differ too: 1.33% for INDL and 0.80% for NFTY.

Which has better risk-adjusted returns?

NFTY currently has the higher Sharpe Ratio (-0.58 vs -0.99), 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.