INDY vs. FLIN

Last updated Aug 6, 2026

INDY (iShares India 50 ETF) and FLIN (Franklin FTSE India ETF) are both India Equities funds - INDY tracks the Nifty 50 Index while FLIN tracks the FTSE India RIC Capped Index. Both are passively managed. Over the past 5 years, INDY returned 2.25%/yr vs 4.52%/yr for FLIN. Their correlation of 0.93 means they have usually moved in the same direction. INDY charges 0.65%/yr vs 0.19%/yr for FLIN.

Performance

INDY vs. FLIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares India 50 ETF (INDY) 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, INDY achieves a -9.98% return, which is significantly lower than FLIN's -6.50% return.

INDY

• 1D: -0.33%
• 1M: 0.64%
• 6M: -8.43%
• YTD: -9.98%
• 1Y: -6.58%
• 3Y*: 2.09%
• 5Y*: 2.25%
• 10Y*: 6.18%
• ALL TIME*: 5.02%

FLIN

• 1D: -0.47%
• 1M: 0.45%
• 6M: -5.40%
• YTD: -6.50%
• 1Y: -3.68%
• 3Y*: 5.79%
• 5Y*: 4.52%
• 10Y*: —
• ALL TIME*: 5.94%

*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)
FLIN Franklin FTSE India ETF	$24.62M	$26.21M	$28.08M
INDY iShares India 50 ETF	$5.03M	$4.48M	$5.41M

INDY vs. FLIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
INDY iShares India 50 ETF	-9.98%	4.97%	3.47%	16.88%	-7.31%	19.43%	10.01%	9.99%	-3.01%
FLIN Franklin FTSE India ETF	-6.50%	2.40%	10.33%	20.58%	-7.96%	24.96%	14.50%	4.77%	-7.13%

Correlation

The correlation between INDY and FLIN is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Feb 8, 2018	0.93

The correlation between INDY and FLIN has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

INDY vs. FLIN - Sectors Allocation Comparison

Sectors	INDY	FLIN
Financial Services	37.0%	27.5%
Consumer Cyclical	11.2%	12.1%
Energy	10.6%	8.1%
Industrials	8.1%	11.3%
Technology	7.4%	8.0%
Basic Materials	7.1%	9.2%
Consumer Defensive	5.8%	5.5%
Communication Services	5.2%	4.7%
Healthcare	4.9%	7.2%
Utilities	2.7%	4.9%
Real Estate	-	1.5%

Return for Risk

INDY vs. FLIN — Risk / Return Rank

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

INDY

INDY Risk / Return Rank: 5
INDY Sharpe Ratio Rank: 5
INDY Sortino Ratio Rank: 5
INDY Omega Ratio Rank: 5
INDY Calmar Ratio Rank: 6
INDY Martin Ratio Rank: 6

FLIN

FLIN Risk / Return Rank: 7
FLIN Sharpe Ratio Rank: 7
FLIN Sortino Ratio Rank: 7
FLIN Omega Ratio Rank: 7
FLIN Calmar Ratio Rank: 8
FLIN Martin Ratio Rank: 7

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.

INDY vs. FLIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) 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.

	INDY	FLIN	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	-0.24	-0.21
Sortino ratio: Return per unit of downside risk	-0.57	-0.24	-0.33
Omega ratio: Gain probability vs. loss probability	0.94	0.97	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.37	-0.20	-0.16
Martin ratio: Return relative to average drawdown	-0.72	-0.45	-0.27

INDY vs. FLIN - Sharpe Ratio Comparison

The current INDY Sharpe Ratio is -0.45, which is lower than the FLIN Sharpe Ratio of -0.24. The chart below compares the historical Sharpe Ratios of INDY 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

INDY vs. FLIN - Drawdown Comparison

The maximum INDY drawdown since its inception was -44.74%, which is greater than FLIN's maximum drawdown of -41.90%. Use the drawdown chart below to compare losses from any high point for INDY and FLIN.

Drawdown Indicators

	INDY	FLIN	Difference
Max Drawdown Largest peak-to-trough decline	-44.74%	-41.90%	-2.84%
Max Drawdown (1Y) Largest decline over 1 year	-18.09%	-18.25%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-22.40%	-22.85%	+0.45%
Max Drawdown (5Y) Largest decline over 5 years	-22.40%	-22.85%	+0.45%
Max Drawdown (10Y) Largest decline over 10 years	-43.50%	—	—
Current Drawdown Current decline from peak	-15.95%	-13.92%	-2.03%
Average Drawdown Average peak-to-trough decline	-12.28%	-8.17%	-4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.19%	8.22%	+0.97%

Volatility

INDY vs. FLIN - Volatility Comparison

iShares India 50 ETF (INDY) and Franklin FTSE India ETF (FLIN) have volatilities of 4.07% and 3.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDY	FLIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	3.90%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	12.54%	13.01%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	14.68%	15.40%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.01%	15.82%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.52%	20.34%	-0.82%

INDY vs. FLIN - Expense Ratio Comparison

INDY has a 0.65% expense ratio, which is higher than FLIN's 0.19% expense ratio.

Dividends

INDY vs. FLIN - Dividend Comparison

INDY's dividend yield for the trailing twelve months is around 9.25%, more than FLIN's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLIN Franklin FTSE India ETF	0.42%	0.56%	1.58%	0.73%	0.73%	2.26%	0.68%	0.90%	0.92%	0.00%	0.00%	0.00%
INDY iShares India 50 ETF	9.25%	8.11%	0.24%	0.38%	3.75%	7.12%	0.08%	0.58%	0.55%	0.27%	0.48%	0.57%

Frequently Asked Questions

Can I hold both INDY and FLIN in my portfolio?

With a correlation of 0.96, INDY 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, INDY or FLIN?

INDY has higher volatility (4.07%) compared to FLIN (3.90%). In terms of maximum drawdown, INDY dropped -44.74% vs FLIN's -41.90%.

Which ETF is better, INDY or FLIN?

On 5-year performance, FLIN leads with 4.52% vs 2.25% for INDY. On fees, FLIN is cheaper at 0.19% per year. On volatility, FLIN has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDY or FLIN?

Over the 5-year period, FLIN has performed better with a 4.52% return vs 2.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDY or FLIN?

FLIN is cheaper with a 0.19% expense ratio, compared with 0.65% for INDY.

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

INDY has the higher dividend yield at 9.25%, compared with 0.42% for FLIN.

What is the main difference between INDY and FLIN?

INDY tracks Nifty 50 Index, while FLIN tracks FTSE India RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.65% for INDY and 0.19% for FLIN.

Which has better risk-adjusted returns?

FLIN currently has the higher Sharpe Ratio (-0.24 vs -0.45), 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.