INDY vs. IAU
INDY (iShares India 50 ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - INDY is a India Equities fund tracking the Nifty 50 Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, INDY returned 6.11%/yr vs 11.28%/yr for IAU. At a 0.14 correlation, their price movements are largely independent. INDY charges 0.65%/yr vs 0.25%/yr for IAU.
Performance
INDY vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, INDY achieves a -12.66% return, which is significantly lower than IAU's -7.85% return. Over the past 10 years, INDY has underperformed IAU with an annualized return of 6.11%, while IAU has yielded a comparatively higher 11.28% annualized return.
INDY
- 1D
- 0.12%
- 1M
- -1.15%
- 6M
- -10.94%
- YTD
- -12.66%
- 1Y
- -13.26%
- 3Y*
- 0.60%
- 5Y*
- 2.27%
- 10Y*
- 6.11%
IAU
- 1D
- -1.94%
- 1M
- -8.22%
- 6M
- -13.74%
- YTD
- -7.85%
- 1Y
- 18.52%
- 3Y*
- 26.40%
- 5Y*
- 16.75%
- 10Y*
- 11.28%
INDY vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | -12.66% | 4.97% | 3.47% | 16.88% | -7.31% | 19.43% | 10.01% | 9.99% | -4.32% | 36.15% |
IAU iShares Gold Trust | -7.85% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between INDY and IAU is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2009 | 0.14 |
The correlation between INDY and IAU shifts across timeframes, from 0.14 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
INDY vs. IAU — Risk / Return Rank
INDY
IAU
INDY vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -2.30 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.14 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 0.71 | -1.44 |
| Martin ratioReturn relative to average drawdown | -1.52 | 1.69 | -3.21 |
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Drawdowns
INDY vs. IAU - Drawdown Comparison
The maximum INDY drawdown since its inception was -44.74%, roughly equal to the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for INDY and IAU.
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Drawdown Indicators
| INDY | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.74% | -45.14% | +0.40% |
Max Drawdown (1Y)Largest decline over 1 year | -18.09% | -26.36% | +8.27% |
Max Drawdown (3Y)Largest decline over 3 years | -22.40% | -26.36% | +3.96% |
Max Drawdown (5Y)Largest decline over 5 years | -22.40% | -26.36% | +3.96% |
Max Drawdown (10Y)Largest decline over 10 years | -43.50% | -26.36% | -17.14% |
Current DrawdownCurrent decline from peak | -18.46% | -26.36% | +7.90% |
Average DrawdownAverage peak-to-trough decline | -12.26% | -16.00% | +3.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.79% | 11.02% | -2.23% |
Volatility
INDY vs. IAU - Volatility Comparison
The current volatility for iShares India 50 ETF (INDY) is 3.62%, while iShares Gold Trust (IAU) has a volatility of 6.56%. This indicates that INDY experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDY | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.62% | 6.56% | -2.94% |
Volatility (6M)Calculated over the trailing 6-month period | 12.62% | 24.04% | -11.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.46% | 27.79% | -13.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.00% | 18.35% | -3.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.50% | 16.05% | +3.45% |
INDY vs. IAU - Expense Ratio Comparison
INDY has a 0.65% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
INDY vs. IAU - Dividend Comparison
INDY's dividend yield for the trailing twelve months is around 9.53%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
INDY iShares India 50 ETF | 9.53% | 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
INDY and IAU have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (6.56%) compared to INDY (3.62%). In terms of maximum drawdown, INDY dropped -44.74% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.28% vs 6.11% for INDY. On fees, IAU is cheaper at 0.25% per year. On volatility, INDY has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 11.28% return vs 6.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.65% for INDY.
INDY has the higher dividend yield at 9.53%, compared with 0.00% for IAU.
INDY is categorized as India Equities, while IAU is Gold. INDY tracks Nifty 50 Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.65% for INDY and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (0.67 vs -0.92), 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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