INDY vs. IMVP
INDY (iShares India 50 ETF) and IMVP (Invesco India ETF) are both exchange-traded funds - INDY is a India Equities fund tracking the Nifty 50 Index, while IMVP is a Emerging Markets Equities fund tracking the FTSE India Quality and Yield Select Index. Both are passively managed. Over the past 10 years, INDY returned 6.11%/yr vs 7.91%/yr for IMVP. Their correlation of 0.94 suggests significant overlap in exposure. INDY charges 0.65%/yr vs 0.78%/yr for IMVP.
Performance
INDY vs. IMVP - Performance Comparison
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Returns By Period
In the year-to-date period, INDY achieves a -12.52% return, which is significantly higher than IMVP's -14.84% return. Over the past 10 years, INDY has underperformed IMVP with an annualized return of 6.11%, while IMVP has yielded a comparatively higher 7.91% annualized return.
INDY
- 1D
- -0.97%
- 1M
- 0.98%
- 6M
- -11.33%
- YTD
- -12.52%
- 1Y
- -12.90%
- 3Y*
- 1.02%
- 5Y*
- 2.19%
- 10Y*
- 6.11%
IMVP
- 1D
- 0.02%
- 1M
- 1.23%
- 6M
- -13.85%
- YTD
- -14.84%
- 1Y
- -16.56%
- 3Y*
- 1.70%
- 5Y*
- 2.99%
- 10Y*
- 7.91%
INDY vs. IMVP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | -12.52% | 4.97% | 3.47% | 16.88% | -7.31% | 19.43% | 10.01% | 9.99% | -4.32% | 36.15% |
IMVP Invesco India ETF | -14.84% | 1.30% | 9.07% | 22.82% | -9.35% | 23.68% | 18.41% | 14.26% | -7.55% | 38.51% |
Correlation
The correlation between INDY and IMVP is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2009 | 0.94 |
The correlation between INDY and IMVP has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
INDY vs. IMVP — Risk / Return Rank
INDY
IMVP
INDY vs. IMVP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) and Invesco India ETF (IMVP). 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 | IMVP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.84 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | -0.81 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.49 | -1.67 | +0.17 |
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Drawdowns
INDY vs. IMVP - Drawdown Comparison
The maximum INDY drawdown since its inception was -44.74%, smaller than the maximum IMVP drawdown of -64.54%. Use the drawdown chart below to compare losses from any high point for INDY and IMVP.
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Drawdown Indicators
| INDY | IMVP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.74% | -64.54% | +19.80% |
Max Drawdown (1Y)Largest decline over 1 year | -18.09% | -20.45% | +2.36% |
Max Drawdown (3Y)Largest decline over 3 years | -22.40% | -25.80% | +3.40% |
Max Drawdown (5Y)Largest decline over 5 years | -22.40% | -25.80% | +3.40% |
Max Drawdown (10Y)Largest decline over 10 years | -43.50% | -39.69% | -3.81% |
Current DrawdownCurrent decline from peak | -18.33% | -22.58% | +4.25% |
Average DrawdownAverage peak-to-trough decline | -12.25% | -16.73% | +4.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.66% | 9.95% | -1.29% |
Volatility
INDY vs. IMVP - Volatility Comparison
iShares India 50 ETF (INDY) has a higher volatility of 4.17% compared to Invesco India ETF (IMVP) at 3.86%. This indicates that INDY's price experiences larger fluctuations and is considered to be riskier than IMVP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDY | IMVP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 3.86% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 12.67% | 14.43% | -1.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.48% | 16.43% | -1.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.01% | 16.18% | -1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.51% | 19.50% | +0.01% |
INDY vs. IMVP - Expense Ratio Comparison
INDY has a 0.65% expense ratio, which is lower than IMVP's 0.78% expense ratio.
Dividends
INDY vs. IMVP - Dividend Comparison
INDY's dividend yield for the trailing twelve months is around 9.52%, less than IMVP's 11.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IMVP Invesco India ETF | 11.84% | 7.39% | 8.48% | 2.08% | 14.07% | 6.95% | 0.72% | 36.35% | 0.96% | 1.01% | 1.18% | 0.61% |
INDY iShares India 50 ETF | 9.52% | 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
With a correlation of 0.90, INDY and IMVP 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.
INDY has higher volatility (4.17%) compared to IMVP (3.86%). In terms of maximum drawdown, INDY dropped -44.74% vs IMVP's -64.54%.
On 10-year performance, IMVP leads with 7.91% vs 6.11% for INDY. On fees, INDY is cheaper at 0.65% per year. On volatility, IMVP has been the lower-risk option at 3.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IMVP has performed better with a 7.91% return vs 6.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INDY is cheaper with a 0.65% expense ratio, compared with 0.78% for IMVP.
IMVP has the higher dividend yield at 11.84%, compared with 9.52% for INDY.
INDY is categorized as India Equities, while IMVP is Emerging Markets Equities. INDY tracks Nifty 50 Index, while IMVP tracks FTSE India Quality and Yield Select Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.65% for INDY and 0.78% for IMVP.
INDY currently has the higher Sharpe Ratio (-0.90 vs -1.01), 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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