INDY vs. INDF

Last updated Aug 4, 2026

INDY (iShares India 50 ETF) and INDF (Nifty India Financials ETF) are both exchange-traded funds - INDY is a India Equities fund tracking the Nifty 50 Index, while INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index. Both are passively managed. Their 0.77 correlation means they have sometimes moved together and sometimes differently. INDY charges 0.65%/yr vs 0.75%/yr for INDF.

Performance

INDY vs. INDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares India 50 ETF (INDY) and Nifty India Financials ETF (INDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

INDY

• 1D: 0.94%
• 1M: 1.12%
• 6M: -8.51%
• YTD: -10.20%
• 1Y: -7.43%
• 3Y*: 2.00%
• 5Y*: 2.17%
• 10Y*: 6.16%
• ALL TIME*: 5.00%

INDF

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
INDY iShares India 50 ETF	$4.15M	$4.11M	$5.43M

INDY vs. INDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
INDY iShares India 50 ETF	-10.20%	4.97%	3.47%	16.88%	-7.31%	19.43%	16.18%
INDF Nifty India Financials ETF	0.00%	8.17%	6.32%	19.86%	-5.28%	11.95%	24.44%

Correlation

The correlation between INDY and INDF is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.01
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (All Time) Calculated using the full available price history since Oct 21, 2020	0.77

The correlation between INDY and INDF shifts across timeframes, from -0.01 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

INDY vs. INDF - Sectors Allocation Comparison

Sectors	INDY	INDF
Financial Services	37.0%	100.0%
Consumer Cyclical	11.2%	-
Energy	10.6%	-
Industrials	8.1%	-
Technology	7.4%	-
Basic Materials	7.1%	-
Consumer Defensive	5.8%	-
Communication Services	5.2%	-
Healthcare	4.9%	-
Utilities	2.7%	-
Real Estate	-	-

Return for Risk

INDY vs. INDF — 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

INDF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. INDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) and Nifty India Financials ETF (INDF). 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	INDF	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	—	—
Sortino ratio: Return per unit of downside risk	-0.66	—	—
Omega ratio: Gain probability vs. loss probability	0.93	—	—
Calmar ratio: Return relative to maximum drawdown	-0.41	—	—
Martin ratio: Return relative to average drawdown	-0.81	—	—

Drawdowns

Drawdown Indicators

	INDY	INDF	Difference
Max Drawdown Largest peak-to-trough decline	-44.74%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-18.09%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.40%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.50%	—	—
Current Drawdown Current decline from peak	-16.16%	—	—
Average Drawdown Average peak-to-trough decline	-12.28%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	9.14%	—	—

Volatility

Volatility by Period

	INDY	INDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.02%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.52%	—	—

INDY vs. INDF - Expense Ratio Comparison

INDY has a 0.65% expense ratio, which is lower than INDF's 0.75% expense ratio.

Dividends

INDY vs. INDF - Dividend Comparison

INDY's dividend yield for the trailing twelve months is around 9.27%, while INDF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
INDY iShares India 50 ETF	9.27%	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 INDF in my portfolio?

INDY and INDF have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, INDY or INDF?

On fees, INDY is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INDY or INDF?

INDY is cheaper with a 0.65% expense ratio, compared with 0.75% for INDF.

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

INDF has the higher dividend yield at 21.29%, compared with 9.27% for INDY.

What is the main difference between INDY and INDF?

INDY is categorized as India Equities, while INDF is Financials Equities. INDY tracks Nifty 50 Index, while INDF tracks Nifty Financial Services 25/50 Index. They also come from different issuers: iShares and Exchange Traded Concepts. Their fees differ too: 0.65% for INDY and 0.75% for INDF.