INDY vs. INDF

Last updated Jun 4, 2026

INDY (iShares India 50 ETF) and INDF (Nifty India Financials ETF) are both exchange-traded funds - INDY is a Asia Pacific Equities fund tracking the S&P CNX Nifty Index, while INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index. Both are passively managed. A 0.79 correlation means they provide meaningful diversification when combined. INDY charges 0.94%/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: -1.35%
• 1M: -3.23%
• YTD: -15.38%
• 6M: -14.03%
• 1Y: -14.69%
• 3Y*: 1.39%
• 5Y*: 1.15%
• 10Y*: 6.14%

INDF

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

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

INDY vs. INDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
INDY iShares India 50 ETF	-15.38%	4.97%	3.47%	16.88%	-7.31%	19.43%	16.02%
INDF Nifty India Financials ETF	0.00%	8.17%	6.32%	19.86%	-5.28%	11.95%	23.97%

Correlation

The correlation between INDY and INDF is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Oct 22, 2020	0.79

Over the past year, the correlation between INDY and INDF has dropped to 0.24 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

INDY vs. INDF - Sectors Allocation Comparison

Sectors	INDY	INDF
Financial Services	35.3%	100.0%
Energy	11.4%	-
Consumer Cyclical	10.7%	-
Technology	8.6%	-
Industrials	7.7%	-
Basic Materials	7.3%	-
Consumer Defensive	6.2%	-
Communication Services	5.3%	-
Healthcare	4.5%	-
Utilities	3.0%	-
Real Estate	-	-

Return for Risk

INDY vs. INDF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INDY

INDY Risk / Return Rank: 1
INDY Sharpe Ratio Rank: 1
INDY Sortino Ratio Rank: 1
INDY Omega Ratio Rank: 2
INDY Calmar Ratio Rank: 2
INDY Martin Ratio Rank: 0

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.

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.

	INDY	INDF	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	—	—
Sortino ratio: Return per unit of downside risk	-1.49	—	—
Omega ratio: Gain probability vs. loss probability	0.83	—	—
Calmar ratio: Return relative to maximum drawdown	-0.78	—	—
Martin ratio: Return relative to average drawdown	-1.78	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	INDY	INDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.04	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	—	—

Drawdowns

Drawdown Indicators

	INDY	INDF	Difference
Max Drawdown Largest peak-to-trough decline	-44.74%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-18.95%	—	—
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	-21.00%	—	—
Average Drawdown Average peak-to-trough decline	-12.22%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	8.25%	—	—

Volatility

Volatility by Period

	INDY	INDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.18%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.58%	—	—

INDY vs. INDF - Expense Ratio Comparison

INDY has a 0.94% expense ratio, which is higher than INDF's 0.75% expense ratio.

Dividends

INDY vs. INDF - Dividend Comparison

INDY's dividend yield for the trailing twelve months is around 9.58%, less than INDF's 21.29% yield.

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	9.58%	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 0.24, 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, INDF is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INDY or INDF?

INDF is cheaper with a 0.75% expense ratio, compared with 0.94% for INDY.

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

INDF has the higher dividend yield at 21.29%, compared with 9.58% for INDY.

What is the main difference between INDY and INDF?

INDY is categorized as Asia Pacific Equities, while INDF is Financials Equities. INDY tracks S&P CNX Nifty 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: 0.94% for INDY and 0.75% for INDF.