INDY vs. INDL

Last updated Jun 4, 2026

INDY (iShares India 50 ETF) and INDL (Direxion Daily India Bull 3x Shares) are both exchange-traded funds - INDY is a Asia Pacific Equities fund tracking the S&P CNX Nifty Index, while INDL is a Leveraged Equities fund tracking the Indus India Index (300%). Both are passively managed. Over the past 10 years, INDY returned 6.14%/yr vs -0.90%/yr for INDL. With a 0.95 correlation, they move nearly in lockstep. INDY charges 0.94%/yr vs 1.33%/yr for INDL.

Performance

INDY vs. INDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares India 50 ETF (INDY) and Direxion Daily India Bull 3x Shares (INDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INDY achieves a -15.38% return, which is significantly higher than INDL's -26.16% return. Over the past 10 years, INDY has outperformed INDL with an annualized return of 6.14%, while INDL has yielded a comparatively lower -0.90% annualized return.

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%

INDL

• 1D: -2.82%
• 1M: -5.87%
• YTD: -26.16%
• 6M: -24.88%
• 1Y: -29.05%
• 3Y*: -0.65%
• 5Y*: -3.27%
• 10Y*: -0.90%

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

INDY vs. INDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDY iShares India 50 ETF	-15.38%	4.97%	3.47%	16.88%	-7.31%	19.43%	10.01%	9.99%	-4.32%	36.15%
INDL Direxion Daily India Bull 3x Shares	-26.16%	-3.21%	7.56%	26.06%	-22.88%	40.26%	-36.43%	3.15%	-34.29%	127.98%

Correlation

The correlation between INDY and INDL is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	0.95

The correlation between INDY and INDL has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

INDY vs. INDL - Sectors Allocation Comparison

Sectors	INDY	INDL
Financial Services	35.3%	28.3%
Energy	11.4%	9.4%
Consumer Cyclical	10.7%	12.4%
Technology	8.6%	8.2%
Industrials	7.7%	10.3%
Basic Materials	7.3%	8.6%
Consumer Defensive	6.2%	6.3%
Communication Services	5.3%	4.6%
Healthcare	4.5%	6.1%
Utilities	3.0%	4.5%
Real Estate	-	1.4%

Return for Risk

INDY vs. INDL — 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

INDL

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

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. INDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) and Direxion Daily India Bull 3x Shares (INDL). 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	INDL	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-0.99	-0.05
Sortino ratio: Return per unit of downside risk	-1.49	-1.42	-0.06
Omega ratio: Gain probability vs. loss probability	0.83	0.84	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.78	-0.77	-0.01
Martin ratio: Return relative to average drawdown	-1.78	-1.66	-0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDY vs. INDL - Sharpe Ratio Comparison

The current INDY Sharpe Ratio is -1.04, which is comparable to the INDL Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of INDY and INDL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	INDY	INDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.04	-0.99	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	-0.11	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	-0.02	+0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	-0.12	+0.33

Drawdowns

INDY vs. INDL - Drawdown Comparison

The maximum INDY drawdown since its inception was -44.74%, smaller than the maximum INDL drawdown of -95.67%. Use the drawdown chart below to compare losses from any high point for INDY and INDL.

Drawdown Indicators

	INDY	INDL	Difference
Max Drawdown Largest peak-to-trough decline	-44.74%	-95.67%	+50.93%
Max Drawdown (1Y) Largest decline over 1 year	-18.95%	-37.82%	+18.87%
Max Drawdown (3Y) Largest decline over 3 years	-22.40%	-47.64%	+25.24%
Max Drawdown (5Y) Largest decline over 5 years	-22.40%	-47.64%	+25.24%
Max Drawdown (10Y) Largest decline over 10 years	-43.50%	-91.96%	+48.46%
Current Drawdown Current decline from peak	-21.00%	-79.21%	+58.21%
Average Drawdown Average peak-to-trough decline	-12.22%	-66.35%	+54.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.25%	17.53%	-9.28%

Volatility

INDY vs. INDL - Volatility Comparison

The current volatility for iShares India 50 ETF (INDY) is 4.79%, while Direxion Daily India Bull 3x Shares (INDL) has a volatility of 10.30%. This indicates that INDY experiences smaller price fluctuations and is considered to be less risky than INDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDY	INDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	10.30%	-5.51%
Volatility (6M) Calculated over the trailing 6-month period	12.25%	25.42%	-13.17%
Volatility (1Y) Calculated over the trailing 1-year period	14.18%	29.50%	-15.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	30.56%	-15.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.58%	52.73%	-33.15%

INDY vs. INDL - Expense Ratio Comparison

INDY has a 0.94% expense ratio, which is lower than INDL's 1.33% expense ratio.

Dividends

INDY vs. INDL - Dividend Comparison

INDY's dividend yield for the trailing twelve months is around 9.58%, more than INDL's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDL Direxion Daily India Bull 3x Shares	1.71%	1.42%	2.79%	1.65%	0.09%	2.35%	0.00%	0.68%	0.18%	0.31%	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 INDL in my portfolio?

With a correlation of 0.97, INDY and INDL 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 INDL?

INDL has higher volatility (10.30%) compared to INDY (4.79%). In terms of maximum drawdown, INDY dropped -44.74% vs INDL's -95.67%.

Which ETF is better, INDY or INDL?

On 10-year performance, INDY leads with 6.14% vs -0.90% for INDL. On fees, INDY is cheaper at 0.94% per year. On volatility, INDY has been the lower-risk option at 4.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDY or INDL?

Over the 10-year period, INDY has performed better with a 6.14% return vs -0.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDY or INDL?

INDY is cheaper with a 0.94% expense ratio, compared with 1.33% for INDL.

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

INDY has the higher dividend yield at 9.58%, compared with 1.71% for INDL.

What is the main difference between INDY and INDL?

INDY is categorized as Asia Pacific Equities, while INDL is Leveraged Equities. INDY tracks S&P CNX Nifty Index, while INDL tracks Indus India Index (300%). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.94% for INDY and 1.33% for INDL.

Which has better risk-adjusted returns?

INDL currently has the higher Sharpe Ratio (-0.99 vs -1.04), 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.