INDY vs. NFTY

Last updated Jun 6, 2026

INDY (iShares India 50 ETF) and NFTY (First Trust India NIFTY 50 Equal Weight ETF) are both Asia Pacific Equities funds - INDY tracks the S&P CNX Nifty Index while NFTY tracks the NIFTY 50 Equal Weight Index. Both are passively managed. Over the past 10 years, INDY returned 6.05%/yr vs 7.89%/yr for NFTY. A 0.53 correlation means they provide meaningful diversification when combined. INDY charges 0.94%/yr vs 0.80%/yr for NFTY.

Performance

INDY vs. NFTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares India 50 ETF (INDY) and First Trust India NIFTY 50 Equal Weight ETF (NFTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INDY achieves a -15.42% return, which is significantly lower than NFTY's -9.95% return. Over the past 10 years, INDY has underperformed NFTY with an annualized return of 6.05%, while NFTY has yielded a comparatively higher 7.89% annualized return.

INDY

• 1D: -1.37%
• 1M: -5.49%
• YTD: -15.42%
• 6M: -15.04%
• 1Y: -15.02%
• 3Y*: 1.44%
• 5Y*: 1.14%
• 10Y*: 6.05%

NFTY

• 1D: -1.11%
• 1M: -4.14%
• YTD: -9.95%
• 6M: -9.47%
• 1Y: -8.75%
• 3Y*: 5.74%
• 5Y*: 4.57%
• 10Y*: 7.89%

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

INDY vs. NFTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDY iShares India 50 ETF	-15.42%	4.97%	3.47%	16.88%	-7.31%	19.43%	10.01%	9.99%	-4.32%	36.15%
NFTY First Trust India NIFTY 50 Equal Weight ETF	-9.95%	5.47%	5.18%	24.00%	-3.46%	26.83%	10.04%	0.58%	-1.51%	21.78%

Correlation

The correlation between INDY and NFTY is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Feb 29, 2012	0.53

Over the past year, INDY and NFTY have become more correlated (0.93) than their long-term average of 0.53, meaning their price movements have been converging.

INDY vs. NFTY - Sectors Allocation Comparison

Sectors	INDY	NFTY
Financial Services	35.3%	21.2%
Energy	11.4%	8.5%
Consumer Cyclical	10.7%	16.3%
Technology	8.6%	9.2%
Industrials	7.7%	8.3%
Basic Materials	7.3%	12.5%
Consumer Defensive	6.2%	8.3%
Communication Services	5.3%	2.0%
Healthcare	4.5%	9.7%
Utilities	3.0%	4.0%
Real Estate	-	-

Return for Risk

INDY vs. NFTY — 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: 2
INDY Omega Ratio Rank: 2
INDY Calmar Ratio Rank: 2
INDY Martin Ratio Rank: 0

NFTY

NFTY Risk / Return Rank: 4
NFTY Sharpe Ratio Rank: 4
NFTY Sortino Ratio Rank: 4
NFTY Omega Ratio Rank: 4
NFTY Calmar Ratio Rank: 4
NFTY Martin Ratio Rank: 2

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. NFTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) and First Trust India NIFTY 50 Equal Weight ETF (NFTY). 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	NFTY	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	-0.60	-0.46
Sortino ratio: Return per unit of downside risk	-1.51	-0.80	-0.71
Omega ratio: Gain probability vs. loss probability	0.83	0.91	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.54	-0.25
Martin ratio: Return relative to average drawdown	-1.79	-1.41	-0.38
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. NFTY - Sharpe Ratio Comparison

The current INDY Sharpe Ratio is -1.06, which is lower than the NFTY Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of INDY and NFTY, 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	NFTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.06	-0.60	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.26	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.38	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.28	-0.06

Drawdowns

INDY vs. NFTY - Drawdown Comparison

The maximum INDY drawdown since its inception was -44.74%, smaller than the maximum NFTY drawdown of -47.67%. Use the drawdown chart below to compare losses from any high point for INDY and NFTY.

Drawdown Indicators

	INDY	NFTY	Difference
Max Drawdown Largest peak-to-trough decline	-44.74%	-47.67%	+2.93%
Max Drawdown (1Y) Largest decline over 1 year	-18.95%	-16.14%	-2.81%
Max Drawdown (3Y) Largest decline over 3 years	-22.40%	-21.55%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	-22.40%	-21.55%	-0.85%
Max Drawdown (10Y) Largest decline over 10 years	-43.50%	-47.67%	+4.17%
Current Drawdown Current decline from peak	-21.04%	-17.68%	-3.36%
Average Drawdown Average peak-to-trough decline	-12.22%	-9.59%	-2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.39%	6.21%	+2.18%

Volatility

INDY vs. NFTY - Volatility Comparison

iShares India 50 ETF (INDY) has a higher volatility of 4.72% compared to First Trust India NIFTY 50 Equal Weight ETF (NFTY) at 4.38%. This indicates that INDY's price experiences larger fluctuations and is considered to be riskier than NFTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDY	NFTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	4.38%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	12.60%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	14.28%	14.77%	-0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.95%	17.38%	-2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.59%	20.72%	-1.13%

INDY vs. NFTY - Expense Ratio Comparison

INDY has a 0.94% expense ratio, which is higher than NFTY's 0.80% expense ratio.

Dividends

INDY vs. NFTY - Dividend Comparison

INDY's dividend yield for the trailing twelve months is around 9.58%, more than NFTY's 1.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NFTY First Trust India NIFTY 50 Equal Weight ETF	1.97%	1.24%	1.61%	0.13%	5.89%	1.53%	0.61%	0.97%	0.00%	4.10%	3.28%	4.39%

Frequently Asked Questions

Can I hold both INDY and NFTY in my portfolio?

With a correlation of 0.93, INDY and NFTY 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 NFTY?

INDY has higher volatility (4.72%) compared to NFTY (4.38%). In terms of maximum drawdown, INDY dropped -44.74% vs NFTY's -47.67%.

Which ETF is better, INDY or NFTY?

On 10-year performance, NFTY leads with 7.89% vs 6.05% for INDY. On fees, NFTY is cheaper at 0.80% per year. On volatility, NFTY has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDY or NFTY?

Over the 10-year period, NFTY has performed better with a 7.89% return vs 6.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDY or NFTY?

NFTY is cheaper with a 0.80% expense ratio, compared with 0.94% for INDY.

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

INDY has the higher dividend yield at 9.58%, compared with 1.97% for NFTY.

What is the main difference between INDY and NFTY?

INDY tracks S&P CNX Nifty Index, while NFTY tracks NIFTY 50 Equal Weight Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.94% for INDY and 0.80% for NFTY.

Which has better risk-adjusted returns?

NFTY currently has the higher Sharpe Ratio (-0.59 vs -1.06), 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.