INDY vs. SGOV

Last updated Jul 14, 2026

INDY (iShares India 50 ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - INDY is a India Equities fund tracking the Nifty 50 Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, INDY returned 2.19%/yr vs 3.62%/yr for SGOV. At a correlation of -0.03, they often move in opposite directions. INDY charges 0.65%/yr vs 0.09%/yr for SGOV.

Performance

INDY vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares India 50 ETF (INDY) and iShares 0-3 Month Treasury Bond ETF (SGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INDY achieves a -12.52% return, which is significantly lower than SGOV's 1.92% 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%

SGOV

• 1D: 0.02%
• 1M: 0.30%
• 6M: 1.80%
• YTD: 1.92%
• 1Y: 3.88%
• 3Y*: 4.66%
• 5Y*: 3.62%
• 10Y*: —

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

INDY vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
INDY iShares India 50 ETF	-12.52%	4.97%	3.47%	16.88%	-7.31%	19.43%	53.94%
SGOV iShares 0-3 Month Treasury Bond ETF	1.92%	4.24%	5.27%	5.12%	1.58%	0.04%	0.04%

Correlation

The correlation between INDY and SGOV is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 28, 2020	-0.03

Return for Risk

INDY vs. SGOV — Risk / Return Rank

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

INDY

INDY Risk / Return Rank: 2
INDY Sharpe Ratio Rank: 2
INDY Sortino Ratio Rank: 3
INDY Omega Ratio Rank: 3
INDY Calmar Ratio Rank: 3
INDY Martin Ratio Rank: 1

SGOV

SGOV Risk / Return Rank: 100
SGOV Sharpe Ratio Rank: 100
SGOV Sortino Ratio Rank: 100
SGOV Omega Ratio Rank: 100
SGOV Calmar Ratio Rank: 100
SGOV Martin Ratio Rank: 100

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. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	20.83	-21.73
Sortino ratio: Return per unit of downside risk	-1.26	383.82	-385.07
Omega ratio: Gain probability vs. loss probability	0.86	384.06	-383.20
Calmar ratio: Return relative to maximum drawdown	-0.72	391.99	-392.70
Martin ratio: Return relative to average drawdown	-1.49	6,210.22	-6,211.71

INDY vs. SGOV - Sharpe Ratio Comparison

The current INDY Sharpe Ratio is -0.90, which is lower than the SGOV Sharpe Ratio of 20.83. The chart below compares the historical Sharpe Ratios of INDY and SGOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

INDY vs. SGOV - Drawdown Comparison

The maximum INDY drawdown since its inception was -44.74%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for INDY and SGOV.

Drawdown Indicators

	INDY	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-44.74%	-0.03%	-44.71%
Max Drawdown (1Y) Largest decline over 1 year	-18.09%	-0.01%	-18.08%
Max Drawdown (3Y) Largest decline over 3 years	-22.40%	-0.01%	-22.39%
Max Drawdown (5Y) Largest decline over 5 years	-22.40%	-0.03%	-22.37%
Max Drawdown (10Y) Largest decline over 10 years	-43.50%	—	—
Current Drawdown Current decline from peak	-18.33%	0.00%	-18.33%
Average Drawdown Average peak-to-trough decline	-12.25%	-0.00%	-12.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.66%	0.00%	+8.66%

Volatility

INDY vs. SGOV - Volatility Comparison

iShares India 50 ETF (INDY) has a higher volatility of 4.17% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that INDY's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDY	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	0.05%	+4.12%
Volatility (6M) Calculated over the trailing 6-month period	12.67%	0.13%	+12.54%
Volatility (1Y) Calculated over the trailing 1-year period	14.48%	0.19%	+14.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.01%	0.24%	+14.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	0.24%	+19.27%

INDY vs. SGOV - Expense Ratio Comparison

INDY has a 0.65% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

INDY vs. SGOV - Dividend Comparison

INDY's dividend yield for the trailing twelve months is around 9.52%, more than SGOV's 3.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SGOV iShares 0-3 Month Treasury Bond ETF	3.80%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INDY and SGOV in my portfolio?

INDY and SGOV have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDY or SGOV?

INDY has higher volatility (4.17%) compared to SGOV (0.05%). In terms of maximum drawdown, INDY dropped -44.74% vs SGOV's -0.03%.

Which ETF is better, INDY or SGOV?

On 5-year performance, SGOV leads with 3.62% vs 2.19% for INDY. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDY or SGOV?

Over the 5-year period, SGOV has performed better with a 3.62% return vs 2.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDY or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.65% for INDY.

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

INDY has the higher dividend yield at 9.52%, compared with 3.80% for SGOV.

What is the main difference between INDY and SGOV?

INDY is categorized as India Equities, while SGOV is Ultrashort Bond. INDY tracks Nifty 50 Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.65% for INDY and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.83 vs -0.90), 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.