INDY vs. TLT
INDY (iShares India 50 ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - INDY is a India Equities fund tracking the Nifty 50 Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, INDY returned 6.16%/yr vs -2.33%/yr for TLT. Their -0.16 correlation means they have often moved in opposite directions in the past. INDY charges 0.65%/yr vs 0.15%/yr for TLT.
Performance
INDY vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, INDY achieves a -10.20% return, which is significantly lower than TLT's -3.18% return. Over the past 10 years, INDY has outperformed TLT with an annualized return of 6.16%, while TLT has yielded a comparatively lower -2.33% annualized return.
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%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.15M | $4.11M | $5.43M | |
| $2.39B | $2.06B | $2.20B |
INDY vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | -10.20% | 4.97% | 3.47% | 16.88% | -7.31% | 19.43% | 10.01% | 9.99% | -4.32% | 36.15% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between INDY and TLT is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2009 | -0.16 |
The correlation between INDY and TLT shifts across timeframes, from -0.16 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
INDY vs. TLT — Risk / Return Rank
INDY
TLT
INDY vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.97 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | -0.28 | -0.14 |
| Martin ratioReturn relative to average drawdown | -0.81 | -0.59 | -0.22 |
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Drawdowns
INDY vs. TLT - Drawdown Comparison
The maximum INDY drawdown since its inception was -44.74%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for INDY and TLT.
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Drawdown Indicators
| INDY | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.74% | -48.35% | +3.61% |
Max Drawdown (1Y)Largest decline over 1 year | -18.09% | -7.74% | -10.35% |
Max Drawdown (3Y)Largest decline over 3 years | -22.40% | -14.79% | -7.61% |
Max Drawdown (5Y)Largest decline over 5 years | -22.40% | -43.70% | +21.30% |
Max Drawdown (10Y)Largest decline over 10 years | -43.50% | -48.35% | +4.85% |
Current DrawdownCurrent decline from peak | -16.16% | -42.17% | +26.01% |
Average DrawdownAverage peak-to-trough decline | -12.28% | -14.00% | +1.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.14% | 3.60% | +5.54% |
Volatility
INDY vs. TLT - Volatility Comparison
iShares India 50 ETF (INDY) has a higher volatility of 4.20% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that INDY's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDY | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.20% | 2.51% | +1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 12.83% | 6.84% | +5.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.70% | 9.24% | +5.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.02% | 15.74% | -0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.52% | 14.83% | +4.69% |
INDY vs. TLT - Expense Ratio Comparison
INDY has a 0.65% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
INDY vs. TLT - Dividend Comparison
INDY's dividend yield for the trailing twelve months is around 9.27%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
INDY and TLT have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INDY has higher volatility (4.20%) compared to TLT (2.51%). In terms of maximum drawdown, INDY dropped -44.74% vs TLT's -48.35%.
On 10-year performance, INDY leads with 6.16% vs -2.33% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, INDY has performed better with a 6.16% return vs -2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.65% for INDY.
INDY has the higher dividend yield at 9.27%, compared with 4.75% for TLT.
INDY is categorized as India Equities, while TLT is Government Bonds. INDY tracks Nifty 50 Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.65% for INDY and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (-0.23 vs -0.51), 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.
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