INRL.L vs. IIND.L

Last updated Jul 18, 2026

INRL.L (Lyxor MSCI India UCITS ETF - Acc (USD)) and IIND.L (iShares MSCI India UCITS ETF USD (Acc)) are both India Equities funds tracking the MSCI India NR USD, from Amundi and iShares respectively. Both are passively managed. Over the past 5 years, INRL.L returned 4.14%/yr vs 5.16%/yr for IIND.L. With a 0.97 correlation, they move nearly in lockstep. INRL.L charges 0.85%/yr vs 0.65%/yr for IIND.L.

Performance

INRL.L vs. IIND.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Lyxor MSCI India UCITS ETF - Acc (USD) (INRL.L) and iShares MSCI India UCITS ETF USD (Acc) (IIND.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

INRL.L is traded in GBp, while IIND.L is traded in GBP. To make them comparable, the IIND.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, INRL.L achieves a -10.19% return, which is significantly lower than IIND.L's -9.63% return.

INRL.L

• 1D: 0.88%
• 1M: -1.58%
• 6M: -8.25%
• YTD: -10.19%
• 1Y: -12.59%
• 3Y*: 2.35%
• 5Y*: 4.14%
• 10Y*: 6.20%

IIND.L

• 1D: 1.08%
• 1M: -0.45%
• 6M: -7.85%
• YTD: -9.63%
• 1Y: -10.85%
• 3Y*: 3.48%
• 5Y*: 5.16%
• 10Y*: —

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

INRL.L vs. IIND.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
INRL.L Lyxor MSCI India UCITS ETF - Acc (USD)	-10.19%	-5.74%	11.19%	12.56%	1.46%	25.81%	9.68%	2.69%	3.65%
IIND.L iShares MSCI India UCITS ETF USD (Acc)	-9.63%	-2.94%	11.13%	12.43%	2.72%	26.95%	10.48%	3.72%	-21.95%

Correlation

The correlation between INRL.L and IIND.L is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since May 29, 2018	0.97

The correlation between INRL.L and IIND.L has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

INRL.L vs. IIND.L - Sectors Allocation Comparison

Sectors	INRL.L	IIND.L
Financial Services	28.3%	30.7%
Consumer Cyclical	12.5%	12.3%
Industrials	10.7%	10.4%
Energy	9.0%	8.8%
Basic Materials	8.4%	8.3%
Technology	8.2%	6.9%
Healthcare	6.3%	6.3%
Consumer Defensive	6.0%	5.7%
Communication Services	4.7%	5.0%
Utilities	4.5%	4.2%
Real Estate	1.4%	1.4%

Return for Risk

INRL.L vs. IIND.L — Risk / Return Rank

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

INRL.L

INRL.L Risk / Return Rank: 3
INRL.L Sharpe Ratio Rank: 3
INRL.L Sortino Ratio Rank: 3
INRL.L Omega Ratio Rank: 3
INRL.L Calmar Ratio Rank: 4
INRL.L Martin Ratio Rank: 3

IIND.L

IIND.L Risk / Return Rank: 4
IIND.L Sharpe Ratio Rank: 4
IIND.L Sortino Ratio Rank: 4
IIND.L Omega Ratio Rank: 4
IIND.L Calmar Ratio Rank: 5
IIND.L Martin Ratio Rank: 4

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.

INRL.L vs. IIND.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor MSCI India UCITS ETF - Acc (USD) (INRL.L) and iShares MSCI India UCITS ETF USD (Acc) (IIND.L). 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.

	INRL.L	IIND.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.80	-0.67	-0.13
Sortino ratio: Return per unit of downside risk	-1.08	-0.89	-0.19
Omega ratio: Gain probability vs. loss probability	0.88	0.90	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.63	-0.55	-0.08
Martin ratio: Return relative to average drawdown	-1.25	-1.09	-0.16

INRL.L vs. IIND.L - Sharpe Ratio Comparison

The current INRL.L Sharpe Ratio is -0.80, which is comparable to the IIND.L Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of INRL.L and IIND.L, 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

INRL.L vs. IIND.L - Drawdown Comparison

The maximum INRL.L drawdown since its inception was -72.96%, which is greater than IIND.L's maximum drawdown of -45.07%. Use the drawdown chart below to compare losses from any high point for INRL.L and IIND.L.

Drawdown Indicators

	INRL.L	IIND.L	Difference
Max Drawdown Largest peak-to-trough decline	-72.96%	-45.07%	-27.89%
Max Drawdown (1Y) Largest decline over 1 year	-19.97%	-19.76%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-26.82%	-24.81%	-2.01%
Max Drawdown (5Y) Largest decline over 5 years	-26.82%	-24.81%	-2.01%
Max Drawdown (10Y) Largest decline over 10 years	-37.58%	—	—
Current Drawdown Current decline from peak	-21.54%	-18.89%	-2.65%
Average Drawdown Average peak-to-trough decline	-16.26%	-13.09%	-3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.08%	9.98%	+0.10%

Volatility

INRL.L vs. IIND.L - Volatility Comparison

Lyxor MSCI India UCITS ETF - Acc (USD) (INRL.L) and iShares MSCI India UCITS ETF USD (Acc) (IIND.L) have volatilities of 4.19% and 4.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INRL.L	IIND.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	4.24%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	13.04%	13.77%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	15.76%	16.20%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	21.38%	-5.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.71%	24.90%	-5.19%

INRL.L vs. IIND.L - Expense Ratio Comparison

INRL.L has a 0.85% expense ratio, which is higher than IIND.L's 0.65% expense ratio.

Dividends

INRL.L vs. IIND.L - Dividend Comparison

Neither INRL.L nor IIND.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both INRL.L and IIND.L in my portfolio?

With a correlation of 0.96, INRL.L and IIND.L 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 ETF is better, INRL.L or IIND.L?

On fees, IIND.L is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INRL.L or IIND.L?

IIND.L is cheaper with a 0.65% expense ratio, compared with 0.85% for INRL.L.

What is the main difference between INRL.L and IIND.L?

Both ETFs track MSCI India NR USD. They also come from different issuers: Amundi and iShares. Their fees differ too: 0.85% for INRL.L and 0.65% for IIND.L.