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IPAC vs. INDY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IPAC vs. INDY

Last updated Jun 24, 2026

IPAC (iShares Core MSCI Pacific ETF) and INDY (iShares India 50 ETF) are both exchange-traded funds - IPAC is a Asia Pacific Equities fund tracking the MSCI Pacific Investable Market Index, while INDY is a Emerging Markets Equities fund tracking the Nifty 50 Index. Both are passively managed. Over the past 10 years, IPAC returned 9.27%/yr vs 6.94%/yr for INDY. A 0.57 correlation means they provide meaningful diversification when combined. IPAC charges 0.09%/yr vs 0.65%/yr for INDY.

Performance

IPAC vs. INDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Pacific ETF (IPAC) and iShares India 50 ETF (INDY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IPAC achieves a 12.43% return, which is significantly higher than INDY's -12.36% return. Over the past 10 years, IPAC has outperformed INDY with an annualized return of 9.27%, while INDY has yielded a comparatively lower 6.94% annualized return.

IPAC

1D
-3.27%
1M
0.51%
YTD
12.43%
6M
11.54%
1Y
27.68%
3Y*
17.02%
5Y*
7.72%
10Y*
9.27%

INDY

1D
-1.49%
1M
1.53%
YTD
-12.36%
6M
-12.66%
1Y
-12.06%
3Y*
2.42%
5Y*
2.23%
10Y*
6.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IPAC vs. INDY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IPAC
iShares Core MSCI Pacific ETF		12.43%25.16%6.18%14.51%-13.68%3.09%12.39%19.44%-12.78%25.97%
INDY
iShares India 50 ETF		-12.36%4.97%3.47%16.88%-7.31%19.43%10.01%9.99%-4.32%36.15%

Correlation

The correlation between IPAC and INDY is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.54

Correlation (3Y)
Calculated over the trailing 3-year period

0.51

Correlation (5Y)
Calculated over the trailing 5-year period

0.57

Correlation (10Y)
Calculated over the trailing 10-year period

0.56

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.57

The correlation between IPAC and INDY has been stable across timeframes, ranging from 0.51 to 0.57 - a consistent structural relationship.

IPAC vs. INDY - Sectors Allocation Comparison

Sectors
IPAC
INDY

Financial Services

22.7%
35.2%

Industrials

19.2%
8.0%

Technology

17.0%
8.5%

Consumer Cyclical

9.8%
11.0%

Basic Materials

8.7%
7.7%

Healthcare

5.0%
4.7%

Communication Services

4.7%
5.2%

Real Estate

4.5%

-

Consumer Defensive

3.5%
6.0%

Energy

1.6%
11.0%

Utilities

1.5%
2.9%

Financial Services

IPAC
22.7%
INDY
35.2%

Industrials

IPAC
19.2%
INDY
8.0%

Technology

IPAC
17.0%
INDY
8.5%

Consumer Cyclical

IPAC
9.8%
INDY
11.0%

Basic Materials

IPAC
8.7%
INDY
7.7%

Healthcare

IPAC
5.0%
INDY
4.7%

Communication Services

IPAC
4.7%
INDY
5.2%

Real Estate

IPAC
4.5%
INDY

-

Consumer Defensive

IPAC
3.5%
INDY
6.0%

Energy

IPAC
1.6%
INDY
11.0%

Utilities

IPAC
1.5%
INDY
2.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core MSCI Pacific ETF

iShares India 50 ETF

Often compared with IPAC:
IPAC vs. VPLIPAC vs. IVALIPAC vs. FLCHIPAC vs. IEMGIPAC vs. SPYIPAC vs. VEAIPAC vs. ^GSPC
Often compared with INDY:
INDY vs. INDAINDY vs. NFTYINDY vs. EPIINDY vs. FLININDY vs. VOOINDY vs. GLININDY vs. INCO

Return for Risk

IPAC vs. INDY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IPAC
IPAC Risk / Return Rank: 5050
Overall Rank
IPAC Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
IPAC Sortino Ratio Rank: 4747
Sortino Ratio Rank
IPAC Omega Ratio Rank: 5050
Omega Ratio Rank
IPAC Calmar Ratio Rank: 5252
Calmar Ratio Rank
IPAC Martin Ratio Rank: 5252
Martin Ratio Rank
INDY
INDY Risk / Return Rank: 33
Overall Rank
INDY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
INDY Sortino Ratio Rank: 33
Sortino Ratio Rank
INDY Omega Ratio Rank: 33
Omega Ratio Rank
INDY Calmar Ratio Rank: 44
Calmar Ratio Rank
INDY Martin Ratio Rank: 22
Martin Ratio Rank
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.

IPAC vs. INDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Pacific ETF (IPAC) and iShares India 50 ETF (INDY). 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.

IPACINDYDifference
Sharpe ratioReturn per unit of total volatility
1.61
-0.84

+2.45

Sortino ratioReturn per unit of downside risk
2.26
-1.18

+3.43

Omega ratioGain probability vs. loss probability

1.30

0.87

+0.43

Calmar ratioReturn relative to maximum drawdown

2.42

-0.64

+3.06

Martin ratioReturn relative to average drawdown

8.62

-1.35

+9.97

IPAC vs. INDY - Sharpe Ratio Comparison

The current IPAC Sharpe Ratio is 1.61, which is higher than the INDY Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of IPAC and INDY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IPAC vs. INDY - Drawdown Comparison

The maximum IPAC drawdown since its inception was -30.99%, smaller than the maximum INDY drawdown of -44.74%. Use the drawdown chart below to compare losses from any high point for IPAC and INDY.

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Drawdown Indicators

IPACINDYDifference

Max Drawdown

Largest peak-to-trough decline

-30.99%

-44.74%

+13.75%

Max Drawdown (1Y)

Largest decline over 1 year

-11.49%

-18.95%

+7.46%

Max Drawdown (3Y)

Largest decline over 3 years

-15.45%

-22.40%

+6.95%

Max Drawdown (5Y)

Largest decline over 5 years

-29.64%

-22.40%

-7.24%

Max Drawdown (10Y)

Largest decline over 10 years

-30.99%

-43.50%

+12.51%

Current Drawdown

Current decline from peak

-3.27%

-18.17%

+14.90%

Average Drawdown

Average peak-to-trough decline

-7.46%

-12.24%

+4.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

8.98%

-5.76%

Volatility

IPAC vs. INDY - Volatility Comparison

iShares Core MSCI Pacific ETF (IPAC) has a higher volatility of 6.43% compared to iShares India 50 ETF (INDY) at 4.06%. This indicates that IPAC's price experiences larger fluctuations and is considered to be riskier than INDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IPACINDYDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.43%

4.06%

+2.37%

Volatility (6M)

Calculated over the trailing 6-month period

14.30%

12.55%

+1.75%

Volatility (1Y)

Calculated over the trailing 1-year period

17.29%

14.36%

+2.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.80%

14.98%

+1.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.60%

19.53%

-2.93%

IPAC vs. INDY - Expense Ratio Comparison

IPAC has a 0.09% expense ratio, which is lower than INDY's 0.65% expense ratio.

Dividends

IPAC vs. INDY - Dividend Comparison

IPAC's dividend yield for the trailing twelve months is around 3.93%, less than INDY's 9.50% yield.

PositionTTM20252024202320222021202020192018201720162015
INDY
iShares India 50 ETF		9.50%8.11%0.24%0.38%3.75%7.12%0.08%0.58%0.55%0.27%0.48%0.57%
IPAC
iShares Core MSCI Pacific ETF		3.93%4.32%3.43%3.16%2.76%4.03%1.68%3.37%2.95%2.98%2.66%2.60%

Frequently Asked Questions

IPAC and INDY have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IPAC has higher volatility (6.43%) compared to INDY (4.06%). In terms of maximum drawdown, IPAC dropped -30.99% vs INDY's -44.74%.

On 10-year performance, IPAC leads with 9.27% vs 6.94% for INDY. On fees, IPAC is cheaper at 0.09% per year. On volatility, INDY has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IPAC has performed better with a 9.27% return vs 6.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

INDY has the higher dividend yield at 9.50%, compared with 3.93% for IPAC.

IPAC is categorized as Asia Pacific Equities, while INDY is Emerging Markets Equities. IPAC tracks MSCI Pacific Investable Market Index, while INDY tracks Nifty 50 Index. Their fees differ too: 0.09% for IPAC and 0.65% for INDY.

IPAC currently has the higher Sharpe Ratio (1.61 vs -0.84), 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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