KWT vs. INDF

Last updated Aug 5, 2026

KWT (iShares MSCI Kuwait ETF) and INDF (Nifty India Financials ETF) are both Financials Equities funds - KWT tracks the MSCI All Kuwait Select Size Liquidity Capped Index while INDF tracks the Nifty Financial Services 25/50 Index. Both are passively managed. Their 0.25 correlation means their historical movements had little consistent relationship. KWT charges 0.74%/yr vs 0.75%/yr for INDF.

Performance

KWT vs. INDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kuwait ETF (KWT) and Nifty India Financials ETF (INDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KWT

• 1D: 0.37%
• 1M: 1.54%
• 6M: 0.83%
• YTD: -1.11%
• 1Y: 1.59%
• 3Y*: 9.43%
• 5Y*: 8.16%
• 10Y*: —
• ALL TIME*: 11.86%

INDF

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KWT iShares MSCI Kuwait ETF	$420.28K	$307.57K	$205.85K

KWT vs. INDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KWT iShares MSCI Kuwait ETF	-1.11%	25.38%	11.29%	-4.71%	5.16%	30.73%	-0.30%
INDF Nifty India Financials ETF	0.00%	8.17%	6.32%	19.86%	-5.28%	11.95%	24.44%

Correlation

The correlation between KWT and INDF is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.01
Correlation (3Y) Balances recent behavior with more history.	0.20
Correlation (5Y) Shows whether the relationship held over a longer period.	0.23
Correlation (All Time) Calculated using the full available price history since Oct 21, 2020	0.25

The correlation between KWT and INDF shifts across timeframes, from -0.01 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

KWT vs. INDF - Sectors Allocation Comparison

Sectors	KWT	INDF
Financial Services	65.3%	100.0%
Real Estate	11.6%	-
Industrials	9.7%	-
Communication Services	6.6%	-
Consumer Defensive	2.5%	-
Basic Materials	2.1%	-
Consumer Cyclical	1.6%	-
Utilities	0.6%	-
Energy	-	-
Healthcare	-	-
Technology	-	-

Return for Risk

KWT vs. INDF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KWT

KWT Risk / Return Rank: 12
KWT Sharpe Ratio Rank: 12
KWT Sortino Ratio Rank: 12
KWT Omega Ratio Rank: 12
KWT Calmar Ratio Rank: 12
KWT Martin Ratio Rank: 12

INDF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KWT vs. INDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kuwait ETF (KWT) and Nifty India Financials ETF (INDF). 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.

	KWT	INDF	Difference
Sharpe ratio: Return per unit of total volatility	0.12	—	—
Sortino ratio: Return per unit of downside risk	0.26	—	—
Omega ratio: Gain probability vs. loss probability	1.03	—	—
Calmar ratio: Return relative to maximum drawdown	0.14	—	—
Martin ratio: Return relative to average drawdown	0.29	—	—

Drawdowns

Drawdown Indicators

	KWT	INDF	Difference
Max Drawdown Largest peak-to-trough decline	-24.37%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.37%	—	—
Current Drawdown Current decline from peak	-5.89%	—	—
Average Drawdown Average peak-to-trough decline	-7.29%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	5.59%	—	—

Volatility

Volatility by Period

	KWT	INDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.37%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.60%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.87%	—	—

KWT vs. INDF - Expense Ratio Comparison

KWT has a 0.74% expense ratio, which is lower than INDF's 0.75% expense ratio.

Dividends

KWT vs. INDF - Dividend Comparison

KWT's dividend yield for the trailing twelve months is around 5.57%, while INDF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%	0.00%
KWT iShares MSCI Kuwait ETF	5.57%	5.40%	6.09%	2.25%	5.87%	7.65%	0.27%

Frequently Asked Questions

Can I hold both KWT and INDF in my portfolio?

KWT and INDF have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KWT or INDF?

On fees, KWT is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KWT or INDF?

KWT is cheaper with a 0.74% expense ratio, compared with 0.75% for INDF.

Which ETF pays a higher dividend yield, KWT or INDF?

INDF has the higher dividend yield at 21.29%, compared with 5.57% for KWT.

What is the main difference between KWT and INDF?

KWT tracks MSCI All Kuwait Select Size Liquidity Capped Index, while INDF tracks Nifty Financial Services 25/50 Index. They also come from different issuers: iShares and Exchange Traded Concepts. Their fees differ too: 0.74% for KWT and 0.75% for INDF.