MUSQ vs. INDF

Last updated Aug 2, 2026

MUSQ (MUSQ Global Music Industry Index ETF) and INDF (Nifty India Financials ETF) are both exchange-traded funds - MUSQ is a Communications Equities fund tracking the MUSQ Global Music Industry Index, while INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index. Both are passively managed. Their 0.29 correlation means their historical movements had little consistent relationship. MUSQ charges 0.76%/yr vs 0.75%/yr for INDF.

Performance

MUSQ vs. INDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MUSQ Global Music Industry Index ETF (MUSQ) and Nifty India Financials ETF (INDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MUSQ

• 1D: -4.84%
• 1M: -4.32%
• 6M: -11.21%
• YTD: -12.75%
• 1Y: -8.84%
• 3Y*: -0.43%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.00%

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)
MUSQ MUSQ Global Music Industry Index ETF	$161.63K	$82.87K	$43.23K

MUSQ vs. INDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MUSQ MUSQ Global Music Industry Index ETF	-12.75%	19.60%	-4.94%	0.81%
INDF Nifty India Financials ETF	0.00%	8.17%	6.32%	9.14%

Correlation

The correlation between MUSQ and INDF is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.11
Correlation (3Y) Balances recent behavior with more history.	0.29
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023	0.29

The correlation between MUSQ and INDF shifts across timeframes, from -0.11 (1 year) to 0.29 (3 years), reflecting how their relationship changes across market environments.

MUSQ vs. INDF - Sectors Allocation Comparison

Sectors	MUSQ	INDF
Communication Services	77.3%	-
Consumer Cyclical	11.5%	-
Technology	10.6%	-
Industrials	0.6%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.0%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MUSQ vs. INDF — Risk / Return Rank

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

MUSQ

MUSQ Risk / Return Rank: 5
MUSQ Sharpe Ratio Rank: 4
MUSQ Sortino Ratio Rank: 4
MUSQ Omega Ratio Rank: 4
MUSQ Calmar Ratio Rank: 6
MUSQ Martin Ratio Rank: 5

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.

MUSQ vs. INDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MUSQ Global Music Industry Index ETF (MUSQ) 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.

	MUSQ	INDF	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	—	—
Sortino ratio: Return per unit of downside risk	-0.72	—	—
Omega ratio: Gain probability vs. loss probability	0.91	—	—
Calmar ratio: Return relative to maximum drawdown	-0.46	—	—
Martin ratio: Return relative to average drawdown	-0.94	—	—

Drawdowns

Drawdown Indicators

	MUSQ	INDF	Difference
Max Drawdown Largest peak-to-trough decline	-23.11%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-23.11%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.11%	—	—
Current Drawdown Current decline from peak	-18.60%	—	—
Average Drawdown Average peak-to-trough decline	-7.07%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	11.39%	—	—

Volatility

Volatility by Period

	MUSQ	INDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.14%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.14%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.08%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	—	—

MUSQ vs. INDF - Expense Ratio Comparison

MUSQ has a 0.76% expense ratio, which is higher than INDF's 0.75% expense ratio.

Dividends

MUSQ vs. INDF - Dividend Comparison

MUSQ's dividend yield for the trailing twelve months is around 0.72%, while INDF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%
MUSQ MUSQ Global Music Industry Index ETF	0.72%	0.63%	1.08%	0.74%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MUSQ and INDF in my portfolio?

MUSQ and INDF have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUSQ or INDF?

On fees, INDF is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUSQ or INDF?

INDF is cheaper with a 0.75% expense ratio, compared with 0.76% for MUSQ.

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

INDF has the higher dividend yield at 21.29%, compared with 0.72% for MUSQ.

What is the main difference between MUSQ and INDF?

MUSQ is categorized as Communications Equities, while INDF is Financials Equities. MUSQ tracks MUSQ Global Music Industry Index, while INDF tracks Nifty Financial Services 25/50 Index. Their fees differ too: 0.76% for MUSQ and 0.75% for INDF.