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NDIA.L vs. ZID.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NDIA.L vs. ZID.TO

Last updated Jun 5, 2026

NDIA.L (iShares MSCI India UCITS ETF USD Acc) and ZID.TO (BMO MSCI India ESG Leaders Index ETF) are both exchange-traded funds - NDIA.L is a Emerging Markets Equities fund tracking the MSCI India Net Total Return Index, while ZID.TO is a Asia Pacific Equities fund tracking the MSCI India ESG Leaders Index. Both are passively managed. Over the past 5 years, NDIA.L returned 3.44%/yr vs 0.17%/yr for ZID.TO. A 0.75 correlation means they provide meaningful diversification when combined. NDIA.L charges 0.65%/yr vs 0.67%/yr for ZID.TO.

Performance

NDIA.L vs. ZID.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India UCITS ETF USD Acc (NDIA.L) and BMO MSCI India ESG Leaders Index ETF (ZID.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

NDIA.L is traded in USD, while ZID.TO is traded in CAD. To make them comparable, the ZID.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, NDIA.L achieves a -13.13% return, which is significantly higher than ZID.TO's -18.33% return.

NDIA.L

1D
1.08%
1M
-4.73%
YTD
-13.13%
6M
-13.12%
1Y
-12.88%
3Y*
5.40%
5Y*
3.44%
10Y*
—

ZID.TO

1D
1.02%
1M
-4.29%
YTD
-18.33%
6M
-18.69%
1Y
-17.42%
3Y*
2.20%
5Y*
0.17%
10Y*
8.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NDIA.L vs. ZID.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
NDIA.L
iShares MSCI India UCITS ETF USD Acc		-13.13%4.23%9.32%18.74%-7.90%24.99%13.78%7.64%0.05%
ZID.TO
BMO MSCI India ESG Leaders Index ETF		-18.34%4.09%9.72%14.44%-11.09%26.47%18.10%12.73%4.26%

Correlation

The correlation between NDIA.L and ZID.TO is 0.78, 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

0.78

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

0.77

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

0.78

Correlation (All Time)
Calculated using the full available price history since May 31, 2018

0.75

The correlation between NDIA.L and ZID.TO has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.

NDIA.L vs. ZID.TO - Sectors Allocation Comparison

Sectors
NDIA.L
ZID.TO

Financial Services

28.3%
26.6%

Consumer Cyclical

12.5%
13.5%

Industrials

10.3%
6.3%

Energy

9.5%
14.2%

Technology

8.3%
8.7%

Basic Materials

8.0%
12.9%

Consumer Defensive

6.2%
8.9%

Healthcare

6.2%
3.5%

Communication Services

4.7%
0.6%

Utilities

4.6%
4.2%

Real Estate

1.4%
0.5%

Financial Services

NDIA.L
28.3%
ZID.TO
26.6%

Consumer Cyclical

NDIA.L
12.5%
ZID.TO
13.5%

Industrials

NDIA.L
10.3%
ZID.TO
6.3%

Energy

NDIA.L
9.5%
ZID.TO
14.2%

Technology

NDIA.L
8.3%
ZID.TO
8.7%

Basic Materials

NDIA.L
8.0%
ZID.TO
12.9%

Consumer Defensive

NDIA.L
6.2%
ZID.TO
8.9%

Healthcare

NDIA.L
6.2%
ZID.TO
3.5%

Communication Services

NDIA.L
4.7%
ZID.TO
0.6%

Utilities

NDIA.L
4.6%
ZID.TO
4.2%

Real Estate

NDIA.L
1.4%
ZID.TO
0.5%

Compare stocks, funds, or ETFs

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iShares MSCI India UCITS ETF USD Acc

BMO MSCI India ESG Leaders Index ETF

Often compared with NDIA.L:
NDIA.L vs. EMV.LNDIA.L vs. DEMS.LNDIA.L vs. FEM.LNDIA.L vs. HDEM.LNDIA.L vs. IWDA.LNDIA.L vs. EIMI.LNDIA.L vs. FLXE.L
Often compared with ZID.TO:
ZID.TO vs. XID.TOZID.TO vs. NFTYZID.TO vs. VFV.TOZID.TO vs. ZLU.TOZID.TO vs. VVL.TOZID.TO vs. ZEA.TOZID.TO vs. THD

Return for Risk

NDIA.L vs. ZID.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NDIA.L
NDIA.L Risk / Return Rank: 33
Overall Rank
NDIA.L Sharpe Ratio Rank: 33
Sharpe Ratio Rank
NDIA.L Sortino Ratio Rank: 33
Sortino Ratio Rank
NDIA.L Omega Ratio Rank: 33
Omega Ratio Rank
NDIA.L Calmar Ratio Rank: 44
Calmar Ratio Rank
NDIA.L Martin Ratio Rank: 22
Martin Ratio Rank
ZID.TO
ZID.TO Risk / Return Rank: 22
Overall Rank
ZID.TO Sharpe Ratio Rank: 22
Sharpe Ratio Rank
ZID.TO Sortino Ratio Rank: 22
Sortino Ratio Rank
ZID.TO Omega Ratio Rank: 22
Omega Ratio Rank
ZID.TO Calmar Ratio Rank: 33
Calmar Ratio Rank
ZID.TO 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.

NDIA.L vs. ZID.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India UCITS ETF USD Acc (NDIA.L) and BMO MSCI India ESG Leaders Index ETF (ZID.TO). 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.

NDIA.LZID.TODifference
Sharpe ratioReturn per unit of total volatility
-0.70
-1.03

+0.33

Sortino ratioReturn per unit of downside risk
-0.95
-1.45

+0.50

Omega ratioGain probability vs. loss probability

0.89

0.84

+0.06

Calmar ratioReturn relative to maximum drawdown

-0.58

-0.73

+0.15

Martin ratioReturn relative to average drawdown

-1.41

-1.62

+0.21

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NDIA.L vs. ZID.TO - Sharpe Ratio Comparison

The current NDIA.L Sharpe Ratio is -0.70, which is higher than the ZID.TO Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of NDIA.L and ZID.TO, 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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Sharpe Ratios by Period

NDIA.LZID.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.70

-1.03

+0.33

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.20

0.01

+0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.38

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

0.25

+0.06

Drawdowns

NDIA.L vs. ZID.TO - Drawdown Comparison

The maximum NDIA.L drawdown since its inception was -42.98%, smaller than the maximum ZID.TO drawdown of -50.02%. Use the drawdown chart below to compare losses from any high point for NDIA.L and ZID.TO.

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Drawdown Indicators

NDIA.LZID.TODifference

Max Drawdown

Largest peak-to-trough decline

-42.98%

-50.02%

+7.04%

Max Drawdown (1Y)

Largest decline over 1 year

-21.06%

-23.96%

+2.90%

Max Drawdown (3Y)

Largest decline over 3 years

-25.48%

-29.45%

+3.97%

Max Drawdown (5Y)

Largest decline over 5 years

-25.48%

-29.45%

+3.97%

Max Drawdown (10Y)

Largest decline over 10 years

—

-50.02%

—

Current Drawdown

Current decline from peak

-20.72%

-27.12%

+6.40%

Average Drawdown

Average peak-to-trough decline

-8.78%

-13.57%

+4.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.64%

10.75%

-2.11%

Volatility

NDIA.L vs. ZID.TO - Volatility Comparison

iShares MSCI India UCITS ETF USD Acc (NDIA.L) has a higher volatility of 6.68% compared to BMO MSCI India ESG Leaders Index ETF (ZID.TO) at 5.98%. This indicates that NDIA.L's price experiences larger fluctuations and is considered to be riskier than ZID.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NDIA.LZID.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.68%

5.98%

+0.70%

Volatility (6M)

Calculated over the trailing 6-month period

14.99%

14.41%

+0.58%

Volatility (1Y)

Calculated over the trailing 1-year period

17.33%

16.94%

+0.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.27%

17.26%

+0.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.17%

21.44%

+0.73%

NDIA.L vs. ZID.TO - Expense Ratio Comparison

NDIA.L has a 0.65% expense ratio, which is lower than ZID.TO's 0.67% expense ratio.

Dividends

NDIA.L vs. ZID.TO - Dividend Comparison

NDIA.L has not paid dividends to shareholders, while ZID.TO's dividend yield for the trailing twelve months is around 0.83%.

PositionTTM20252024202320222021202020192018201720162015
NDIA.L
iShares MSCI India UCITS ETF USD Acc		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZID.TO
BMO MSCI India ESG Leaders Index ETF		0.83%0.69%0.28%1.18%0.29%1.24%0.11%0.11%0.74%0.38%1.15%0.64%

Frequently Asked Questions

NDIA.L and ZID.TO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

NDIA.L is cheaper with a 0.65% expense ratio, compared with 0.67% for ZID.TO.

NDIA.L is categorized as Emerging Markets Equities, while ZID.TO is Asia Pacific Equities. NDIA.L tracks MSCI India Net Total Return Index, while ZID.TO tracks MSCI India ESG Leaders Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.65% for NDIA.L and 0.67% for ZID.TO.

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