NDIA vs. ^GSPC

Last updated Jul 16, 2026

NDIA (Global X Funds - Global X India Active ETF) is India Equities fund actively managed by Global X, while ^GSPC (S&P 500 Index) is an index. Over the past year, NDIA returned -9.19% vs 21.28% for ^GSPC. At a 0.43 correlation, their price movements are largely independent.

Performance

NDIA vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Funds - Global X India Active ETF (NDIA) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NDIA achieves a -8.77% return, which is significantly lower than ^GSPC's 10.62% return.

NDIA

• 1D: 0.30%
• 1M: 1.63%
• 6M: -7.66%
• YTD: -8.77%
• 1Y: -9.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 0.38%
• 1M: 0.24%
• 6M: 9.32%
• YTD: 10.62%
• 1Y: 21.28%
• 3Y*: 18.90%
• 5Y*: 11.84%
• 10Y*: 13.36%

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

NDIA vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NDIA Global X Funds - Global X India Active ETF	-8.77%	5.04%	5.75%	12.76%
^GSPC S&P 500 Index	10.62%	16.39%	23.31%	9.14%

Correlation

The correlation between NDIA and ^GSPC is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Aug 18, 2023	0.43

Return for Risk

NDIA vs. ^GSPC — Risk / Return Rank

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

NDIA

NDIA Risk / Return Rank: 4
NDIA Sharpe Ratio Rank: 5
NDIA Sortino Ratio Rank: 4
NDIA Omega Ratio Rank: 4
NDIA Calmar Ratio Rank: 5
NDIA Martin Ratio Rank: 3

^GSPC

^GSPC Risk / Return Rank: 81
^GSPC Sharpe Ratio Rank: 79
^GSPC Sortino Ratio Rank: 81
^GSPC Omega Ratio Rank: 84
^GSPC Calmar Ratio Rank: 74
^GSPC Martin Ratio Rank: 86

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 vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Funds - Global X India Active ETF (NDIA) and S&P 500 Index (^GSPC). 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.

	NDIA	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	1.70	-2.28
Sortino ratio: Return per unit of downside risk	-0.74	2.34	-3.08
Omega ratio: Gain probability vs. loss probability	0.92	1.31	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.54	2.35	-2.89
Martin ratio: Return relative to average drawdown	-1.25	10.19	-11.44

NDIA vs. ^GSPC - Sharpe Ratio Comparison

The current NDIA Sharpe Ratio is -0.57, which is lower than the ^GSPC Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of NDIA and ^GSPC, 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

NDIA vs. ^GSPC - Drawdown Comparison

The maximum NDIA drawdown since its inception was -22.05%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for NDIA and ^GSPC.

Drawdown Indicators

	NDIA	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-22.05%	-56.78%	+34.73%
Max Drawdown (1Y) Largest decline over 1 year	-17.09%	-9.10%	-7.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.90%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.43%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-15.41%	-0.49%	-14.92%
Average Drawdown Average peak-to-trough decline	-7.40%	-10.70%	+3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.34%	2.09%	+5.25%

Volatility

NDIA vs. ^GSPC - Volatility Comparison

Global X Funds - Global X India Active ETF (NDIA) has a higher volatility of 4.42% compared to S&P 500 Index (^GSPC) at 3.60%. This indicates that NDIA's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NDIA	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	3.60%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	14.03%	9.99%	+4.04%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	12.55%	+3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.59%	17.01%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.59%	18.05%	-2.46%

Frequently Asked Questions

Can I hold both NDIA and ^GSPC in my portfolio?

NDIA and ^GSPC have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NDIA or ^GSPC?

NDIA has higher volatility (4.42%) compared to ^GSPC (3.60%). In terms of maximum drawdown, NDIA dropped -22.05% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (1.70 vs -0.57), 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.