NDIA vs. ^GSPC

Last updated Jun 24, 2026

NDIA (Global X Funds - Global X India Active ETF) is Asia Pacific Equities fund actively managed by Global X, while ^GSPC (S&P 500 Index) is an index. Over the past year, NDIA returned -9.32% vs 22.24% 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 -9.90% return, which is significantly lower than ^GSPC's 7.60% return.

NDIA

• 1D: -1.85%
• 1M: 0.89%
• YTD: -9.90%
• 6M: -10.07%
• 1Y: -9.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: -1.44%
• 1M: -1.45%
• YTD: 7.60%
• 6M: 6.59%
• 1Y: 22.24%
• 3Y*: 19.20%
• 5Y*: 11.54%
• 10Y*: 13.71%

*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	-9.90%	5.04%	5.75%	12.76%
^GSPC S&P 500 Index	7.60%	16.39%	23.31%	9.14%

Correlation

The correlation between NDIA and ^GSPC is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
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: 4
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: 61
^GSPC Sharpe Ratio Rank: 58
^GSPC Sortino Ratio Rank: 57
^GSPC Omega Ratio Rank: 62
^GSPC Calmar Ratio Rank: 57
^GSPC Martin Ratio Rank: 72

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	-0.59	1.78	-2.37
Sortino ratio: Return per unit of downside risk	-0.76	2.44	-3.20
Omega ratio: Gain probability vs. loss probability	0.91	1.32	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.52	2.46	-2.97
Martin ratio: Return relative to average drawdown	-1.20	10.92	-12.12

NDIA vs. ^GSPC - Sharpe Ratio Comparison

The current NDIA Sharpe Ratio is -0.59, which is lower than the ^GSPC Sharpe Ratio of 1.78. 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	-18.03%	-9.10%	-8.93%
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	-16.45%	-3.21%	-13.24%
Average Drawdown Average peak-to-trough decline	-7.24%	-10.71%	+3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.79%	2.04%	+5.75%

Volatility

NDIA vs. ^GSPC - Volatility Comparison

The current volatility for Global X Funds - Global X India Active ETF (NDIA) is 4.43%, while S&P 500 Index (^GSPC) has a volatility of 4.89%. This indicates that NDIA experiences smaller price fluctuations and is considered to be less risky 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	4.43%	4.89%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	13.89%	9.93%	+3.96%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	12.57%	+3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.63%	17.00%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.63%	18.08%	-2.45%

Frequently Asked Questions

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

NDIA and ^GSPC have a correlation of 0.46, 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?

^GSPC has higher volatility (4.89%) compared to NDIA (4.43%). 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 (1.78 vs -0.59), 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.