NDIA vs. INDY

Last updated Jun 23, 2026

NDIA (Global X Funds - Global X India Active ETF) and INDY (iShares India 50 ETF) are both exchange-traded funds - NDIA is a Asia Pacific Equities fund actively managed by Global X, while INDY is a Emerging Markets Equities fund tracking the Nifty 50 Index. NDIA is actively managed, while INDY is passively managed. Over the past year, NDIA returned -7.48% vs -10.26% for INDY. Their correlation of 0.92 suggests significant overlap in exposure. NDIA charges 0.76%/yr vs 0.65%/yr for INDY.

Performance

NDIA vs. INDY - 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 iShares India 50 ETF (INDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NDIA achieves a -8.20% return, which is significantly higher than INDY's -11.03% return.

NDIA

• 1D: 0.93%
• 1M: 2.79%
• YTD: -8.20%
• 6M: -8.30%
• 1Y: -7.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

INDY

• 1D: 0.57%
• 1M: 3.06%
• YTD: -11.03%
• 6M: -11.11%
• 1Y: -10.26%
• 3Y*: 2.93%
• 5Y*: 2.63%
• 10Y*: 7.10%

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

NDIA vs. INDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NDIA Global X Funds - Global X India Active ETF	-8.20%	5.04%	5.75%	12.76%
INDY iShares India 50 ETF	-11.03%	4.97%	3.47%	10.49%

Correlation

The correlation between NDIA and INDY is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 18, 2023	0.92

The correlation between NDIA and INDY has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

NDIA vs. INDY - Sectors Allocation Comparison

Sectors	NDIA	INDY
Financial Services	31.4%	35.2%
Consumer Cyclical	11.0%	11.0%
Industrials	10.7%	8.0%
Energy	9.5%	11.0%
Basic Materials	8.6%	7.7%
Technology	7.1%	8.5%
Consumer Defensive	5.9%	6.0%
Communication Services	5.5%	5.2%
Healthcare	4.4%	4.7%
Utilities	3.6%	2.9%
Real Estate	2.5%	-

Return for Risk

NDIA vs. INDY — Risk / Return Rank

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

NDIA

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

INDY

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

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. INDY - 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 iShares India 50 ETF (INDY). 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	INDY	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	-0.72	+0.25
Sortino ratio: Return per unit of downside risk	-0.59	-0.99	+0.39
Omega ratio: Gain probability vs. loss probability	0.93	0.89	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.42	-0.54	+0.13
Martin ratio: Return relative to average drawdown	-0.97	-1.15	+0.18

NDIA vs. INDY - Sharpe Ratio Comparison

The current NDIA Sharpe Ratio is -0.47, which is higher than the INDY Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of NDIA and INDY, 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. INDY - Drawdown Comparison

The maximum NDIA drawdown since its inception was -22.05%, smaller than the maximum INDY drawdown of -44.74%. Use the drawdown chart below to compare losses from any high point for NDIA and INDY.

Drawdown Indicators

	NDIA	INDY	Difference
Max Drawdown Largest peak-to-trough decline	-22.05%	-44.74%	+22.69%
Max Drawdown (1Y) Largest decline over 1 year	-18.03%	-18.95%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.40%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.50%	—
Current Drawdown Current decline from peak	-14.88%	-16.94%	+2.06%
Average Drawdown Average peak-to-trough decline	-7.22%	-12.24%	+5.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.76%	8.93%	-1.17%

Volatility

NDIA vs. INDY - Volatility Comparison

Global X Funds - Global X India Active ETF (NDIA) has a higher volatility of 3.93% compared to iShares India 50 ETF (INDY) at 3.70%. This indicates that NDIA's price experiences larger fluctuations and is considered to be riskier than INDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NDIA	INDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	3.70%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	13.78%	12.49%	+1.29%
Volatility (1Y) Calculated over the trailing 1-year period	15.85%	14.31%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	14.97%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.60%	19.58%	-3.98%

NDIA vs. INDY - Expense Ratio Comparison

NDIA has a 0.76% expense ratio, which is higher than INDY's 0.65% expense ratio.

Dividends

NDIA vs. INDY - Dividend Comparison

NDIA's dividend yield for the trailing twelve months is around 1.20%, less than INDY's 9.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDY iShares India 50 ETF	9.36%	8.11%	0.24%	0.38%	3.75%	7.12%	0.08%	0.58%	0.55%	0.27%	0.48%	0.57%
NDIA Global X Funds - Global X India Active ETF	1.20%	1.10%	3.66%	0.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NDIA and INDY in my portfolio?

With a correlation of 0.92, NDIA and INDY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NDIA or INDY?

NDIA has higher volatility (3.93%) compared to INDY (3.70%). In terms of maximum drawdown, NDIA dropped -22.05% vs INDY's -44.74%.

Which ETF is better, NDIA or INDY?

On 1-year performance, NDIA leads with -7.48% vs -10.26% for INDY. On fees, INDY is cheaper at 0.65% per year. On volatility, INDY has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NDIA or INDY?

Over the 1-year period, NDIA has performed better with a -7.48% return vs -10.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NDIA or INDY?

INDY is cheaper with a 0.65% expense ratio, compared with 0.76% for NDIA.

Which ETF pays a higher dividend yield, NDIA or INDY?

INDY has the higher dividend yield at 9.36%, compared with 1.20% for NDIA.

What is the main difference between NDIA and INDY?

NDIA is categorized as Asia Pacific Equities, while INDY is Emerging Markets Equities. They also come from different issuers: Global X and iShares. Their fees differ too: 0.76% for NDIA and 0.65% for INDY.

Which has better risk-adjusted returns?

NDIA currently has the higher Sharpe Ratio (-0.47 vs -0.72), 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.