NFTY vs. INDE

Last updated Jul 16, 2026

NFTY (First Trust India NIFTY 50 Equal Weight ETF) and INDE (Matthews India Active ETF) are both India Equities funds. NFTY is passively managed, while INDE is actively managed. Over the past year, NFTY returned -8.20% vs 0.46% for INDE. Their correlation of 0.82 suggests significant overlap in exposure. NFTY charges 0.80%/yr vs 0.79%/yr for INDE.

Performance

NFTY vs. INDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust India NIFTY 50 Equal Weight ETF (NFTY) and Matthews India Active ETF (INDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFTY achieves a -8.16% return, which is significantly lower than INDE's -1.30% return.

NFTY

• 1D: -0.06%
• 1M: -1.43%
• 6M: -7.38%
• YTD: -8.16%
• 1Y: -8.20%
• 3Y*: 4.59%
• 5Y*: 5.61%
• 10Y*: 7.54%

INDE

• 1D: 1.05%
• 1M: 3.36%
• 6M: 0.05%
• YTD: -1.30%
• 1Y: 0.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFTY vs. INDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NFTY First Trust India NIFTY 50 Equal Weight ETF	-8.16%	5.47%	5.18%	11.51%
INDE Matthews India Active ETF	-1.30%	2.39%	10.95%	7.84%

Correlation

The correlation between NFTY and INDE is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.82

The correlation between NFTY and INDE has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

NFTY vs. INDE - Sectors Allocation Comparison

Sectors	NFTY	INDE
Financial Services	20.9%	33.4%
Consumer Cyclical	16.6%	23.6%
Basic Materials	13.1%	2.9%
Healthcare	9.9%	8.1%
Technology	9.0%	9.6%
Energy	8.5%	3.7%
Industrials	8.5%	7.1%
Consumer Defensive	8.1%	8.3%
Utilities	3.7%	-
Communication Services	1.9%	3.3%
Real Estate	-	-

Return for Risk

NFTY vs. INDE — Risk / Return Rank

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

NFTY

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

INDE

INDE Risk / Return Rank: 9
INDE Sharpe Ratio Rank: 10
INDE Sortino Ratio Rank: 9
INDE Omega Ratio Rank: 9
INDE Calmar Ratio Rank: 10
INDE Martin Ratio Rank: 9

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.

NFTY vs. INDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust India NIFTY 50 Equal Weight ETF (NFTY) and Matthews India Active ETF (INDE). 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.

	NFTY	INDE	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	0.03	-0.59
Sortino ratio: Return per unit of downside risk	-0.75	0.17	-0.92
Omega ratio: Gain probability vs. loss probability	0.92	1.02	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.51	0.02	-0.53
Martin ratio: Return relative to average drawdown	-1.21	0.06	-1.27

NFTY vs. INDE - Sharpe Ratio Comparison

The current NFTY Sharpe Ratio is -0.56, which is lower than the INDE Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of NFTY and INDE, 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

NFTY vs. INDE - Drawdown Comparison

The maximum NFTY drawdown since its inception was -47.67%, which is greater than INDE's maximum drawdown of -22.89%. Use the drawdown chart below to compare losses from any high point for NFTY and INDE.

Drawdown Indicators

	NFTY	INDE	Difference
Max Drawdown Largest peak-to-trough decline	-47.67%	-22.89%	-24.78%
Max Drawdown (1Y) Largest decline over 1 year	-16.14%	-19.10%	+2.96%
Max Drawdown (3Y) Largest decline over 3 years	-21.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.67%	—	—
Current Drawdown Current decline from peak	-16.05%	-8.59%	-7.46%
Average Drawdown Average peak-to-trough decline	-9.63%	-7.66%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.79%	7.49%	-0.70%

Volatility

NFTY vs. INDE - Volatility Comparison

The current volatility for First Trust India NIFTY 50 Equal Weight ETF (NFTY) is 3.71%, while Matthews India Active ETF (INDE) has a volatility of 4.55%. This indicates that NFTY experiences smaller price fluctuations and is considered to be less risky than INDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFTY	INDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	4.55%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	12.61%	14.81%	-2.20%
Volatility (1Y) Calculated over the trailing 1-year period	14.72%	17.25%	-2.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.41%	16.54%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.65%	16.54%	+4.11%

NFTY vs. INDE - Expense Ratio Comparison

NFTY has a 0.80% expense ratio, which is higher than INDE's 0.79% expense ratio.

Dividends

NFTY vs. INDE - Dividend Comparison

NFTY's dividend yield for the trailing twelve months is around 1.93%, more than INDE's 1.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDE Matthews India Active ETF	1.78%	1.75%	0.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NFTY First Trust India NIFTY 50 Equal Weight ETF	1.93%	1.24%	1.61%	0.13%	5.89%	1.53%	0.61%	0.97%	0.00%	4.10%	3.28%	4.39%

Frequently Asked Questions

Can I hold both NFTY and INDE in my portfolio?

NFTY and INDE have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFTY or INDE?

INDE has higher volatility (4.55%) compared to NFTY (3.71%). In terms of maximum drawdown, NFTY dropped -47.67% vs INDE's -22.89%.

Which ETF is better, NFTY or INDE?

On 1-year performance, INDE leads with 0.46% vs -8.20% for NFTY. On fees, INDE is cheaper at 0.79% per year. On volatility, NFTY has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFTY or INDE?

Over the 1-year period, INDE has performed better with a 0.46% return vs -8.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFTY or INDE?

INDE is cheaper with a 0.79% expense ratio, compared with 0.80% for NFTY.

Which ETF pays a higher dividend yield, NFTY or INDE?

NFTY has the higher dividend yield at 1.93%, compared with 1.78% for INDE.

What is the main difference between NFTY and INDE?

They also come from different issuers: First Trust and Matthews. Their fees differ too: 0.80% for NFTY and 0.79% for INDE.

Which has better risk-adjusted returns?

INDE currently has the higher Sharpe Ratio (0.03 vs -0.56), 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.