SA vs. INDA

Last updated Jun 3, 2026

SA (Seabridge Gold Inc.) is a stock, while INDA (iShares MSCI India ETF) is Asia Pacific Equities fund tracking the MSCI India Index. Over the past 10 years, SA returned 10.29%/yr vs 6.71%/yr for INDA. At a 0.16 correlation, their price movements are largely independent.

Performance

SA vs. INDA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Seabridge Gold Inc. (SA) and iShares MSCI India ETF (INDA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SA achieves a 20.04% return, which is significantly higher than INDA's -11.14% return. Over the past 10 years, SA has outperformed INDA with an annualized return of 10.29%, while INDA has yielded a comparatively lower 6.71% annualized return.

SA

• 1D: 6.70%
• 1M: 26.54%
• YTD: 20.04%
• 6M: 21.52%
• 1Y: 177.28%
• 3Y*: 36.36%
• 5Y*: 13.92%
• 10Y*: 10.29%

INDA

• 1D: 0.08%
• 1M: -2.22%
• YTD: -11.14%
• 6M: -10.86%
• 1Y: -11.94%
• 3Y*: 4.66%
• 5Y*: 2.79%
• 10Y*: 6.71%

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

SA vs. INDA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SA Seabridge Gold Inc.	20.04%	159.33%	-5.94%	-3.58%	-23.71%	-21.74%	52.46%	4.46%	17.08%	38.65%
INDA iShares MSCI India ETF	-11.14%	2.68%	8.63%	17.16%	-8.94%	21.36%	14.83%	6.49%	-6.67%	36.08%

Correlation

The correlation between SA and INDA is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Feb 6, 2012	0.16

The correlation between SA and INDA shifts across timeframes, from 0.16 (all time) to 0.26 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SA vs. INDA — Risk / Return Rank

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

SA

SA Risk / Return Rank: 90
SA Sharpe Ratio Rank: 94
SA Sortino Ratio Rank: 87
SA Omega Ratio Rank: 88
SA Calmar Ratio Rank: 91
SA Martin Ratio Rank: 91

INDA

INDA Risk / Return Rank: 2
INDA Sharpe Ratio Rank: 2
INDA Sortino Ratio Rank: 2
INDA Omega Ratio Rank: 2
INDA Calmar Ratio Rank: 3
INDA Martin Ratio Rank: 1

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.

SA vs. INDA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Seabridge Gold Inc. (SA) and iShares MSCI India ETF (INDA). 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.

	SA	INDA	Difference
Sharpe ratio Return per unit of total volatility	2.89	-0.82	+3.71
Sortino ratio Return per unit of downside risk	2.95	-1.12	+4.08
Omega ratio Gain probability vs. loss probability	1.40	0.87	+0.53
Calmar ratio Return relative to maximum drawdown	5.00	-0.62	+5.62
Martin ratio Return relative to average drawdown	13.43	-1.51	+14.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SA vs. INDA - Sharpe Ratio Comparison

The current SA Sharpe Ratio is 2.89, which is higher than the INDA Sharpe Ratio of -0.82. The chart below compares the historical Sharpe Ratios of SA and INDA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SA	INDA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	-0.82	+3.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.18	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.32	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.24	-0.05

Drawdowns

SA vs. INDA - Drawdown Comparison

The maximum SA drawdown since its inception was -90.99%, which is greater than INDA's maximum drawdown of -45.07%. Use the drawdown chart below to compare losses from any high point for SA and INDA.

Drawdown Indicators

	SA	INDA	Difference
Max Drawdown Largest peak-to-trough decline	-90.99%	-45.07%	-45.92%
Max Drawdown (1Y) Largest decline over 1 year	-37.92%	-18.69%	-19.23%
Max Drawdown (3Y) Largest decline over 3 years	-52.51%	-22.72%	-29.79%
Max Drawdown (5Y) Largest decline over 5 years	-56.12%	-22.72%	-33.40%
Max Drawdown (10Y) Largest decline over 10 years	-61.10%	-45.07%	-16.03%
Current Drawdown Current decline from peak	-9.73%	-18.28%	+8.55%
Average Drawdown Average peak-to-trough decline	-51.33%	-9.57%	-41.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.11%	7.65%	+6.46%

Volatility

SA vs. INDA - Volatility Comparison

Seabridge Gold Inc. (SA) has a higher volatility of 21.79% compared to iShares MSCI India ETF (INDA) at 5.17%. This indicates that SA's price experiences larger fluctuations and is considered to be riskier than INDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SA	INDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.79%	5.17%	+16.62%
Volatility (6M) Calculated over the trailing 6-month period	50.26%	12.60%	+37.66%
Volatility (1Y) Calculated over the trailing 1-year period	61.85%	14.62%	+47.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.78%	15.36%	+35.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.11%	21.12%	+29.99%

Dividends

SA vs. INDA - Dividend Comparison

Neither SA nor INDA has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDA iShares MSCI India ETF	0.00%	0.00%	0.76%	0.16%	0.00%	6.44%	0.27%	0.99%	0.94%	1.09%	0.90%	1.19%
SA Seabridge Gold Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SA and INDA in my portfolio?

SA and INDA have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SA or INDA?

SA has higher volatility (21.79%) compared to INDA (5.17%). In terms of maximum drawdown, SA dropped -90.99% vs INDA's -45.07%.

Which has better risk-adjusted returns?

SA currently has the higher Sharpe Ratio (2.89 vs -0.82), 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.