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SA vs. INDA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SA vs. INDA

Last updated Jun 23, 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 7.38%/yr vs 7.61%/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.

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Returns By Period

In the year-to-date period, SA achieves a -0.81% return, which is significantly higher than INDA's -7.64% return. Both investments have delivered pretty close results over the past 10 years, with SA having a 7.38% annualized return and INDA not far ahead at 7.61%.

SA

1D
-1.01%
1M
-1.94%
YTD
-0.81%
6M
-5.11%
1Y
101.58%
3Y*
34.55%
5Y*
10.24%
10Y*
7.38%

INDA

1D
0.69%
1M
3.16%
YTD
-7.64%
6M
-7.88%
1Y
-7.38%
3Y*
5.70%
5Y*
3.90%
10Y*
7.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SA vs. INDA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SA
Seabridge Gold Inc.		-0.81%159.33%-5.94%-3.58%-23.71%-21.74%52.46%4.46%17.08%38.65%
INDA
iShares MSCI India ETF		-7.64%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 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.26

Correlation (3Y)
Calculated over the trailing 3-year period

0.27

Correlation (5Y)
Calculated over the trailing 5-year period

0.27

Correlation (10Y)
Calculated over the trailing 10-year period

0.19

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2012

0.16

The correlation between SA and INDA shifts across timeframes, from 0.16 (all time) to 0.27 (3 years), reflecting how their relationship changes across market environments.

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Seabridge Gold Inc.

iShares MSCI India ETF

Often compared with SA:
SA vs. USAUSA vs. FMV.DESA vs. NVDASA vs. AAAUSA vs. CTGOSA vs. GLDMSA vs. WPM
Often compared with INDA:
INDA vs. FLININDA vs. INDYINDA vs. EPIINDA vs. SMININDA vs. VOOINDA vs. MCHIINDA vs. VNM

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: 8080
Overall Rank
SA Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
SA Sortino Ratio Rank: 7777
Sortino Ratio Rank
SA Omega Ratio Rank: 7878
Omega Ratio Rank
SA Calmar Ratio Rank: 8181
Calmar Ratio Rank
SA Martin Ratio Rank: 8181
Martin Ratio Rank
INDA
INDA Risk / Return Rank: 55
Overall Rank
INDA Sharpe Ratio Rank: 55
Sharpe Ratio Rank
INDA Sortino Ratio Rank: 44
Sortino Ratio Rank
INDA Omega Ratio Rank: 44
Omega Ratio Rank
INDA Calmar Ratio Rank: 55
Calmar Ratio Rank
INDA Martin Ratio Rank: 55
Martin Ratio Rank
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.

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.

SAINDADifference
Sharpe ratioReturn per unit of total volatility
1.56
-0.50

+2.06

Sortino ratioReturn per unit of downside risk
2.04
-0.64

+2.68

Omega ratioGain probability vs. loss probability

1.27

0.93

+0.35

Calmar ratioReturn relative to maximum drawdown

2.69

-0.40

+3.09

Martin ratioReturn relative to average drawdown

6.68

-0.90

+7.58

SA vs. INDA - Sharpe Ratio Comparison

The current SA Sharpe Ratio is 1.56, which is higher than the INDA Sharpe Ratio of -0.50. 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.

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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.

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Drawdown Indicators

SAINDADifference

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

-25.41%

-15.07%

-10.34%

Average Drawdown

Average peak-to-trough decline

-51.25%

-9.60%

-41.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

15.25%

8.25%

+7.00%

Volatility

SA vs. INDA - Volatility Comparison

Seabridge Gold Inc. (SA) has a higher volatility of 26.14% compared to iShares MSCI India ETF (INDA) at 4.15%. 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.

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Volatility by Period

SAINDADifference

Volatility (1M)

Calculated over the trailing 1-month period

26.14%

4.15%

+21.99%

Volatility (6M)

Calculated over the trailing 6-month period

54.28%

12.98%

+41.30%

Volatility (1Y)

Calculated over the trailing 1-year period

65.46%

14.85%

+50.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

51.52%

15.42%

+36.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

51.52%

21.12%

+30.40%

Dividends

SA vs. INDA - Dividend Comparison

Neither SA nor INDA has paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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

SA and INDA have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SA has higher volatility (26.14%) compared to INDA (4.15%). In terms of maximum drawdown, SA dropped -90.99% vs INDA's -45.07%.

SA currently has the higher Sharpe Ratio (1.56 vs -0.50), 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.

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