SSPY vs. INDF

Last updated Jun 4, 2026

SSPY (Stratified LargeCap Index ETF) and INDF (Nifty India Financials ETF) are both exchange-traded funds - SSPY is a Large Cap Blend Equities fund tracking the Syntax Stratified LargeCap Index, while INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index. Both are passively managed. At a 0.24 correlation, their price movements are largely independent. SSPY charges 0.45%/yr vs 0.75%/yr for INDF.

Performance

SSPY vs. INDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Stratified LargeCap Index ETF (SSPY) and Nifty India Financials ETF (INDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SSPY

• 1D: -0.30%
• 1M: 3.36%
• YTD: 10.14%
• 6M: 10.60%
• 1Y: 20.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

INDF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SSPY vs. INDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SSPY Stratified LargeCap Index ETF	10.14%	12.88%	-0.90%
INDF Nifty India Financials ETF	0.00%	8.17%	-8.02%

Correlation

The correlation between SSPY and INDF is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.24

SSPY vs. INDF - Sectors Allocation Comparison

Sectors	SSPY	INDF
Technology	17.8%	-
Consumer Cyclical	13.0%	-
Consumer Defensive	12.1%	-
Healthcare	11.8%	-
Industrials	10.5%	-
Financial Services	10.4%	100.0%
Energy	6.4%	-
Communication Services	6.2%	-
Utilities	5.9%	-
Real Estate	3.4%	-
Basic Materials	2.6%	-

Return for Risk

SSPY vs. INDF — Risk / Return Rank

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

SSPY

SSPY Risk / Return Rank: 59
SSPY Sharpe Ratio Rank: 57
SSPY Sortino Ratio Rank: 61
SSPY Omega Ratio Rank: 56
SSPY Calmar Ratio Rank: 57
SSPY Martin Ratio Rank: 61

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.

SSPY vs. INDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Stratified LargeCap Index ETF (SSPY) and Nifty India Financials ETF (INDF). 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.

	SSPY	INDF	Difference
Sharpe ratio: Return per unit of total volatility	1.95	—	—
Sortino ratio: Return per unit of downside risk	2.88	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	2.83	—	—
Martin ratio: Return relative to average drawdown	10.88	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SSPY	INDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	—	—

Drawdowns

Drawdown Indicators

	SSPY	INDF	Difference
Max Drawdown Largest peak-to-trough decline	-16.16%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.32%	—	—
Current Drawdown Current decline from peak	-0.30%	—	—
Average Drawdown Average peak-to-trough decline	-2.32%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	—	—

Volatility

Volatility by Period

	SSPY	INDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.62%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.63%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.55%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.55%	—	—

SSPY vs. INDF - Expense Ratio Comparison

SSPY has a 0.45% expense ratio, which is lower than INDF's 0.75% expense ratio.

Dividends

SSPY vs. INDF - Dividend Comparison

SSPY's dividend yield for the trailing twelve months is around 1.26%, less than INDF's 21.29% yield.

Position	TTM	2025	2024	2023	2022	2021
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%
SSPY Stratified LargeCap Index ETF	1.26%	1.38%	0.35%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SSPY and INDF in my portfolio?

SSPY and INDF have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SSPY or INDF?

On fees, SSPY is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SSPY or INDF?

SSPY is cheaper with a 0.45% expense ratio, compared with 0.75% for INDF.

Which ETF pays a higher dividend yield, SSPY or INDF?

INDF has the higher dividend yield at 21.29%, compared with 1.26% for SSPY.

What is the main difference between SSPY and INDF?

SSPY is categorized as Large Cap Blend Equities, while INDF is Financials Equities. SSPY tracks Syntax Stratified LargeCap Index, while INDF tracks Nifty Financial Services 25/50 Index. Their fees differ too: 0.45% for SSPY and 0.75% for INDF.