XME vs. INDA

Last updated Jun 13, 2026

XME (SPDR S&P Metals & Mining ETF) and INDA (iShares MSCI India ETF) are both exchange-traded funds - XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index, while INDA is a Asia Pacific Equities fund tracking the MSCI India Index. Both are passively managed. Over the past 10 years, XME returned 19.60%/yr vs 7.09%/yr for INDA. At a 0.40 correlation, their price movements are largely independent. XME charges 0.35%/yr vs 0.69%/yr for INDA.

Performance

XME vs. INDA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Metals & Mining ETF (XME) 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, XME achieves a 16.32% return, which is significantly higher than INDA's -10.58% return. Over the past 10 years, XME has outperformed INDA with an annualized return of 19.60%, while INDA has yielded a comparatively lower 7.09% annualized return.

XME

• 1D: 1.77%
• 1M: -2.35%
• YTD: 16.32%
• 6M: 18.13%
• 1Y: 86.41%
• 3Y*: 35.23%
• 5Y*: 21.78%
• 10Y*: 19.60%

INDA

• 1D: 1.13%
• 1M: 0.73%
• YTD: -10.58%
• 6M: -9.05%
• 1Y: -11.81%
• 3Y*: 4.51%
• 5Y*: 2.79%
• 10Y*: 7.09%

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

XME vs. INDA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XME SPDR S&P Metals & Mining ETF	16.32%	83.47%	-4.54%	21.51%	13.13%	34.92%	15.95%	14.69%	-26.78%	21.17%
INDA iShares MSCI India ETF	-10.58%	2.68%	8.63%	17.16%	-8.94%	21.36%	14.83%	6.49%	-6.67%	36.08%

Correlation

The correlation between XME and INDA is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012	0.40

Over the past year, the correlation between XME and INDA has dropped to 0.20 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

XME vs. INDA - Sectors Allocation Comparison

Sectors	XME	INDA
Basic Materials	75.3%	8.0%
Energy	23.4%	9.5%
Technology	2.2%	8.3%
Consumer Defensive	0.8%	6.2%
Industrials	0.4%	10.3%
Communication Services	-	4.7%
Consumer Cyclical	-	12.5%
Financial Services	-	28.4%
Healthcare	-	6.2%
Real Estate	-	1.4%
Utilities	-	4.6%

Return for Risk

XME vs. INDA — Risk / Return Rank

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

XME

XME Risk / Return Rank: 75
XME Sharpe Ratio Rank: 86
XME Sortino Ratio Rank: 74
XME Omega Ratio Rank: 73
XME Calmar Ratio Rank: 82
XME Martin Ratio Rank: 61

INDA

INDA Risk / Return Rank: 3
INDA Sharpe Ratio Rank: 3
INDA Sortino Ratio Rank: 3
INDA Omega Ratio Rank: 3
INDA Calmar Ratio Rank: 4
INDA Martin Ratio Rank: 2

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.

XME vs. INDA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Metals & Mining ETF (XME) 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.

	XME	INDA	Difference
Sharpe ratio: Return per unit of total volatility	2.41	-0.80	+3.21
Sortino ratio: Return per unit of downside risk	2.86	-1.10	+3.96
Omega ratio: Gain probability vs. loss probability	1.37	0.88	+0.50
Calmar ratio: Return relative to maximum drawdown	3.84	-0.63	+4.48
Martin ratio: Return relative to average drawdown	9.58	-1.46	+11.04

XME vs. INDA - Sharpe Ratio Comparison

The current XME Sharpe Ratio is 2.41, which is higher than the INDA Sharpe Ratio of -0.80. The chart below compares the historical Sharpe Ratios of XME 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.

Drawdowns

XME vs. INDA - Drawdown Comparison

The maximum XME drawdown since its inception was -85.89%, which is greater than INDA's maximum drawdown of -45.07%. Use the drawdown chart below to compare losses from any high point for XME and INDA.

Drawdown Indicators

	XME	INDA	Difference
Max Drawdown Largest peak-to-trough decline	-85.89%	-45.07%	-40.82%
Max Drawdown (1Y) Largest decline over 1 year	-22.60%	-18.69%	-3.91%
Max Drawdown (3Y) Largest decline over 3 years	-30.47%	-22.72%	-7.75%
Max Drawdown (5Y) Largest decline over 5 years	-37.27%	-22.72%	-14.55%
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	-45.07%	-16.62%
Current Drawdown Current decline from peak	-9.33%	-17.77%	+8.44%
Average Drawdown Average peak-to-trough decline	-44.09%	-9.59%	-34.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.05%	8.09%	+0.96%

Volatility

XME vs. INDA - Volatility Comparison

SPDR S&P Metals & Mining ETF (XME) has a higher volatility of 15.26% compared to iShares MSCI India ETF (INDA) at 4.16%. This indicates that XME'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

	XME	INDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.26%	4.16%	+11.10%
Volatility (6M) Calculated over the trailing 6-month period	28.51%	12.77%	+15.74%
Volatility (1Y) Calculated over the trailing 1-year period	36.11%	14.79%	+21.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.84%	15.40%	+17.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.96%	21.11%	+11.85%

XME vs. INDA - Expense Ratio Comparison

XME has a 0.35% expense ratio, which is lower than INDA's 0.69% expense ratio.

Dividends

XME vs. INDA - Dividend Comparison

XME's dividend yield for the trailing twelve months is around 0.32%, while INDA has not 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%
XME SPDR S&P Metals & Mining ETF	0.32%	0.38%	0.65%	1.00%	1.64%	0.70%	0.99%	2.43%	2.23%	1.15%	1.02%	2.61%

Frequently Asked Questions

Can I hold both XME and INDA in my portfolio?

XME and INDA have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XME or INDA?

XME has higher volatility (15.26%) compared to INDA (4.16%). In terms of maximum drawdown, XME dropped -85.89% vs INDA's -45.07%.

Which ETF is better, XME or INDA?

On 10-year performance, XME leads with 19.60% vs 7.09% for INDA. On fees, XME is cheaper at 0.35% per year. On volatility, INDA has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XME or INDA?

Over the 10-year period, XME has performed better with a 19.60% return vs 7.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XME or INDA?

XME is cheaper with a 0.35% expense ratio, compared with 0.69% for INDA.

Which ETF pays a higher dividend yield, XME or INDA?

XME has the higher dividend yield at 0.32%, compared with 0.00% for INDA.

What is the main difference between XME and INDA?

XME is categorized as Materials, while INDA is Asia Pacific Equities. XME tracks S&P Metals & Mining Select Industry Index, while INDA tracks MSCI India Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for XME and 0.69% for INDA.

Which has better risk-adjusted returns?

XME currently has the higher Sharpe Ratio (2.41 vs -0.80), 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.