XNIF.L vs. INDF

Last updated Jun 5, 2026

XNIF.L (Xtrackers Nifty 50 Swap UCITS ETF 1C) and INDF (Nifty India Financials ETF) are both exchange-traded funds - XNIF.L is a Asia Pacific Equities fund tracking the MSCI India NR USD, while INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index. Both are passively managed. A 0.59 correlation means they provide meaningful diversification when combined. XNIF.L charges 0.85%/yr vs 0.75%/yr for INDF.

Performance

XNIF.L vs. INDF - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers Nifty 50 Swap UCITS ETF 1C (XNIF.L) and Nifty India Financials ETF (INDF). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XNIF.L is traded in GBp, while INDF is traded in USD. To make them comparable, the INDF values have been converted to GBp using the latest available exchange rates.

Returns By Period

XNIF.L

• 1D: 1.22%
• 1M: -3.90%
• YTD: -16.13%
• 6M: -16.53%
• 1Y: -14.54%
• 3Y*: -0.33%
• 5Y*: 3.30%
• 10Y*: 7.18%

INDF

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

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

XNIF.L vs. INDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XNIF.L Xtrackers Nifty 50 Swap UCITS ETF 1C	-16.13%	-1.71%	6.70%	11.98%	5.08%	23.10%	13.40%
INDF Nifty India Financials ETF	0.00%	0.41%	8.17%	13.87%	5.98%	13.01%	19.26%

Correlation

The correlation between XNIF.L and INDF is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Oct 22, 2020	0.59

Over the past year, the correlation between XNIF.L and INDF has dropped to 0.15 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

XNIF.L vs. INDF - Sectors Allocation Comparison

Sectors	XNIF.L	INDF
Technology	22.4%	-
Consumer Cyclical	19.7%	-
Communication Services	17.1%	-
Financial Services	11.0%	100.0%
Healthcare	11.0%	-
Consumer Defensive	7.7%	-
Energy	5.4%	-
Basic Materials	2.6%	-
Industrials	2.3%	-
Utilities	0.9%	-
Real Estate	-	-

Return for Risk

XNIF.L vs. INDF — Risk / Return Rank

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

XNIF.L

XNIF.L Risk / Return Rank: 2
XNIF.L Sharpe Ratio Rank: 2
XNIF.L Sortino Ratio Rank: 2
XNIF.L Omega Ratio Rank: 2
XNIF.L Calmar Ratio Rank: 3
XNIF.L 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.

XNIF.L vs. INDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Nifty 50 Swap UCITS ETF 1C (XNIF.L) 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.

	XNIF.L	INDF	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	—	—
Sortino ratio: Return per unit of downside risk	-1.33	—	—
Omega ratio: Gain probability vs. loss probability	0.85	—	—
Calmar ratio: Return relative to maximum drawdown	-0.66	—	—
Martin ratio: Return relative to average drawdown	-1.41	—	—
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

	XNIF.L	INDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	—	—

Drawdowns

Drawdown Indicators

	XNIF.L	INDF	Difference
Max Drawdown Largest peak-to-trough decline	-58.56%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-21.09%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.80%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.55%	—	—
Current Drawdown Current decline from peak	-22.51%	—	—
Average Drawdown Average peak-to-trough decline	-13.41%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	9.94%	—	—

Volatility

Volatility by Period

	XNIF.L	INDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.21%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.57%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.62%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.38%	—	—

XNIF.L vs. INDF - Expense Ratio Comparison

XNIF.L has a 0.85% expense ratio, which is higher than INDF's 0.75% expense ratio.

Dividends

XNIF.L vs. INDF - Dividend Comparison

XNIF.L has not paid dividends to shareholders, while INDF's dividend yield for the trailing twelve months is around 21.29%.

Position	TTM	2025	2024	2023	2022	2021
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%
XNIF.L Xtrackers Nifty 50 Swap UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XNIF.L and INDF in my portfolio?

XNIF.L and INDF have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XNIF.L or INDF?

On fees, INDF is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XNIF.L or INDF?

INDF is cheaper with a 0.75% expense ratio, compared with 0.85% for XNIF.L.

What is the main difference between XNIF.L and INDF?

XNIF.L is categorized as Asia Pacific Equities, while INDF is Financials Equities. XNIF.L tracks MSCI India NR USD, while INDF tracks Nifty Financial Services 25/50 Index. They also come from different issuers: Xtrackers and Exchange Traded Concepts. Their fees differ too: 0.85% for XNIF.L and 0.75% for INDF.