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ZID.TO vs. INDY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZID.TO vs. INDY

Last updated Jun 4, 2026

ZID.TO (BMO MSCI India ESG Leaders Index ETF) and INDY (iShares India 50 ETF) are both Asia Pacific Equities funds - ZID.TO tracks the MSCI India ESG Leaders Index while INDY tracks the S&P CNX Nifty Index. Both are passively managed. Over the past 10 years, ZID.TO returned 8.81%/yr vs 6.91%/yr for INDY. A 0.71 correlation means they provide meaningful diversification when combined. ZID.TO charges 0.67%/yr vs 0.94%/yr for INDY.

Performance

ZID.TO vs. INDY - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI India ESG Leaders Index ETF (ZID.TO) and iShares India 50 ETF (INDY). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZID.TO is traded in CAD, while INDY is traded in USD. To make them comparable, the INDY values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZID.TO achieves a -18.18% return, which is significantly lower than INDY's -14.30% return. Over the past 10 years, ZID.TO has outperformed INDY with an annualized return of 8.81%, while INDY has yielded a comparatively lower 6.91% annualized return.

ZID.TO

1D
-0.95%
1M
-1.81%
YTD
-18.18%
6M
-19.19%
1Y
-17.13%
3Y*
2.89%
5Y*
2.79%
10Y*
8.81%

INDY

1D
-0.94%
1M
-1.30%
YTD
-14.30%
6M
-14.36%
1Y
-13.59%
3Y*
2.57%
5Y*
4.04%
10Y*
6.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZID.TO vs. INDY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZID.TO
BMO MSCI India ESG Leaders Index ETF		-18.18%-0.67%19.13%11.89%-4.71%25.55%15.79%7.37%8.20%34.21%
INDY
iShares India 50 ETF		-14.30%0.16%12.36%14.30%-0.71%18.35%8.15%4.58%3.80%27.48%

Correlation

The correlation between ZID.TO and INDY is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.89

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

0.84

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

0.82

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

0.79

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2010

0.71

The correlation between ZID.TO and INDY shifts across timeframes, from 0.71 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.

ZID.TO vs. INDY - Sectors Allocation Comparison

Sectors
ZID.TO
INDY

Financial Services

26.6%
35.3%

Energy

14.2%
11.4%

Consumer Cyclical

13.5%
10.7%

Basic Materials

12.9%
7.3%

Consumer Defensive

8.9%
6.2%

Technology

8.7%
8.6%

Industrials

6.3%
7.7%

Utilities

4.2%
3.0%

Healthcare

3.5%
4.5%

Communication Services

0.6%
5.3%

Real Estate

0.5%

-

Financial Services

ZID.TO
26.6%
INDY
35.3%

Energy

ZID.TO
14.2%
INDY
11.4%

Consumer Cyclical

ZID.TO
13.5%
INDY
10.7%

Basic Materials

ZID.TO
12.9%
INDY
7.3%

Consumer Defensive

ZID.TO
8.9%
INDY
6.2%

Technology

ZID.TO
8.7%
INDY
8.6%

Industrials

ZID.TO
6.3%
INDY
7.7%

Utilities

ZID.TO
4.2%
INDY
3.0%

Healthcare

ZID.TO
3.5%
INDY
4.5%

Communication Services

ZID.TO
0.6%
INDY
5.3%

Real Estate

ZID.TO
0.5%
INDY

-

Compare stocks, funds, or ETFs

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BMO MSCI India ESG Leaders Index ETF

iShares India 50 ETF

Often compared with ZID.TO:
ZID.TO vs. XID.TOZID.TO vs. NFTYZID.TO vs. VFV.TOZID.TO vs. ZLU.TOZID.TO vs. VVL.TOZID.TO vs. ZEA.TOZID.TO vs. THD
Often compared with INDY:
INDY vs. INDAINDY vs. NFTYINDY vs. EPIINDY vs. FLININDY vs. VOOINDY vs. XNIF.LINDY vs. GLIN

Return for Risk

ZID.TO vs. INDY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZID.TO
ZID.TO Risk / Return Rank: 22
Overall Rank
ZID.TO Sharpe Ratio Rank: 11
Sharpe Ratio Rank
ZID.TO Sortino Ratio Rank: 22
Sortino Ratio Rank
ZID.TO Omega Ratio Rank: 22
Omega Ratio Rank
ZID.TO Calmar Ratio Rank: 33
Calmar Ratio Rank
ZID.TO Martin Ratio Rank: 11
Martin Ratio Rank
INDY
INDY Risk / Return Rank: 11
Overall Rank
INDY Sharpe Ratio Rank: 11
Sharpe Ratio Rank
INDY Sortino Ratio Rank: 11
Sortino Ratio Rank
INDY Omega Ratio Rank: 22
Omega Ratio Rank
INDY Calmar Ratio Rank: 22
Calmar Ratio Rank
INDY Martin Ratio Rank: 00
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.

ZID.TO vs. INDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI India ESG Leaders Index ETF (ZID.TO) and iShares India 50 ETF (INDY). 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.

ZID.TOINDYDifference
Sharpe ratioReturn per unit of total volatility
-1.03
-0.96

-0.07

Sortino ratioReturn per unit of downside risk
-1.47
-1.37

-0.09

Omega ratioGain probability vs. loss probability

0.84

0.85

-0.01

Calmar ratioReturn relative to maximum drawdown

-0.71

-0.74

+0.03

Martin ratioReturn relative to average drawdown

-1.50

-1.60

+0.11

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZID.TO vs. INDY - Sharpe Ratio Comparison

The current ZID.TO Sharpe Ratio is -1.03, which is comparable to the INDY Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of ZID.TO and INDY, 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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Sharpe Ratios by Period

ZID.TOINDYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.03

-0.96

-0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.18

0.29

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.39

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.32

+0.03

Drawdowns

ZID.TO vs. INDY - Drawdown Comparison

The maximum ZID.TO drawdown since its inception was -45.18%, which is greater than INDY's maximum drawdown of -42.06%. Use the drawdown chart below to compare losses from any high point for ZID.TO and INDY.

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Drawdown Indicators

ZID.TOINDYDifference

Max Drawdown

Largest peak-to-trough decline

-45.18%

-42.06%

-3.12%

Max Drawdown (1Y)

Largest decline over 1 year

-24.35%

-18.51%

-5.84%

Max Drawdown (3Y)

Largest decline over 3 years

-27.08%

-19.76%

-7.32%

Max Drawdown (5Y)

Largest decline over 5 years

-27.08%

-19.76%

-7.32%

Max Drawdown (10Y)

Largest decline over 10 years

-45.18%

-38.81%

-6.37%

Current Drawdown

Current decline from peak

-25.57%

-18.46%

-7.11%

Average Drawdown

Average peak-to-trough decline

-11.32%

-10.29%

-1.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.46%

8.49%

+2.97%

Volatility

ZID.TO vs. INDY - Volatility Comparison

BMO MSCI India ESG Leaders Index ETF (ZID.TO) has a higher volatility of 6.04% compared to iShares India 50 ETF (INDY) at 4.77%. This indicates that ZID.TO's price experiences larger fluctuations and is considered to be riskier than INDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZID.TOINDYDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.04%

4.77%

+1.27%

Volatility (6M)

Calculated over the trailing 6-month period

14.23%

12.27%

+1.96%

Volatility (1Y)

Calculated over the trailing 1-year period

16.69%

14.19%

+2.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.92%

13.80%

+2.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.85%

17.94%

+1.91%

ZID.TO vs. INDY - Expense Ratio Comparison

ZID.TO has a 0.67% expense ratio, which is lower than INDY's 0.94% expense ratio.

Dividends

ZID.TO vs. INDY - Dividend Comparison

ZID.TO's dividend yield for the trailing twelve months is around 0.84%, less than INDY's 9.58% yield.

PositionTTM20252024202320222021202020192018201720162015
INDY
iShares India 50 ETF		9.58%8.11%0.24%0.38%3.75%7.12%0.08%0.58%0.55%0.27%0.48%0.57%
ZID.TO
BMO MSCI India ESG Leaders Index ETF		0.84%0.69%0.28%1.18%0.29%1.24%0.11%0.11%0.74%0.38%1.15%0.64%

Frequently Asked Questions

ZID.TO and INDY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZID.TO is cheaper at 0.67% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZID.TO is cheaper with a 0.67% expense ratio, compared with 0.94% for INDY.

ZID.TO tracks MSCI India ESG Leaders Index, while INDY tracks S&P CNX Nifty Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.67% for ZID.TO and 0.94% for INDY.

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