IIND vs NDIA: India ETFs on the ASX Compared (2026)

Quick answer: NDIA (Global X, 0.69%) tracks the Nifty 50, India's 50 largest companies, and is 37% financials, led by HDFC Bank and ICICI Bank. IIND (BetaShares, 0.80%) holds 30 "quality" companies chosen for high profitability, low debt and stable earnings, so it's lighter on banks and heavier in IT and consumer companies. NDIA is cheaper and closer to "the Indian market". IIND is a deliberate tilt. Both fell about 16% in the year to September 2026, so neither suits money you might need soon.

IIND and NDIA side by side

	IIND	NDIA
Issuer	BetaShares	Global X
Index	Solactive India Quality Select	NSE Nifty 50
How it picks companies	30 highest-quality Indian companies: high profitability, low leverage, stable earnings	50 largest, most liquid Indian companies, weighted by size
Management fee	0.80%	0.69%
Holdings	30	50
Largest sector	Consumer discretionary 25.7%	Financials 37.4%
Fund size	A$167m (15 Oct 2026)	A$167m (30 Sept 2026)
Distributions	Half-yearly	Yearly
Currency hedged	No	No
Listed	Aug 2019	June 2019

Sources: BetaShares IIND page; Global X NDIA fact sheet, 30 Sept 2026.

Annual management fee

NDIA (Global X)0.69% p.a.

IIND (BetaShares)0.8% p.a.

What you actually own

NDIA is "the Indian market". Its top 10 at 30 September 2026 was HDFC Bank 10.3%, ICICI Bank 9.0%, Reliance Industries 7.5%, Bharti Airtel 5.1%, Larsen & Toubro 4.2%, State Bank of India 3.8%, Axis Bank 3.3%, Infosys 3.3%, Kotak Mahindra Bank 2.9% and Mahindra & Mahindra 2.5% (Global X). Five of those ten are banks, and financials make up 37.4% of the fund.

IIND is a "quality" filter. Because its index rewards low leverage and stable earnings, banks, which carry high leverage by nature, are mostly screened out. Its largest holdings are spread evenly at around 3.5–4.6% each: Tata Consultancy Services, Persistent Systems, Infosys, Hindustan Unilever, Dixon Technologies, Mahindra & Mahindra and Bajaj Finance. By sector it's 25.7% consumer discretionary, 18.5% industrials, 15.8% financials and 14.6% IT.

The two funds overlap surprisingly little. If you want India's big banks and Reliance, IIND won't give you much of them. If you want a spread of profitable mid and large companies without the bank concentration, NDIA isn't that.

Returns

	1 year	3 years (p.a.)	5 years (p.a.)	Since launch (p.a.)
NDIA	−16.6%	−2.8%	0.5%	3.7%
IIND	−15.57%	−2.72%	—	3.97%

To 30 September 2026, after fees (NDIA, IIND). BetaShares doesn't publish a 5-year figure for IIND on its fund page.

Both funds have returned very little since 2019 in Australian dollar terms, despite India's long-run growth story, and their results have been nearly identical over three years. That's a reminder that a fast-growing economy doesn't guarantee strong share-market returns for a foreign investor: valuations, the rupee and the starting point all matter. Both funds are unhedged, so a falling rupee against the Australian dollar reduces your return.

Which suits which investor

NDIA if you want a cheaper, straightforward slice of India's largest companies, including the big banks and Reliance.
IIND if you prefer a quality tilt with less bank exposure, and you accept a higher fee.
Neither as a core holding. India is a single emerging market. If you already hold a broad emerging markets ETF, India is in it: see ASIA vs VGE vs IEM. A single-country fund is a small satellite position at most.

Use the ETF Calculator to see how a small satellite position affects a whole portfolio.

Tax

Both are Australian-domiciled. Distributions are mostly foreign income and may carry foreign income tax offsets. Gains on sale use the 50% CGT discount for gains up to 30 June 2027 (units held over 12 months), then indexation with a 30% minimum rate under the 2027 CGT changes. See the Capital Gains Tax Calculator.

Frequently asked questions

What is the difference between IIND and NDIA?

NDIA (Global X, 0.69% p.a.) tracks the Nifty 50, India's 50 largest companies, and is 37% financials. IIND (BetaShares, 0.80% p.a.) holds 30 companies selected for high profitability, low debt and stable earnings, so it holds few banks and more IT and consumer companies.

Which India ETF is cheapest on the ASX?

Global X NDIA at 0.69% p.a., compared with 0.80% p.a. for BetaShares IIND.

Why have India ETFs performed poorly?

Both IIND and NDIA fell about 16% in the year to September 2026 and returned roughly −2.7% to −2.8% a year over three years in Australian dollars. Share-market returns depend on valuations and currency, not just economic growth, and both funds are unhedged against the rupee.

Do I need an India ETF if I own an emerging markets ETF?

Not necessarily. Broad emerging markets ETFs such as VGE and IEM already include Indian companies. A separate India ETF increases your exposure to one country, which adds concentration risk.

Related calculators and guides

This article is for general information only and does not constitute financial, tax or legal advice. Individual circumstances vary. Consult a registered tax agent or licensed financial adviser before making decisions based on this information.