Global X India Active ETF
ALTAR
Score™		 5.2% info Recommen-
dation		 UNDERWEIGHT
2025E    2026E
P/E
ratio		 20.0x P/Sales
ratio		 2.1x
P/BV
ratio		 2.8x Div.
yield		 1.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
NDIA is an actively managed ETF offering exposure to the Indian Economy. NDIA screens for companies with quality business models and management teams across India, focusing on domestic-driven growth over a 4-5 year investing horizon.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Global X
Website www.globalxetfs.com/ndia
Inception date Aug 17, 2023
Assets (mns) $59
Currency USD
Expense ratio 75 bp
Distributions

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 30
Wgt avg mkt cap (mns) $45,142
Large cap (>$10bn) 86.3%
Mid cap ($2-10bn) 9.3%
Small cap (<$2bn) 2.1%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
HDFC BANK LIMITED 7.8 %
ICICI BANK LTD-SPON ADR 7.6 %
RELIANCE INDS-SPONS GDR 144A 7.4 %
AXIS BANK LIMITED 5.8 %
BHARTI AIRTEL LIMITED 5.5 %
LARSEN & TOUBRO LIMITED 4.6 %
APOLLO HOSPITALS ENTERPRISE 4.4 %
ULTRATECH CEMENT LTD 4.2 %
INFOSYS TECHNOLOGIES-SP ADR 4.0 %
NTPC LIMITED 3.6 %
Total 54.8 %

TOP COUNTRY EXPOSURE
INDIA 100.0 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-8.2% -6.0% -- -- 5.3%

Market Correlations
versus... Beta R-squared
S&P500 0.62 23%
MSCI EAFE 0.62 31%
MSCI Emg. Mkts. 0.52 36%

Technical Indicators
Recent close $26.25
30d moving avg. $27.00
Annualized volatility 13.2%
Short interest (ETF) 0.2%
Relative strength (RSI) 46

Liquidity measures
Avg. volume (thou.) 31
Turnover 1.4%
Bid/Ask (% of price) 0.69%
ADV underlying (mns) $390

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 135 potential alternatives to the Global X India Active ETF ETF based on the alternatives' overlap in portfolio holdings with NDIA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: NDIA Expense: 75 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH NDIA
Ticker Fund
Name		 Overlap1
vs NDIA
(%)		 Expense
ratio
(bp)		 Savings
vs NDIA
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs NDIA
(%)
NFTY First Trust India NIFTY 50 Equal Weight ETF 31.2 80 -5 4.9 -0.3
INDA iShares MSCI India ETF 26.9 65 10 4.6 -0.6
PIN Invesco India ETF 26.4 78 -3 4.8 -0.4
FLIN Franklin FTSE India ETF 25.0 19 56 4.1 -1.0
EPI WisdomTree India Earnings Fund 17.7 85 -10 5.1 -0.1
INCO Columbia India Consumer ETF 15.6 75 0 2.2 -3.0
DGIN VanEck Digital India ETF 14.6 71 4 1.5 -3.7
RNEM First Trust Emerging Markets Equity Select ETF 13.8 75 0 8.1 +2.9
EMC Global X Emerging Markets Great Consumer ETF 13.4 75 0 6.6 +1.4
XC WisdomTree Emerging Markets Ex-China Fund 9.1 32 43 6.5 +1.3
GLIN VanEck India Growth Leaders ETF 8.8 77 -2 5.3 +0.1
BKF iShares MSCI BIC ETF 8.5 69 6 14.5 +9.3
CRAK VanEck Oil Refiners ETF 7.2 61 14 8.9 +3.7
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 7.1 95 -20 9.5 +4.3
EEMO Invesco S&P Emerging Markets Momentum ETF 6.4 29 46 5.9 +0.7
GMF SPDR S&P Emerging Asia Pacific ETF 6.3 49 26 8.2 +3.0
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 6.0 24 51 4.9 -0.3
EMDM First Trust Bloomberg Emerging Market Democracies ETF 5.7 75 0 5.9 +0.7
IPAV Global X Infrastructure Development ex-U.S. ETF 5.6 55 20 5.5 +0.3
XCEM Columbia EM Core ex-China ETF 5.4 16 59 4.6 -0.6
VEXC Vanguard Emerging Markets Ex-China ETF 5.3 7 68 5.5 +0.3
STXE Strive Emerging Markets Ex-China ETF 5.2 32 43 4.8 -0.4
SPEM SPDR Portfolio Emerging Markets ETF 5.2 7 68 9.1 +3.9
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 5.1 40 35 6.0 +0.8
INQQ India Internet & Ecommerce ETF 5.0 86 -11 0.7 -4.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 5.0 32 43 6.9 +1.7
XCNY SPDR S&P Emerging Markets ex-China ETF 4.6 15 60 5.4 +0.2
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 4.6 25 50 5.9 +0.7
LEGR First Trust Indxx Innovative Transaction & Process ETF 4.0 65 10 7.0 +1.8
EDOG ALPS Emerging Sector Dividend Dogs ETF 4.0 60 15 10.6 +5.4
EEMA iShares MSCI Emerging Markets Asia ETF 3.9 49 26 7.0 +1.8
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 3.8 32 43 4.5 -0.7
EMXC iShares MSCI Emerging Markets ex China ETF 3.8 25 50 4.7 -0.5
FLAX Franklin FTSE Asia Ex Japan ETF 3.7 19 56 6.6 +1.4
ROAM Hartford Multifactor Emerging Markets ETF 3.7 44 31 7.1 +1.9
JHEM John Hancock Multifactor Emerging Markets ETF 3.7 49 26 7.0 +1.9
LDEM iShares ESG MSCI EM Leaders ETF 3.7 17 58 12.2 +7.0
ECON Columbia Emerging Markets Consumer ETF 3.6 49 26 6.1 +0.9
VWO Vanguard FTSE Emerging Markets ETF 3.5 7 68 8.8 +3.6
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 3.5 86 -11 0.3 -4.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 3.5 70 5 6.4 +1.2
EMXF iShares ESG Advanced MSCI EM ETF 3.5 16 59 6.4 +1.2
AVXC Avantis Emerging Markets Ex-China Equity ETF 3.5 33 42 5.7 +0.5
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 3.4 30 45 7.3 +2.1
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 3.4 15 60 7.5 +2.3
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 3.4 20 55 8.3 +3.1
DEXC Dimensional Emerging Markets ex China Core EquityETF 3.2 53 22 4.7 -0.5
DFAE Dimensional Emerging Core Equity Market ETF 3.2 35 40 6.5 +1.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 3.2 36 39 7.1 +1.9
BKEM BNY Mellon Emerging Markets Equity ETF 3.2 11 64 7.4 +2.2
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 3.1 66 9 6.7 +1.5
EMMF WisdomTree Emerging Markets Multifactor Fund 3.0 48 27 7.9 +2.7
EEM iShares MSCI Emerging Markets ETF 3.0 69 6 7.3 +2.1
HEEM iShares Currency Hedged MSCI Emerging Markets ETF 3.0 69 6 6.9 +1.8
AVEM Avantis Emerging Markets Equity ETF 3.0 33 42 6.6 +1.4
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 2.9 30 45 7.4 +2.3
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 2.9 15 60 8.3 +3.1
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 2.8 47 28 4.9 -0.3
PXH Invesco FTSE RAFI Emerging Markets ETF 2.8 49 26 12.9 +7.7
SCHE Schwab Emerging Markets Equity ETF 2.8 11 64 9.1 +3.9
IEMG iShares Core MSCI Emerging Markets ETF 2.7 9 66 7.7 +2.5
FDEM Fidelity Emerging Markets Multifactor ETF 2.6 25 50 9.7 +4.6
NUEM Nuveen ESG Emerging Markets Equity ETF 2.5 36 39 5.8 +0.6
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 2.5 86 -11 12.9 +7.7
DEHP Dimensional Emerging Markets High Profitability ETF 2.4 41 34 4.4 -0.8
DFEM Dimensional Emerging Markets Core Equity 2 ETF 2.4 38 37 6.5 +1.4
AVES Avantis Emerging Markets Value ETF 2.3 36 39 8.5 +3.3
AVSE Avantis Responsible Emerging Markets Equity ETF 2.3 33 42 6.2 +1.0
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 2.3 45 30 7.5 +2.3
JADE JPMorgan Active Developing Markets Equity ETF 2.2 65 10 5.7 +0.5
SMIN iShares MSCI India Small Cap ETF 2.1 79 -4 3.4 -1.8
UEVM VictoryShares Emerging Markets Value Momentum ETF 2.1 45 30 9.4 +4.2
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 2.1 60 15 8.6 +3.4
CGXU Capital Group International Focus Equity ETF 2.1 54 21 3.6 -1.6
EMGF iShares Emerging Markets Equity Factor ETF 2.1 25 50 8.3 +3.1
JIVE JPMorgan International Value ETF 2.1 55 20 8.1 +2.9
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 2.0 41 34 6.5 +1.3
PID Invesco International Dividend Achievers ETF 1.9 53 22 4.0 -1.2
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 1.9 39 36 13.2 +8.0
GNR SPDR S&P Global Natural Resources ETF 1.9 40 35 8.2 +3.1
ACWV iShares MSCI Global Min Vol Factor ETF 1.9 20 55 5.7 +0.5
ESGE iShares ESG Aware MSCI EM ETF 1.8 25 50 7.7 +2.5
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 1.8 33 42 6.3 +1.1
KOCG FIS Knights of Columbus Global Belief ETF 1.8 75 0 4.4 -0.7
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 1.7 60 15 6.4 +1.3
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.7 59 16 8.0 +2.8
EVLU iShares MSCI Emerging Markets Value Factor ETF 1.6 35 40 9.6 +4.4
TTAI FCF International Quality ETF 1.6 59 16 6.8 +1.6
CWI SPDR MSCI ACWI ex-US ETF 1.6 30 45 6.3 +1.1
NXTG First Trust Indxx NextG ETF 1.5 70 5 3.2 -2.0
DFEV Dimensional Emerging Markets Value ETF 1.5 43 32 8.8 +3.7
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 1.4 88 -13 8.4 +3.2
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.3 75 0 1.6 -3.6
CIBR First Trust NASDAQ Cybersecurity ETF 1.2 60 15 3.3 -1.9
DSTX Distillate International Fundamental Stability & Value ETF 1.2 55 20 6.5 +1.3
GXUS Goldman Sachs MarketBeta Total International Equity ETF 1.1 18 57 6.1 +1.0
VEU Vanguard FTSE All-World ex-US Index Fund 1.1 4 71 6.5 +1.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 1.1 41 34 5.8 +0.6
KNCT Invesco Next Gen Connectivity ETF 1.0 40 35 2.6 -2.5
ACWX iShares MSCI ACWI ex U.S. ETF 1.0 34 41 6.1 +0.9
VXUS Vanguard Total International Stock ETF 1.0 5 70 6.4 +1.2
VSGX Vanguard ESG International Stock ETF 0.9 10 65 6.3 +1.1
DEM WisdomTree Emerging Markets High Dividend Fund 0.9 63 12 9.9 +4.7
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.9 44 31 9.3 +4.1
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.9 50 25 7.6 +2.4
IXUS iShares Core MSCI Total International Stock ETF 0.9 7 68 6.3 +1.1
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.9 29 46 8.8 +3.6
HAP VanEck Natural Resources ETF 0.9 50 25 6.5 +1.3
FEM First Trust Emerging Markets AlphaDEX Fund 0.8 80 -5 8.5 +3.3
DGT State Street SPDR Global Dow ETF 0.8 50 25 5.5 +0.3
MEM Matthews Emerging Markets Equity Active ETF 0.7 79 -4 7.9 +2.7
UMMA Wahed Dow Jones Islamic World ETF 0.7 65 10 3.2 -2.0
MINV Matthews Asia Innovators Active ETF 0.6 79 -4 4.6 -0.6
APIE ActivePassive International Equity ETF 0.6 45 30 6.2 +1.1
CGGO Capital Group Global Growth Equity ETF 0.6 47 28 3.8 -1.4
JIG JPMorgan International Growth ETF 0.6 55 20 3.4 -1.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.6 30 45 6.2 +1.0
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.5 70 5 6.1 +0.9
KLMT Invesco MSCI Global Climate 500 ETF 0.5 10 65 4.8 -0.4
FVD First Trust Value Line Dividend Index Fund 0.4 65 10 5.8 +0.6
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.4 9 66 4.7 -0.5
VT Vanguard Total World Stock ETF 0.4 6 69 4.9 -0.3
ACWI iShares MSCI ACWI ETF 0.4 32 43 4.5 -0.7
JGLO JPMorgan Global Select Equity ETF 0.3 33 42 4.2 -1.0
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.3 42 33 3.9 -1.3
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.3 20 55 4.6 -0.6
VYMI Vanguard International High Dividend Yield ETF 0.3 17 58 7.9 +2.7
AQLT iShares MSCI Global Quality Factor ETF 0.2 18 57 0.0 -5.2
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.2 12 63 8.6 +3.4
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.2 12 63 4.3 -0.9
GLOF iShares Global Equity Factor ETF 0.1 20 55 5.4 +0.2
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.1 42 33 7.2 +2.0
IGRO iShares International Dividend Growth ETF 0.0 15 60 6.7 +1.5
DEW WisdomTree Global High Dividend Fund 0.0 58 17 7.2 +2.0
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 8 67 6.1 +0.9

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Global X India Active ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 16.0 %
Divided by: Fwd. P/BV 2.7 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.60 CATEGORY
AVERAGE		 1.52
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.