HDB vs IFN: Correlation
Measured on weekly returns over the past three years, HDFC Bank Limited (HDB) and Aberdeen India Fund, Inc. (IFN) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HDB and IFN?
Over the past 3 years, HDB and IFN moved with a correlation of 0.47, which is moderate. The link has tightened recently: the 1-year correlation (0.65) runs above the 3-year figure (0.47). Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 239.5 %².
Few assets follow HDB as closely as IFN, which ranks #3 of 11 tracked partners. The last year tells two different stories: IFN led by 23.9 percentage points, -37.9% for HDB against -14.0% for IFN.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
HDB vs IFN: side by side
| HDB (HDFC Bank Limited) | IFN (Aberdeen India Fund, Inc.) | |
|---|---|---|
| 1-year return | -37.9% | -14.0% |
| 5-year return | -38.6% | +1.4% |
| Volatility (ann.) | 25.1% | 20.3% |
| Beta vs S&P 500 | 0.44 | 0.74 |
| Max drawdown (3Y) | -42.4% | -33.9% |
| Market cap | $115.4B | $0.5B |
| P/E (trailing) | 15.7 | – |
| Dividend yield | 56.11% | 19.23% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HDB | IFN |
|---|---|---|
| 2022 | +7.4% | -15.8% |
| 2023 | +0.2% | +36.5% |
| 2024 | -3.7% | -2.3% |
| 2025 | +15.9% | -3.0% |
| 2026 | -38.5% | -7.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HDB and IFN good diversifiers for each other?
Reasonably. At 0.47, HDB and IFN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HDB and IFN?
As of 2026-08-27, the correlation of weekly returns between HDB and IFN is 0.47 over 3 years, 0.65 over 1 year and 0.55 over 5 years.
Is IFN a good diversifier for HDB?
Reasonably. At 0.47, HDB and IFN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hdb-vs-ifn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hdb-vs-ifn/)
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Related comparisons
Hubs: HDB correlations · IFN correlations
