IIF vs SPY
Comparison between Morgan Stanley India Investment Fund Inc (IIF, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed IIF, delivering a return of +13.3% compared to +7.2%
IIF vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
IIF vs SPY - Historical Returns
Returns include dividend reinvestment.
IIF vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | IIF | SPY |
|---|---|---|
| 2026 | -16.06% | +8.26% |
| 2025 | +5.62% | +18.00% |
| 2024 | +30.11% | +25.59% |
| 2023 | +21.08% | +26.72% |
| 2022 | -10.32% | -18.64% |
| 2021 | +30.04% | +30.52% |
| 2020 | +5.23% | +17.28% |
| 2019 | +0.04% | +31.09% |
| 2018 | -21.78% | -5.24% |
| 2017 | +50.17% | +20.78% |
| 2016 | +8.14% | +13.59% |
| 2015 | -6.26% | +1.31% |
| 2014 | +58.58% | +14.56% |
| 2013 | -7.61% | +29.00% |
| 2012 | +27.71% | +14.17% |
| 2011 | -43.26% | +0.85% |
| 2010 | +22.07% | +13.14% |
| 2009 | +68.48% | +22.67% |
| 2008 | -55.37% | -36.25% |
| 2007 | +77.20% | +5.32% |
| 2006 | +43.07% | +13.85% |
| 2005 | +31.95% | +5.32% |
| 2004 | +16.57% | +10.75% |
| 2003 | +170.13% | +24.18% |
| 2002 | +14.42% | -22.42% |
| 2001 | -11.08% | -10.13% |
| 2000 | -26.41% | -8.84% |
| 1999 | +36.82% | +8.61% |
IIF vs SPY Drawdown Comparison
The maximum drawdown for IIF was -66.78%, occurring on Nov 20, 2008. Recovery took 694 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current IIF drawdown is -19.80%. The current SPY drawdown is -2.90%.
| Rank | IIF | SPY |
|---|---|---|
| #1 | -66.78% Jan 2, 2008 - Oct 4, 2010 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -59.10% Jan 23, 2018 - Aug 30, 2021 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -54.90% Feb 8, 2000 - Aug 22, 2003 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -49.86% Nov 5, 2010 - Nov 18, 2014 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -36.83% May 10, 2006 - Jul 9, 2007 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -34.47% Jan 13, 2004 - Dec 21, 2004 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -28.32% Mar 5, 2015 - Feb 2, 2017 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -24.17% Jun 27, 2025 - Mar 30, 2026 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -23.35% Jan 12, 2022 - Dec 6, 2023 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -21.21% Sep 19, 2005 - Jan 6, 2006 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -17.77% Mar 4, 2005 - Jun 22, 2005 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -17.61% Sep 27, 2024 - Jun 11, 2025 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -15.76% Nov 4, 2003 - Dec 1, 2003 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -15.75% Jul 23, 2007 - Sep 19, 2007 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -15.56% Oct 29, 2007 - Dec 5, 2007 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between IIF and SPY is 0.93 which considered as a very strong positive correlation - the stocks move almost identically together.
Dividend Comparison (1999 - 2026)
IIF vs SPY dividend yield comparison.
| Year | IIF | SPY |
|---|---|---|
| 2026 | 0.00% | 0.24% |
| 2025 | 7.95% | 1.07% |
| 2024 | 10.67% | 1.21% |
| 2023 | 14.61% | 1.40% |
| 2022 | 19.62% | 1.65% |
| 2021 | 3.75% | 1.20% |
| 2020 | 0.02% | 1.52% |
| 2019 | 0.14% | 1.75% |
| 2018 | 30.40% | 2.04% |
| 2017 | 15.23% | 1.80% |
| 2016 | 4.46% | 2.03% |
| 2015 | 0.16% | 2.06% |
| 2014 | 0.00% | 1.87% |
| 2013 | 0.00% | 1.81% |
| 2012 | 0.00% | 2.18% |
| 2011 | 8.41% | 2.05% |
| 2010 | 9.64% | 1.80% |
| 2009 | 0.00% | 1.95% |
| 2008 | 152.11% | 3.02% |
| 2007 | 52.30% | 1.85% |
| 2006 | 10.43% | 1.73% |
| 2005 | 10.39% | 1.73% |
| 2004 | 0.30% | 1.82% |
| 2003 | 0.75% | 1.47% |
| 2002 | 0.13% | 1.70% |
| 2001 | 12.29% | 1.25% |
| 2000 | 14.49% | 1.15% |
| 1999 | 0.00% | 0.24% |
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